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摩根大通:首予中石化油服(1033.HK)中性評級 目標價0.9港元
格隆匯 07-13 13:25

摩根大通發表報吿,首次給予中石化油服(1033.HK)中性評級,目標價0.9港元。

報吿指,公司是中國綜合性、全產業鏈油田服務供應商,是中石化(0386.HK)子公司,雖然年初至今股價有所回升,但認為重估可能已完成,並且盈利增長上行空間有限。該行指出,2021年鑽井按年僅增長約4%,意味今年盈利上行空間有限;在環境充滿挑戰下看淡毛利率增長;中石化儲量不支持石油服務需求的可持續增長。

報吿又指,雖然公司第一季純利回覆至疫情前水平,但預計2021年盈利會正常化,約8.13億元人民幣,公司H股年初至今上漲18%,估值較同業有溢價,認為盈利復甦因素可能在很大程度上被消化,2022年及以後盈利增長潛力可能有限。

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