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《大行報告》花旗:中石油(00857.HK)首季業績遠勝預期 目標價上調至6.4元
花旗發表研究報告指,中石油(00857.HK)首季淨利潤按年升12%,按季增50%。除了化工業務,其餘的業務均勝於預期。雖然核心煉油利潤按季下降至每桶5.1美元,但從歷史角度來看仍然屬於高位,較高的汽油或燃料產量是原因之一,但該行認為,打折的俄羅斯原油亦可能起到一定作用,進口天然氣虧損按季下降至約30億元人民幣。 鑑於2022年第四季和今年第一季的業績表現強勁,該行認為,中石油投資者逐漸看到集團的更高利潤,將其2023至2025年的盈利預測上調2至9%,以反映預期更高的煉油總利潤(GRM)和更低的進口天然氣損失。 該行將中石油H股目標價上調由5.3元上調至6.4元,維持「買入」評級。
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