一文综合券商於中石油(00857.HK)公布去年业绩後最新评级、目标价及观点
中石油(00857.HK)早市股价靠稳，摩根士丹利指中石油去年业绩符合管理层早前的指引，指其成本控制持续优预期。该公司昨日(25日)收市後公布去年业绩，按国际财务报告准则，营业额19,338.36亿元人民币按年跌23.2%、纯利190.06亿元按年跌58.4%，符合本网早前综合8间券商预测之中位数193.48亿元，每股盈利0.1元人民币，派每股末期息8.742分人民币。
集团去年平均实现原油价格每桶40.33美元，比按年跌33.8%。去年集团原油产量9.22亿桶，按年增长1.4%；可销售天然气产量4,221十亿立方英尺，按年增长8%，油气当量产量16.3亿桶增长4.1%。加工原油11.8亿桶按年下降4.1%，其中加工集团勘探与生产业务生产的原油6.78亿桶，占比57.6%；生产成品油1.07亿吨，按年下降9.1%。
中石油去年资本支出2,464.93亿元人民币，按年降16.9%，其中勘探与生产板块资本支出1,866.2亿元人民币；炼油与化工板块的资本支出218.1亿元人民币；集团预期今年勘探与生产板块的资本支出1,752亿元人民币；炼油与化工板块资本支出380亿元人民币。
【业绩符合预期 今年前景转佳】
摩根士丹利指，中石油去年业绩符合指引，成本控制却胜预期，情况将於今年持续，派息亦较该行高6.7%，意味股息率达7.5%。该行认为在油价上升、成本及资本开支减少下，将推动该股股息上升。该行续予中石油「增持」评级及目标价4.13元。
瑞信指出，中石油去年第四季纯利90亿元人民币，扣除150亿元人民币减值，核心纯利按季升1.91倍。中石油季绩显着按季增长，乃受惠於堪探及生产盈利能力在油价上升下改善，与及冬季天然气提价得以落实。化学品上升周期亦使中石油下游业务变得可盈利，今年首季趋势见到更多上行空间。该行上调对中石油目标价至4元，维持「跑赢大市」评级。
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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)
摩根士丹利│增持│4.13元
瑞信│跑赢大市│3.9元->4元
中银国际│买入│3.75元->3.7元
瑞银│买入│3.6元
摩根大通│增持│3.6元
大和│跑赢大市│3.3元
里昂│跑赢大市│2.5元->3.2元
券商│观点
摩根士丹利│成本控制继续胜预期，股息吸引
瑞信│去年第四季核心盈利强劲，进口天然气亏损局面扭转
中银国际│去年业绩符预期，股息率吸引
瑞银│下调今年资本开支指引，料今年首季业绩是催化剂
摩根大通│派息胜预期，管理层将更集中成本控制
大和│业绩符公司指引
里昂│去年纯利跌58%，但策略焦点放在天然气业务
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