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研報掘金丨中金:維持榮盛石化“跑贏行業”,目標價12.4元
格隆匯 01-03 15:39

中金公司研報指出,榮盛石化(002493.SZ)擬參與收購的SASREF是沙特阿美的全資子公司。根據SASREF官網,其煉廠位於沙特朱拜勒工業城,為世界上最大的工業城之一。沙特地處歐亞非三大洲交匯處,產品可供應歐洲和印度,煉油盈利相對更高,該行認為有望為公司帶來新的盈利增長點。本次交易中,沙特阿美擬藉助公司在石化化工產業以及新材料領域的技術和經驗優勢,入股中金石化並對現有裝置進行升級改造,同時共同開發榮盛新材料(舟山)項目,加強沙特阿美在中國石化產業的拓展。認為有望憑藉雙方豐富的石化產業經驗推動公司國內項目質量再上新台階,同時為項目提供更加充足的資金保障。該行維持公司2023/24年盈利預測不變,引入2025年盈利預測93.93億元。目前公司股價對應2024/25年市盈率18.2x/11.1x。維持跑贏行業評級,維持目標價12.4元,對應20.9%的上升空間和2024/25年22.0x/13.4x市盈率。

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