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《大行报告》汇丰研究上调中海油(00883.HK)目标价至11.9元 评级「买入」
阿思达克 03-29 10:35
汇丰研究发表报告指,中海油(00883.HK)去年净利润按年跌59%至250亿元人民币,胜该行预期的210亿元人民币,但与市场预期相符,指出盈利大幅下降归因於已实现油气价格较低和减值拨备的影响。

期内产量及现有储备创纪录新高,去年实际油价较2019年下降35%,但当中被成本控制措施所部分抵消,总成本按年下降11.6%至每桶油当量26.34美元,为过去十年低点。

该行指,去年资本支出总额为795亿元人民币,符合预测,而2021年资本支出则提升至900亿至1,000亿元,为2015年以来最高水平;中海油预期全年产量将达到5.45亿至5.55亿桶油当量。

汇丰研究认为,中海油收入增长稳定,成本控制有效推动利润增长,将2021至2022年盈利预测下调4%及6%,仍较市场预测分别高30%及22%,基於今明两年布油价格预测及公司增产目标,目标价由11.75元升至11.9元,重申「买入」评级。

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