一文了解券商於中石化(00386.HK)公布季績後最新評級、目標價及觀點
中國石油化工股份(00386.HK)今早股價造好,最新升2.3%報3.98元,瑞信指中石化季績鞏固及估值低廉。中石化公布截至今年3月底止首季業績顯示,按國際會計準則計算,錄得虧轉盈賺185.43億元人民幣,上年同期蝕逾190億元人民幣;基本每股盈利0.153元人民幣。經營收益287.01億元人民幣。
按中國會計準則計算,中石化首季錄虧轉盈賺179.29億元人民幣,上年同期蝕198.66億元人民幣;基本每股盈利0.148元人民幣。營業收入5,769.82億人民幣按年升4.06%。首季度,油氣當量產量1.17億桶按年增長4.2%,其中天然氣產量增長16.8%至2,916億立方英尺;原油產量6,841萬桶按年跌3.2%。原油價格每桶54.89美元,按年升11.7%。
【首季業績鞏固 券商指估值廉】
花旗發表報告表示,中石化首季扭虧賺185億元,佔該行全年預測的33%。核心息稅前利潤按年強勁增長,指中石化煉油板塊、化工、營銷及分銷板塊顯示經營全面改善,庫存增長推動煉油與營銷業務的發展。於憧憬油價上漲之下,中石化勘探與生產將保持盈利,下游利潤率應可保持健康增長。該行維持其「買入」評級,目標價6元。
瑞信指,中石化首季盈利持續改善,按季大升115%,相當於該行對其今年全年預測29%,指季績鞏固但目前估值僅相當預測今年市盈率6倍、企業價值對EBITDA的2.6倍,維持「跑贏大市」評級及目標價6.5元。
本網最新綜合6間券商其投資評級及目標價:
券商│投資評級│目標價(港元)
瑞信│跑贏大市│6.5元
花旗│買入│6元
中金│跑贏行業│5.5元
摩根大通│增持│5.5元
摩根士丹利│與大市同步│4.92元
瑞銀│買入│4.7元
券商│觀點
瑞信│中石化為三大油企中首選,基本面穩固但估值偏低
花旗│勘探與生產業務推動業績扭虧,下游利潤率健康穩固
中金│虧損拖累上游勘探和生產板塊盈利復甦,「十四五」期間增長潛力樂觀
摩根大通│運營強勁改善,中石化市盈率僅6倍仍是「最便宜」煉油商
摩根士丹利│首季扭虧為盈超預期,油價上漲令石油庫存增加
瑞銀│油價走強下料第二季度收益可繼續保持強勁
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