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大行評級丨中銀國際:下調中國石油行業評級至“中性” 行業首選仍是中海油
格隆匯 05-21 11:07
中銀國際發表報吿指,由於OPEC+意外地加速了還原減產,油價在4月初急跌以後持續低迷。PEC+目前把市場份額放在比支持油價更優先地位置,這是由於其他石油公司過去乘OPEC+支持油價之便來增加產量。通過把油價壓低,OPEC+可以迫使其他石油公司削資本開支或減少產量,從而使OPEC+重新提升市佔率。因此,該行相信油價在一段時間內將保持低迷,把2025至2026年油價預測下調7至8%。該行將中國石油行業的評級由“增持”下調至“中性”,中海油仍是該行業的首選。該公司的低成本及可觀的產量增長將減低油價下跌對盈利的負面影響,預期中海油將有強勁的自由現金流,2025至2027年股息率將達6.7至7.2%。
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