建银国际将中石化(00386.HK) 目标价由4.65港元下调至4.10港元，维持“中性”评级。
该行认为，中石化今年第一季度纯利按年下跌28%至133亿元人民币，收入按年下降7%，表现低于预期。除油价下跌之外，中石化下游的炼油及化学行业并没有从成本压力的减轻中受益。鉴于业绩不及预期、供过于求担忧导致油价下跌，以及炼油和化工生产复苏缓慢。因此下调对该公司2025年和2026年的盈利预测35%和30%，至500亿元和550亿元人民币。
该行指，中石化勘探与生产(E&P)业务成盈利稳定关键。今年第一季度，该业务的营业边际利润率为 18%，是公司整体6%平均水平的两倍以上。成本控制现已成为勘探与生产业务盈利的关键。 (hc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-23 16:25。)
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