《大行報告》里昂升中石油(00857.HK)目標價至3.2元 評級「跑贏大市」
里昂發表研究報告指,中石油(00857.HK)去年業績表現疲弱,收入按年跌23%,淨利潤按年下跌58%,但管理層強調對氫能、熱能及風力等新能源業務發展均有規劃,預期長遠可發展成為綜合能源商,在內地大力發展碳中和的趨勢下,中石油繼續可長期受惠。
該行表示,雖然去年業績表現欠佳,但相信最差的情況已過去,預期內地目標至2060年達到碳中和,目前正進行的天然氣改革,包括定價機制向市場驅動持續過渡等,將成為近期主要長期催化劑。中石油目標至2025年生產150至160bcm(十億立方米),佔天然氣總產量的55%,預計屆時時碳排放量將達到峰值。
展望未來,里昂認為中石油的勘探與生產業務主要障礙仍是中美關係的不確定性,基於公司的增長指引,該行上調今明兩年淨利潤預測73.2%及5.1%,收入預測上調10.6%及7.5%,目標價由2.5元升至3.2元,並維持「跑贏大市」評級。
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