《大行報告》匯豐研究下調中石油(00857.HK)目標價至3.7元 評級「持有」
匯豐研究發表研報指,中石油(00857.HK)首季業績超出預期,主要來自庫存收益及期內錄得政府增值稅退稅。受惠於油價上升,公司股價年初至今升14%,跑贏大市表現。
匯豐研究指,首季油氣產量近4.31億桶油當量,達年度產量目標的26%。在成熟區塊採收率提高及重點油田產能增加推動下,國內原油產量按年增長3.7%。
該行將2022至2024年預測上調2%至6%,以反映首季度盈利表現強勁及增值稅退稅。然而該行認為,中石油未來缺乏積極的催化劑,預期布蘭特原油價格第三季起將見逐漸下降趨勢,因此預期中石油盈利可能見頂,維持H股「持有」評級,目標價由3.75元下調至3.7元。
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