Huatai Securities expects CNPC's net profit for 2023-2025 to be 162.8 billion/ 176.9 billion/ 188.2 billion yuan, respectively.
The Zhitong Finance App learned that Huatai Securities released a research report stating that it initially gave CNPC shares (00857) a “buy” rating, with a target price of HK$7.6.
The report points out that CNPC, as an integrated leader in the domestic oil and gas sector, has implemented a strategy of stabilizing oil and gas production, steadily increasing natural gas production, and gradually optimizing extraction costs; expanding the sources of imported gas, reducing import costs, and the demand side adapts to the general trend of market-based reforms to promote natural gas prices; in petroleum processing, it promotes technical reform and upgrading of traditional refineries, and refined oil products benefit from pattern optimization.
The bank estimates that the average price of Brent crude oil will be 82 and 80 US dollars per barrel this year and next, respectively. The company's overall profit will weaken due to fluctuations in oil prices, and the performance center will rise steadily. The company strengthens market value management assessments. The net profit for 2023 to 2025 is expected to be 162.8 billion/ 176.9 billion/ 188.2 billion yuan, respectively.