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《大行報告》匯豐研究上調中海油(00883.HK)目標價至11.9元 評級「買入」
阿思達克 03-29 10:35
匯豐研究發表報告指,中海油(00883.HK)去年淨利潤按年跌59%至250億元人民幣,勝該行預期的210億元人民幣,但與市場預期相符,指出盈利大幅下降歸因於已實現油氣價格較低和減值撥備的影響。

期內產量及現有儲備創紀錄新高,去年實際油價較2019年下降35%,但當中被成本控制措施所部分抵消,總成本按年下降11.6%至每桶油當量26.34美元,為過去十年低點。

該行指,去年資本支出總額為795億元人民幣,符合預測,而2021年資本支出則提升至900億至1,000億元,為2015年以來最高水平;中海油預期全年產量將達到5.45億至5.55億桶油當量。

匯豐研究認為,中海油收入增長穩定,成本控制有效推動利潤增長,將2021至2022年盈利預測下調4%及6%,仍較市場預測分別高30%及22%,基於今明兩年布油價格預測及公司增產目標,目標價由11.75元升至11.9元,重申「買入」評級。

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