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研報掘金丨東方證券:上調中國石化評級至“買入”,目標價7.42元
格隆匯 03-27 15:04

東方證券研報指出,中國石化(600028.SH)2024 年業績受多重因素壓制,營收與淨利潤同比下滑。公司大力推動科技創新和產業創新融合發展。上遊方面,深層和超深層頁巖氣勘探理論和技術取得突破,濟陽、蘇北等斷陷盆地頁巖油開發技術有效支撐效益建產。煉油方面,LCO 加氫裂化-芳烴抽提生產BTX 產品的催化劑與技術實現應用,動物疫苗白油、超高壓變壓器油等特種油品實現批量應用。化工方面,全球首套環己烯酯化加氫制環己酮裝置建成投產,超高分子量聚乙烯、線性α-烯烴(LAO)等關鍵技術實現工業轉化。同時,公司加速向“油氣氫電服”綜合能源服務商轉型,氫能、充換電及新能源發電業務穩步推進。按照可比公司25 年調整後14倍PE,調整目標價爲7.42元(原目標價7.41元)。預計隨着國內地煉加速退出,主營煉廠景氣度將迎來向上拐點,公司將明顯受益,上調至“買入”評級。

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