研報掘金丨東方證券:維持中國海油“買入”評級,目標價27.9元
東方證券研報指出,中國海油(600938.SH)2024年全年業績表現穩健,營收達4205億元,同比+0.9%;歸母淨利潤1379億元,同比+11.4%,盈利能力持續提升。全年毛利率53.6%、淨利率32.8%,同比都有3個百分點左右的提升。公司業績增長主要受益於油氣產量增長及成本優化。展望2025年,公司計劃資本開支保持穩定,重點推進深水油氣田開發及新能源業務佈局。隨着全球能源需求回升及國內增儲上產政策支持,中國海油有望憑藉優質資源儲備和成本優勢,持續提升油氣產量,釋放業績增長潛力。按照可比公司25年調整後10倍PE,調整目標價為27.9元,維持“買入”評級。
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