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《大行》花旗料中石油(00857.HK)次季淨利潤按年降8% 仍為行業首選
花旗預期,中石油(00857.HK)憑藉資源優勢,將持續擴大其在天然氣銷售市場的份額。2025年第二季,中國管道天然氣進口量自2016年以來首次超越液化天然氣(LNG)進口,2025年上半年管道天然氣總量按年增長10%,而LNG進口量則下降21%。管道天然氣進口成本於5至6月降至1.82元/立方米,相比2025年4月為1.94元/立方米,滯後跟隨油價下跌,且該行預期下半年成本將進一步下降。此外,公司於2025年4月與下游客戶簽訂的有利合約修訂,有效期自2025年4月至2026年3月,將支持中石油縮減進口天然氣虧損並維持穩健的天然氣業務盈利。 針對2025年第二季,花旗預測中石油淨利潤按季下降約18%,按年下降8%,達到約385億元人民幣,主要受原油價格走低影響。相較之下,中石化(00386.HK)2025年上半年初步盈利為201億至216億元人民幣,按季下滑45%至56%,按年下降58%至67%。該行仍將中石油視為中國油氣股的首選標的。 花旗維持中石油「買入」評級及目標價8.2元。
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