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《大行報告》中金料中海油(00883.HK)上調今明兩年滾動目標 維持「跑贏行業」評級
阿思達克 01-03 14:29

中金發表報告指,中海油(00883.HK)將於1月13日召開年度戰略指引發布會,屆時公司將就新一年戰略發展方向與經營目標給出指引。考慮到提前投產海內外新項目(包括圭亞那Liza油田於12月下旬提前投產)、以及今年中國近海油氣生產受季風影響較小等因素,該行預計去年中海油油氣產量有望達到4.93億桶油當量,超過年初指引的上限4.9億桶油當量。同時,該行預計中海油可能分別上調2020/21年的產量指引中位數3%/3%至5.25/5.56億桶油當量,並引入2022年產量目標突破6億桶油當量,但市場已有廣泛預期。

中金又預計,中海油去年全年資本支出接近全年指引700至800億元的上限,達790億元,多年來首次完成資本支出預算計劃,其中用於中國與海外的支出比例如期約為60:40。該行預計今年公司資本支出預算或落於850至950億元區間,較該行預期的去年實際完成資本支出增長7.6%至20.2%,相信在中國政府油氣增儲上產的號召下,中海油資本支出的上升周期或將持續4至5年,有望於2021至2022年超過1,000億元,並於2023年前後達到1,200億元階段性峰值。

該行維持對中海油股份的「跑贏行業」評級,目標價15.5元。

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