中金:首予中石化油服(1033.HK)“跑贏行業”評級 目標價1.1港元
中金公司發表報告表示,中石化油服(1033.HK)有望成為中石化(0386.HK)資本開支上行週期的直接受益者,首予中石化油服H股“跑贏行業”評級,但考慮到A股已恢復至較為合理的行業估值水平,給予“中性”評級。公司H股一直被行業低估,予目標價1.1港元,A股目標價為2元人民幣。
報告指出,中石化油服憑藉先進的設備技術與豐富的作業經驗,取得不少國內其他油氣公司的上游開發市場,預計未來有望進一步受益於中國整體油氣作業量提升。隨着中國頁巖油氣進入景氣開發週期,預計公司有望獲得較大的受益空間。
報告又指,公司的歷史利潤率較低的問題正在改善,考慮到未來員工成本或隨自然裁員降低,以及人員結構變化將推動體制改革,未來公司盈利釋放有望成為投資亮點。報告並預計公司今明兩年的每股盈利分別為0.06元及0.1元人民幣,2018-2020年複合年均增長率為180%。

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