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海通證券:首次覆蓋給予中海油(0883.HK)“優於大市”評級
格隆匯 02-10 14:00

海通證券發報告首次覆蓋給予中海油(0883.HK)“優於大市”投資評級。

該行稱,中海油是內地最大的海洋油氣生產企業,主要通過以下四點反應:開採成本低,2018年盈虧平衡點對應油價39.59美元/桶,低於中石油、中石化;油價彈性大:每萬股油氣總產量101.65萬桶,領先國內主要油氣企業;資產負債率低:2019H1資產負債率40.2%,低於國內外石油龍頭平均50.6%的水平;經營性現金流相對充裕,2017-2018年平均股息率5.4%,高於國內外石油龍頭平均3.5%的水平。

該行表示,中海油油氣資產全球化佈局,國內以渤海灣、南海為主,東海為輔,海外分佈在北美洲、亞洲(除中國)、非洲、歐洲、南美洲、大洋洲。根據2020年戰略展望,公司2020-2022年三年產量目標分別為5.2-5.3億桶油當量、5.55億桶油當量和5.9億桶油當量,三年複合增速5.5%,可見其資本支出穩步增長,油氣儲產穩步提升。

另外,中海油堅持成本管控,油氣開採成本持續下降。2019年,公司收購集團煤層氣企業中聯公司,並參與江蘇300MW海上風電項目,在海洋油氣主業基礎上延伸產業鏈,該行認為有助於提升公司競爭力,其佈局非常規油氣資源和風電,堅持綠色發展。

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