《大行》建銀國際下調中石化(00386.HK)目標價至4.1元 維持「中性」評級
建銀國際將中石化(00386.HK)目標價由4.65港元下調至4.10港元,維持「中性」評級。
該行認為,中石化今年第一季度純利按年下跌28%至133億元人民幣,收入按年下降7%,表現低於預期。除油價下跌之外,中石化下游的煉油及化學行業並沒有從成本壓力的減輕中受益。鑒於業績不及預期、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。因此下調對該公司2025年和2026年的盈利預測35%和30%,至500億元和550億元人民幣。
該行指,中石化勘探與生產(E&P)業務成盈利穩定關鍵。今年第一季度,該業務的營業邊際利潤率為 18%,是公司整體6%平均水平的兩倍以上。成本控制現已成為勘探與生產業務盈利的關鍵。
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