UBS has issued a research report indicating that SINOPEC CORP reported a 37% year-on-year decline in net profit to RMB 31.8 billion for the previous year. The fourth-quarter net profit fell 70% year-on-year to RMB 1.8 billion, with overall operational performance largely aligning with the bank's expectations. Fourth-quarter earnings were primarily impacted by asset impairment losses and continued weakness in the chemical and refining sectors. UBS has raised its profit forecasts for the company by 1% to 7% for the period 2026 to 2028, increasing the target price from HK$7.3 to HK$7.8, while maintaining a "Buy" rating. In light of recent conflicts in Iran, the bank has raised its Brent crude price forecasts for this year and next from $72 and $70 per barrel to $86 and $80 per barrel, respectively. UBS slightly raised its 2024 profit forecast for the company to RMB 55.3 billion, noting that the upstream segment may benefit from rising oil prices, while the refining segment could be affected by crude shortages and high freight costs.