《大行报告》里昂降中海油(00883.HK)评级至「跑赢大市」 下调目标价至9.5元
里昂发表研究报告指中海油(00883.HK)《2021年战略指引》以新的重点再次强调其未来数年的中长期增长、卓越运营和低碳发展原则。虽然面对前所未有的挑战,公司去年仍取得显着的产量增长及严格的成本控制。然而,制裁风险不断升级,危及其中长期增长步伐。将其目标价由原来的11元下调至9.5元,投资评级由原来的「买入」调低至「跑赢大市」。
该行指,中海油加强其增长战略,2021年的产量目标为5.9亿至6亿桶油当量,而2023年则为6.4亿至6.5亿桶油当量,而去年的预期产出为5.28亿桶油当量,意味2020至2023年的年复合增长率为6.6%至7.2%。公司2021年的资本开支预算为900亿至1,000亿元人民币,战略重点放在国内项目上。管理层亦计划加强天然气资源配置,将2025年将天然气比例提高到总产量的30%。
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