研報掘金丨民生證券:維持中國石化“推薦”評級,勘探業務高毛利保障盈利
民生證券研報指出,中國石化(600028.SH)24H1業績同比增長,分紅承諾提高彰顯信心。公司上半年實現歸母淨利潤357.0億元,同比上升1.7%;實現扣非歸母淨利潤355.8億元,同比上升5.7%。綜合來看,在公司油氣產量穩步增長、油氣操作成本下降3.2%至14.9 美元/桶的背景下,勘探及開發板塊利潤實現大幅增長,24H1實現經營收益291.48億元,同比增長14.7%。據預計,公司2024年或將實現歸母淨利潤712.28億元,以此計算,公司A/H股保底股息率為5.6%/8.2%。勘探業務高毛利保障盈利,國內需求邊際改善推動煉油化工業務盈利能力修復,且在央企市值考核背景下,公司估值有望提升。維持“推薦”評級。
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