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研報掘金丨海通證券:維持中國石油“優於大市”評級,目標價11.32-13.07元
格隆匯 04-02 13:56

海通證券研報指出,中國石油(601857.SH)24年實現歸屬於母公司股東淨利潤1646.76億元,同比增長2.02%。發生資產減值損失142.8億元,同比減少約49%。2024年全年分紅額860.2億元,佔歸母淨利潤的52.2%。由於第四季度原油價格有所回落,油氣與新能源業務板塊盈利能力在第四季度環比下降,從而影響了第四季度的盈利。2024年前四季度,公司煉化與新材料業務EBIT分別爲3.19、2.24和0.67、2.46美元/桶。第四季度,該業務板塊盈利能力環比提升,認爲主要因爲煉油業務盈利改善所致。參考可比公司估值水平,給予其2025年1.3-1.5倍PB,對應合理價值區間11.32-13.07元,維持“優於大市”投資評級。

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