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一文了解券商於中石化(00386.HK)公布季绩後最新评级、目标价及观点
阿思达克 04-29 11:38
中国石油化工股份(00386.HK)今早股价造好,最新升2.3%报3.98元,瑞信指中石化季绩巩固及估值低廉。中石化公布截至今年3月底止首季业绩显示,按国际会计准则计算,录得亏转盈赚185.43亿元人民币,上年同期蚀逾190亿元人民币;基本每股盈利0.153元人民币。经营收益287.01亿元人民币。

按中国会计准则计算,中石化首季录亏转盈赚179.29亿元人民币,上年同期蚀198.66亿元人民币;基本每股盈利0.148元人民币。营业收入5,769.82亿人民币按年升4.06%。首季度,油气当量产量1.17亿桶按年增长4.2%,其中天然气产量增长16.8%至2,916亿立方英尺;原油产量6,841万桶按年跌3.2%。原油价格每桶54.89美元,按年升11.7%。

【首季业绩巩固 券商指估值廉】

花旗发表报告表示,中石化首季扭亏赚185亿元,占该行全年预测的33%。核心息税前利润按年强劲增长,指中石化炼油板块、化工、营销及分销板块显示经营全面改善,库存增长推动炼油与营销业务的发展。於憧憬油价上涨之下,中石化勘探与生产将保持盈利,下游利润率应可保持健康增长。该行维持其「买入」评级,目标价6元。

瑞信指,中石化首季盈利持续改善,按季大升115%,相当於该行对其今年全年预测29%,指季绩巩固但目前估值仅相当预测今年市盈率6倍、企业价值对EBITDA的2.6倍,维持「跑赢大市」评级及目标价6.5元。

本网最新综合6间券商其投资评级及目标价:

券商│投资评级│目标价(港元)

瑞信│跑赢大市│6.5元

花旗│买入│6元

中金│跑赢行业│5.5元

摩根大通│增持│5.5元

摩根士丹利│与大市同步│4.92元

瑞银│买入│4.7元

券商│观点

瑞信│中石化为三大油企中首选,基本面稳固但估值偏低

花旗│勘探与生产业务推动业绩扭亏,下游利润率健康稳固

中金│亏损拖累上游勘探和生产板块盈利复苏,「十四五」期间增长潜力乐观

摩根大通│运营强劲改善,中石化市盈率仅6倍仍是「最便宜」炼油商

摩根士丹利│首季扭亏为盈超预期,油价上涨令石油库存增加

瑞银│油价走强下料第二季度收益可继续保持强劲

(ta/w)

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