一文綜合大行於中石油(00857.HK)季績後最新評級、目標價及觀點
中石油(00857.HK)今早股價靠穩,裏昂指中石油第三季業績理想,受惠於上遊業務強勁所帶動,決定上調對其目標價由3.5元升至4.2元,維持「跑贏大市」評級。
中石油昨(28日)收市後公佈今年首三季業績,按國際會計準則,今年首三季淨利潤751.26億元人民幣,按年增長6.46倍,基本每股收益0.41元人民幣。營業收入逾1.88萬億元人民幣,按年增長31.2%。今年首三季集團原油平均實現價格爲62.66美元/桶,比上年同期增長56.4%。公司首三季整體原油產量按年跌5.6%,可銷售天然氣產量按年升7%,油氣當量產量按年跌0.4%。其中國內原油產量5.62億桶,按年升0.3%;可銷售天然氣產量按年升8%;油氣當量產量按年升4%。油氣單位操作成本每桶11.36美元,按年升12.8%。
公司今年第三季淨利潤220.89億元人民幣,按年跌45%。基本每股收益0.121元人民幣。營業收入爲6,837.6億元人民幣,按年增長38%。
【受惠油價高企季績佳 關注天然氣進口虧損】
瑞信表示,中石油今年第三季績淨利潤符合預期,首三季淨利潤相等該行全年預測78%,錄自2014年以來新高。公司季度勘探及生產業務EBIT按季升53%,管道業務EBIT則轉盈爲虧,進口天然氣虧損按季擴大19%。該行指,近期能源短缺及全球天然氣價格急漲,令外界關注中石油供應安全壓力,但中石油已透過本土天然氣生產作預備,並已獲保證冬季進口天然氣供應,相信今年第四季進口天然氣虧損超預期的風險較低。該行維持對中石油H股「跑贏大市」評級及目標價5.7元不變。
花旗認爲,油價上升爲中石油季績理想的主要推動力,抵銷下遊石化及市場業務疲弱,以及進口天然氣價格虧損的影響。該行指中石油股價今年已累升75%,油價需進一步上升以推動股價。該行商品部門估計布蘭特期油在第四季均價爲每桶85美元,意味上望空間有限。但該行關注進口天然氣虧損在未來數季增加,因進口天然氣價格將跟隨油價上漲,並且有6至9個月滯後期。該行維持對中石油H股「中性」評級及目標價3.7元。
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本網最新綜合6間券商對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│5.7元
摩根大通│增持│4.9元
美銀證券│買入│4.9元
裏昂│跑贏大市│3.5元->4.2元
瑞銀│中性│3.9元
花旗│中性│3.7元
券商│觀點
瑞信│季績符預期
摩根大通│進口天然氣虧損不及預期那麼差
美銀證券│第三季核心盈利升1.68倍,上遊及煉油業務強
裏昂│風險回報有利,季績顯示勘探生產業務強勁反彈
瑞銀│季度業績勝預期
花旗│季績受惠油價上升,但進口天然氣虧損增加影響展望
(fc/w)
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