大行評級丨建銀國際:下調中石化目標價至4.1港元 下調2025及26年盈利預測
建銀國際將中石化的目標價由4.65港元下調至4.1港元,維持“中性”評級。該行認爲,中石化今年第一季度純利同比下跌28%至133億元,收入同比下降7%,表現低於預期。除油價下跌之外,中石化下遊的煉油及化學行業並沒有從成本壓力的減輕中受益。
鑑於業績不及預期、供過於求擔憂導致油價下跌,以及煉油和化工生產復甦緩慢,該行下調對該公司2025年和2026年的盈利預測35%和30%至500億元和550億元。
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