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《大行報告》瑞銀上調中石化(00386.HK)目標價至4.9元 評級「買入」
瑞銀發表報告指,中石化(00386.HK)去年業績略遜於預期,當中淨利潤達662億元人民幣,低於市場及該行預測各699億及703億元人民幣,各項業務經營利潤亦較預期低,全年資本支出少過預期約5%,主要由於中石化期內營銷及化工業務開支少於預期。 該行指,中石化去年油氣產量分別增長0.4%及4.1%,原油加工量則按年下降5.1%,煉油毛利下降 37.5%至每桶7美元。受疫情影響,石油產品分銷總量下跌6.4%,在產品需求疲軟和原材料價格上升等影響下化工業務錄得經營虧損。 瑞銀預計中石化今年季度的煉油及化工業務盈利將按季回升,當中煉油業務增長將超越化工板塊,並將2023至2025年淨利潤預測分別上調0.4%、1%及1.5%,分別至717億、746億及762億元人民幣。 瑞銀認為公司H股近年來股息回報均超過9%,具有吸引力,若計入回購額去年綜合派息比率達71%,預期隨著國企改革推進,企業將更加重視股東回報。考慮到煉油業務或迎來重估,該行將中石化目標價由4.5元上調至4.9元,評級「買入」。
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