【券商聚焦】第一上海予中国石油股份(00857)买入评级料公司经营情况将持续改善

金吾财讯

Sep 04

金吾财讯 | 第一上海发研报指，中国石油股份(00857)2025年上半年，实现营业收入1.5万亿元，同比下降6.7%；毛利润为1,175亿元；归母净利润840.1亿元，同比下降5.4%。核心变化源于国际市场原油价格相较去年下行，布伦特原油现货均价同比下跌14.5%至71.87美元/桶，替代能源竞争加速，导致油气产品销售收入收缩。该机构表示，业务结构优化，油气稳产与新能源转型加速：中石油采用减油增化的策略，油气和新能源均创历史同期新高，原油产量为4.76亿桶，同比增长0.3%；可销售天然气产量为2.68万亿立方英尺同比增0.3%，同比增3.8%；新能源业务表现突出，风光发电量飙升70.0%，新获风光发电指标1,638万千瓦。炼油化工分部化工产品商品量增4.9%，新材料产量166.5万吨，激增54.9%。该机构续指，受益于天然气弹性释放抵消油价波动，预计公司经营情况将持续改善，该机构预测公司2025-2027年的收入分别为28732亿元/28800亿元/29366亿元人民币；归母净利润分别为1591亿元、1704亿元和1757亿元；给予公司2026年9倍PE估值，目标价为9.11港元，较现价有19.7%的上涨空间，给予买入评级。

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