上海石化(600688):石油产品盈利改善 资产减值影响Q4盈利

Sinopec (600688): profit improvement of Petroleum products Asset impairment affects Q4 profit

國泰君安 ·  04/04/2022  · Researches

This report is read as follows:

Oil prices fluctuated upward, demand for petroleum products recovered, profits from steam, diesel and coal improved, asset impairment affected fourth-quarter earnings, and the results were in line with market expectations.

Main points of investment:

Maintain the overweight rating, lower the profit forecast and target price. Under the pressure on the profits of the refining and chemical industry under high oil prices, the profit forecast for 2022-2023 has been lowered. It is estimated that the EPS for 2022-2024 will be 0.20max 0.22pm 0.24 yuan (2022-2023 RMB 0.30max 0.34 yuan), with a growth rate of + 7%. With reference to the valuation of the comparable company, it will be given 1.35 times PB in 2022, and the target price will be lowered to 4.08 yuan. Maintain the overweight rating.

Performance is in line with market expectations. 2021 the company's operating income is 89.28 billion yuan, year-on-year + 19.51%, net profit is 2 billion yuan, + 218.5%; corresponding to 2021Q4 operating income is 27.42 billion yuan, year-on-year + 38.81%, net profit is 40 million yuan,-97.21%. The loss of 658 million yuan in asset impairment in the fourth quarter affects profits, mainly because the operating efficiency of some production units is lower than expected, or production has been stopped, and the production process is backward.

The profit of petroleum products will improve in 2021. In 2021, the total processing of crude oil was 13.7644 million tons,-6.18% of the same period last year, which was mainly affected by overhaul; the processing cost of crude oil was 3232.29 yuan / ton, + 35.81% of the same period last year. The company continues to optimize its product structure, increasing gasoline production by 123400 tons compared with the same period last year, with a diesel-to-gasoline ratio of 1.00 in 2021. The oil price fluctuated upward, the demand for petroleum products recovered, and the profit of the company's petroleum products (gasoline and coal) improved significantly, achieving an operating profit of 2.967 billion yuan, an increase of 5.166 billion yuan over the same period last year. Intermediate petrochemical products, resins and plastics, synthetic fibers and other sectors affected by the industry boom and asset impairment, profits declined.

We will continue to strive for progress in the midst of stability in 2022. In 2021, the company's capital expenditure was 3.533 billion yuan, + 67.68% compared with the same period last year, of which 1 billion yuan was invested in raw silk and large tow, and the planned capital expenditure in 2022 was 3.5 billion yuan, basically the same. In 2022, the company plans to process 13.65 million tons of crude oil and produce 7.57 million tons of refined oil, 825200 tons of ethylene, 666000 tons of p-xylene, 431000 tons of polyethylene, 453000 tons of polypropylene, 103 thousand tons of ethylene glycol and 21 thousand tons of acrylic fiber.

Risk hint: the oil price fluctuates sharply, the refining and chemical industry is declining, and the progress of the project is not as expected.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

    Write first comment