一文綜合大行於中石油(00857.HK)公布季績後最新評級、目標價及觀點
中石油(00857.HK)今早股價靠穩,最新報3.31元升0.3%。瑞信表示,縱使中石油首三季業績超前於該行對公司全年業績的估算,全年淨利潤可望創十年新高,但維持今年業績預測不變,為第四季潛在成本不利狀況預留空間,但認為此不影響中石油吸引派息,料其今年股息率達11%。該行亦指,中石油季內下游業務除息稅前溢利(EBIT)大致收支平衡,縱使本土需求疲軟及油價按季下跌帶來庫存損失。天然氣EBIT按季跌58%,認為中石油減少進口並加快本土天然氣供應。該行下調對中石油目標價,由5.4元降至5.2元,維持「跑贏大市」評級。
中石油昨日(27日)收市後公布第三季業績,季度淨利潤按年升72%至378.8億元人民幣,基本每股收益0.21元人民幣,營業收入按年升23%至8,407.8億元人民幣。首三季淨利潤按年升60%至1,202.7億元人民幣,基本每股收益0.66元人民幣,營業收入按年升31%至2.46萬億元人民幣。油氣和新能源分部首三季實現營業收入按年升41%至6,887.59億元人民幣,實現經營利潤按年升1.38倍至1,389.33億元人民幣。首三季平均實現原油價格按年升52%至每桶95.19美元,國內實現價格按年升53%至每桶95.58美元,國內天然氣平均實現價格按年升31%至每千立方英尺7.78美元。
集團首三季整體原油產量按年升2%至6.77億桶,可銷售天然氣產量按年升5%至3.44萬億立方英尺,油氣當量產量按年升3.5%至12.5億桶,其中國內原油產量按年升3%至5.77億桶,可銷售天然氣產量按年升5%至3.3萬億立方英尺,油氣當量產量按年升4%至11.3億桶。
【季績超預期 股價呈靠穩】
摩根大通指,中石油第三季淨利潤達379億元人民幣,按年升71%及按季升69%,意味首三季淨利潤達市場預期全年淨利潤的89%,又指勘探與開採及天然氣部門業績勝預期幅度最大,天然氣部門第三季錄得2%經營溢利率,煉油業務季內維持盈利,亦令部門人士感到意外。該行又指,中石油首三季產油仍處於符合全年指引的軌道上,同業中海油(00883.HK)近期暗示中長期生產目標上調,不排除中石油管理層跟隨。該行給予中石油「增持」評級及4.5元目標價。
摩根士丹利指,中石油第三季淨利潤超出該行預期,主要來自上游業務成本減少,該行又指,中石油首三季淨利潤已達市場預期的88%,意味市場預期第四季國際油價僅為每桶65美元,對比目前為95美元。該行續予中石油「增持」評級,目標價5.68元。
------------------------------------------
本網最新綜合4間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
摩根士丹利│增持│5.68元
瑞信│跑贏大市│5.4元->5.2元
高盛│買入(「確信買入」名單)│5.2元
摩根大通│增持│4.5元
券商│觀點
摩根士丹利│季績勝預期,受惠成本下降
瑞信│季績堅韌,進口天然氣虧損穩定
高盛│季績勝預期,經營改善支持盈利率
摩根大通│季績勝預期,原油自給自足有助煉油業務跑贏
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.