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《大行》里昂降中石化(00386.HK)目標價至4.5元 次季業績疲弱
里昂發表報告,指出中石化(00386.HK)發布2025年上半年盈警,顯示2025年第二季盈利能力較弱,反映內地石油下游(煉油與化工)行業經營環境仍具挑戰性。市場似乎預期中石化及其他中國煉油企業將受益於中國「反內捲」政策,但該行認為其上行空間可能被高估。 里昂將中石化2025年至2027年財年每股盈利預測下調4%至5%,以反映2025年第二季疲弱的業績表現。因此,基於總和估值法的港股目標價從4.6港元下調至4.5港元;中石化(600028.SH)目標價相應從6.5元人民幣下調至6.3元人民幣。該行維持對中石化H股和A股的「跑贏大市」評級,但需注意里昂對「三桶油」的偏好順序為:中石油(00857.HK)、中海油(00883.HK),最後為中石化。
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