《大行报告》汇丰研究:仍偏好内地上游石油和天然气生产商而多于下游公用事业 上调中海油(00883.HK)目标价至20.2元
汇丰环球研究发表报告指,虽然油价下跌,但在成品油生产和需求改善带动下,中资上游油气龙头的表现仍保持韧性。行业中,该行继续看好上游油气生产商,而非下游天然气公用事业商,因上游具有更好的盈利能见度,加上有吸引力的股息收益率。
在勘探和生产(E&P)板块,中石油(00857.HK)仍是汇丰的首选,因该企在当前油价环境中有韧性,可支持持续盈利及自由现金流,使公司有更好的机会加强股息分派。
该行调整部分中资油气及公用股目标价(另见表),其中对中海油(00833.HK)料于2026年产量增长6%至7%持乐观态度,将其H股目标价上调22%,由16.5元升至20.2元,评级维持「买入」。
此外,由于新接驳业务的不确定性,汇丰对天然气公用事业股整体持审慎态度,更看好新奥能源(02688.HK)(非天然气业务)及北京控股(00392.HK)(收益率有吸引力,新连接风险最小)。
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