瑞信:中國石油(0857.HK)第三季純利符預期 重申優於大市評級
瑞信發表研究報吿指,中國石油(0857.HK)第三季純利為220.89億元人民幣,符合預期,有望於2021年實現逾900億元人民幣的純利目標,為自2014年以來最高水平,該行重申其“優於大市”投資評級,目標價5.7港元。
報吿指,由於油價按季上漲6%,中石油第三季勘探與生產業務EBIT按季增長53%至275億元人民幣。另外,期內管道EBIT轉為負值,進口天然氣虧損按季擴大19%至64億元人民幣。由於能源短缺和天然氣氣價格飆升,引發對中石油供應安全負擔的擔憂,中石油國內天然氣產量按年增長11%,提前做準備,並確保液化天然氣可以在冬季交付。
報吿指,中石油第三季煉油業務EBIT為67億元人民幣,按季增長105%,但油價上漲拖累第三季石化產品價差,化工業務EBIT則按季跌27%至31億元人民幣。銷售業務方面,第三季EBIT為21億元人民幣,按季跌36%。最近的新冠疫情Delta變種病毒以及內地水患對第三季度需求影響不大,中石油銷量基本上持平。
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