《大行報告》匯豐研究微降中石油(00857.HK)及中海油(00883.HK)目標價 評級維持「買入」
匯豐研究發表報告指,內地「三桶油」上季業績好壞參半,但沒有重大驚喜或驚訝之處。上季中石油(00857.HK)及中石化(00386.HK)均受惠於成品油的強勁需求;中海油(00883.HK)期內產量亦穩步增長,但受累油價按年表現。以上表現均符合該行預期。
報告提到,最新指引指,中石油將增加再生能源專案的投資,而中海油預計全年度產量或會超過指引6.5億至6.6億桶油當量的上限,令資本開出預算上調約20%至介乎1,200至1,300億元人民幣。
該行仍然最看好中石油,維持其「買入」評級,H股目標價由6.6元下調至6.5元,認為集團垂直整合結構,對油價波動具有一定的防守能力。隨著價格管制持續放鬆,天然氣銷售的盈利能力或會改善。中海油方面,對油價的敏感度更高,但產量增長速度快於同行,予「買入」評級,H股目標價由15.6元降至15.5元。
至於中石化,該行保持審慎態度,認為如果需求復甦滯後,煉油和化工的利潤率或會面臨更大壓力,維持其H股目標價4.5元及「持有」評級。
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