一文了解券商於中海油(00883.HK)公布业绩後最新评级、目标价及观点
中海油(00883.HK)今早股价造好，摩根士丹利指公司去年纯利轻微高该行原预期1.2%，受惠销量较高及成本较低，抵销了实现油价较预期为低的影响。该公司昨收市後公布去年业绩，营业额1,553.72亿元人民币按年跌33.4%。纯利249.56亿人民币按年跌59.1%，略高於市场预期中位数；每股盈利0.56元人民币。派每股末期息25港仙，上年同期派45港仙。
中海油去年实现净产量5.28亿桶油当量，按年增长约4.3%，超过调整後的全年油气生产目标。油气销售收入为1,396.01亿人民币，按年下跌约29.2%。去年公司汇兑收益净额为4.45亿元人民币，2019年的汇兑损失为2.13亿元人民币。公司指今年公司资本开支预算900亿至1,000亿元人民币，已於实现上考虑到油价的变化。
【业绩符预期 基本面巩固】
瑞信指，中海油去年纯利录250亿人民币(按年跌59%)符合预期，去年派息比率达70%(对比2019年为51%)，股息回报率达6厘，决定上调对中海油目标价由13元升至13.2元，此按现金流折现率作估值，指其低成本结构令甚基本面巩固，该行上调对中海油今明两年每股盈利预测各4.3%及1.5%。
里昂发表报告表示，中海油去年经营业绩表现强劲，但不确定因素依然存在。尽管面临前所未有的挑战，但中海油报去年业绩不俗，产量和储量均创历史新高。随着全球原油市场的重新平衡，稳定的产量增长和严格的成本控制是中海油未来几年连续盈利增长的基础。然而，不确定的中美关系有可能危及中海油的中长期增长。该行维持予中海油「跑赢大市」投资评级及目标价9.5元。
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本网最新综合7间券商对其投资评级及目标价：
券商│投资评级│目标价((港元)
瑞信│跑赢大市│13->13.2元
摩根士丹利││12.22元
瑞银│买入│12.1元
摩根大通│增持│11元
花旗│买入│9.7->11元
大和│跑赢大市│10.8元
里昂│跑赢大市│9.5元
券商│观点
瑞信│去年业绩符预期，低成本结构令其基本面巩固
摩根士丹利│销量增加和成本降低，去年收益胜预期
瑞银│料投资者对业绩反应正面，因储备率强劲
摩根大通│重申至2025年油气产量复合年增长率为7%
花旗│憧憬油价上升将其21年及22年收益分别提高51%及9%
大和│去年净利润按年下降59％略胜预期
里昂│经营业绩强劲，但不确定因素依然存在
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