一文綜合券商於中石油(00857.HK)公布去年業績後最新評級、目標價及觀點
中石油(00857.HK)早市股價靠穩，摩根士丹利指中石油去年業績符合管理層早前的指引，指其成本控制持續優預期。該公司昨日(25日)收市後公布去年業績，按國際財務報告準則，營業額19,338.36億元人民幣按年跌23.2%、純利190.06億元按年跌58.4%，符合本網早前綜合8間券商預測之中位數193.48億元，每股盈利0.1元人民幣，派每股末期息8.742分人民幣。
集團去年平均實現原油價格每桶40.33美元，比按年跌33.8%。去年集團原油產量9.22億桶，按年增長1.4%；可銷售天然氣產量4,221十億立方英尺，按年增長8%，油氣當量產量16.3億桶增長4.1%。加工原油11.8億桶按年下降4.1%，其中加工集團勘探與生產業務生產的原油6.78億桶，佔比57.6%；生產成品油1.07億噸，按年下降9.1%。
中石油去年資本支出2,464.93億元人民幣，按年降16.9%，其中勘探與生產板塊資本支出1,866.2億元人民幣；煉油與化工板塊的資本支出218.1億元人民幣；集團預期今年勘探與生產板塊的資本支出1,752億元人民幣；煉油與化工板塊資本支出380億元人民幣。
【業績符合預期 今年前景轉佳】
摩根士丹利指，中石油去年業績符合指引，成本控制卻勝預期，情況將於今年持續，派息亦較該行高6.7%，意味股息率達7.5%。該行認為在油價上升、成本及資本開支減少下，將推動該股股息上升。該行續予中石油「增持」評級及目標價4.13元。
瑞信指出，中石油去年第四季純利90億元人民幣，扣除150億元人民幣減值，核心純利按季升1.91倍。中石油季績顯著按季增長，乃受惠於堪探及生產盈利能力在油價上升下改善，與及冬季天然氣提價得以落實。化學品上升周期亦使中石油下游業務變得可盈利，今年首季趨勢見到更多上行空間。該行上調對中石油目標價至4元，維持「跑贏大市」評級。
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本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價((港元)
摩根士丹利│增持│4.13元
瑞信│跑贏大市│3.9元->4元
中銀國際│買入│3.75元->3.7元
瑞銀│買入│3.6元
摩根大通│增持│3.6元
大和│跑贏大市│3.3元
里昂│跑贏大市│2.5元->3.2元
券商│觀點
摩根士丹利│成本控制繼續勝預期，股息吸引
瑞信│去年第四季核心盈利強勁，進口天然氣虧損局面扭轉
中銀國際│去年業績符預期，股息率吸引
瑞銀│下調今年資本開支指引，料今年首季業績是催化劑
摩根大通│派息勝預期，管理層將更集中成本控制
大和│業績符公司指引
里昂│去年純利跌58%，但策略焦點放在天然氣業務
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