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《AH報告》高盛:中石化煉油改善,維持H股確信買入目標11元 @ 2012-04-27T14: Back Hot News
Keyword:中石 石油
Concept:2012年一季度 , 中石油實現淨利潤392億元
中石油之所以取得業績大增的良好開局,主要源於開采業績的增長和煉油業務虧損的減少。一季度,中石油公司生產原油227百萬桶,同比增長3 .6%,生產可銷售天然氣7,109億立方英尺,同比增長11.2%;實現油氣當量產量345.5百萬桶,同比增長6 .1%。勘探與生產板塊總計實現經營利潤603 .76億元,同比增長31.6%,成為公司的盈利支柱。
中石化(0386.HK)最新漲0.4%,至8.22港元,早些時候曾一度跌至8.18港元,因為該公司第一季度淨利潤同比下滑35%,至人民幣134.1億元,僅占湯森路透調查的32位分析師預計的全年盈利的16%,因為煉油業務出現巨額虧損。不過花旗集團表示,該公司今年第二季度的前景更好,預計第二季度每股收益將回升至大約人民幣0.23元,因為煉油業務的虧損減少並且化工業務溫和改善。花旗集團認為,市場對該公司2012財年的業績預期仍需要下調,維持對該股的中性評級,目標價8.90港元,根據2012財年的預期每股收益計算,相當於8.5倍的市盈率,即使根據該行對中石化2012財年盈利相對樂觀的預期,上述目標價也表明該股的上漲空間有限。因此花旗繼續更看好中國石油(0857.HK)和中海油(0883.HK)。

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