研报掘金|华泰证券:维持今年布油价格预测为每桶68美元 维持中海油“买入”评级

格隆汇
Aug 29

华泰证券发表研究报告指,中国海洋石油上半年实现营业收入2076亿元,按年降8%,实现归母净利润695亿元,按年降13%。需求侧方面,伴随北半球进入传统旺季,夏季出行及发电对全球石油需求形成较好支撑,中国、美国和欧洲等地区炼厂吞吐量明显提升,但考虑该集团持续超产,认为实际产量增长或低于目标;又考虑全球新能源替代稳步推进,叠加中海油协同意愿显著趋弱,以及南美、非洲等低成本增量集中释放,该行维持今明两年布伦特原油均价预测分别为每桶68美元、62美元。 该行又考虑公司原油产量占比较高,受油价下跌影响较大,给予公司2025年12.5倍、9倍市盈率,中海油A股目标价为34.75元、H股目标价27.49港元,均维持“买入”评级。

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