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一文了解券商於中石化(00386.HK)公布中期業績後最新目標價及觀點
中國石油化工股份(00386.HK)公布今年中期業績後,今早股價造好,最新報4.47元升2.3%。美銀證券表示,中石化今年上半年純利按年跌19%至361億人民幣,略低於該行及市場原預期各388億及376億人民幣,相當於今年純利預測52%,即其次季純利154億人民幣按年跌29%(按季跌29%),主要受煉油及化工業務疲弱所拖累,維持「買入」評級及目標價6.5元。 中石化公布2023年上半年營業收入15,937億人民幣按年下降1.1%。錄得純利361.22億人民幣,倒退19.4%,每股收益30.1分。中期息14.5分。期內,經營收益536.96億人民幣下降14.7%。主要歸因化工產品市場需求低迷,化工業務毛利大幅下降;石腦油、石油焦、LPG等部分煉油產品毛利大幅收窄,盈利下降,同時,國際原油價格震盪下行導致原油、成品油庫存損失。上半年,資本支出746.67億人民幣,下半年計劃資本支出1,040億人民幣。 【業績略遜色 煉油毛利降】 花旗表示,中石化第二季純利154億人民幣按季跌26%,撇除一次性庫存24億元人民幣撥備損失,其核心盈利符合該行預期。該行指庫存損失拖累了中石化第二季業績表現,隨著庫存可能增加和油價上漲,該行預計公司今年第三季度盈利將有所改善,維持「買入」評級及目標價5.7元。 華泰證券表示,中石化上半年司原油產量139.68百萬桶,按年持平,原油實現價格每噸3,754元人民幣,按年降16.8%。該行指天然氣提價增量及降本支撐板塊業績,中石化旗下天然氣產量按年增7.6%,天然氣實現價格1,949元人民幣/千立方米,按年增12.3%,油氣操作成本每噸756.3元人民幣,按年降1.4%,另一方面進口LNG採購成本顯著降低,上半年板塊營業利潤218.3億人民幣,按年下跌35.3億人民幣。 ---------------------------------------------- 下表列出3間券商對建行投資評級及目標價: 券商│投資評級│目標價(港元) 華泰証券│買入│6.55元 美銀證券│買入│6.5元 花旗│買入│5.7元 券商│觀點 華泰証券│中期天然氣管提價增量及成本下降支撐業績,煉油業務毛利按年下滑 美銀證券│化工業務毛利大減,回購規模按年減少 花旗│ 中國石化第二季核心利潤增長符預期,派息率增加料第三季盈利有改善
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