华泰证券研究报告指，中石油(00857.HK) 实现营业收入1.45万亿元人民币(下同)，按年下降6.7%，实现归母净利润840亿元，按年下降5.4%；次季营业收入及纯利分别6,970亿及372亿元，按年分别降6.1%及13.6%。中石油次季纯利略逊该行预期，主因次季炼化毛利率及天然气销量增速低于该行预期。考虑公司天然气业务降本增量潜力，维持中石油H股“增持”评级。
考虑冬季采暖需求有望带动天然气业务增长，华泰证券维持中石油2025至2027年归母净利润预测分别为1,585亿、1,617亿及1,685亿元，每股盈测分别0.87元、0.88元及0.92元，考虑公司较可比公司原油产量较高，故受油价波动影响相对较大，以预测今年市盈率9.2倍计，H股目标价由8.6港元升至8.8港元。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-27 16:25。)
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