瑞银:降中国海洋石油目标价至26港元 评级“买入”

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  瑞银发布研报称,中国海洋石油(00883)今年首季纯利同比跌8%,按季升72%至365.6亿元人民币,符合预期。该行将公司今年至2027年的盈利预测分别降10%、12%及4%,以反映该行最新的油价预测,惟称相信公司会维持亮丽的生产增长及成本优势。该行亦将H股目标价由28.2港元降至26港元,评级“买入”。

  考虑贸易战带来压力及油组增产,该行本月已下调油价预测,目前料今年至2027年各年油价为每桶66美元、65美元及70美元,认为油价下跌会影响公司盈利。不过公司亦称,即使在低油价环境下,仍然会尽力减低每桶成本,以维持其成本及现金流的领导地位,同时也会专注在并购机会。至于2025年至2027年的生产指引,公司维持在7.6亿至7.8亿、8亿至8.08亿,以及8.1亿至8.3亿桶油当量。

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