《大行報告》大和下調昆侖能源(00135.HK)目標價至7.2元 評級「跑贏大市」
大和發表報告表示,基於去年11月至12月內地新冠防控,調整去年城市氣體銷售增長預測至9%,意味低於15%增長目標;但維持今年增長率13%的預測,亦上調2022至2024年天然氣平均價格預測10%至17%。該行將昆侖能源(00135.HK)目標價由7.7元降至7.2元,維持「跑贏大市」評級。
報告指,昆侖能源母公司中石油(00857.HK)去年淨利潤達1,450億至1,550億元人民幣,不排除昆侖能源今年毛利率上升,受惠母公司對天然氣業務虧損管控放鬆。該行料公司天然氣銷售收入由2021年的27.53億元人民幣,升至今年的39.86億元人民幣。
該行亦指,昆侖能源液化天然氣(LNG)庫使用率受國際天然氣市場影響,使用率預測下調至87%,低於90%目標。勘探及生產方面,該行料國際油價下跌,該部門淨利潤將由去年的7.69億元人民幣,跌至今年的6.01億元人民幣。
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