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基金經理觀點
> 正文
中石化煉化工程中長線動量強勁 上望6.16元
6/11/2024 11:20:18 AM
中石化煉化工程(02386.HK)作為中國石化集團旗下的旗艦企業,是全球領先的能源化工工程服務提供者。公司主要提供工程設計、諮詢和技術許可、工程總承包、施工安裝以及設備製造等全產業鏈服務。
業務穩定發展,財務結構穩健
2023年,在全球經濟復甦緩慢,原油價格震盪,化工市場消費不振的背景下,公司實現收入562.2億元人民幣(下同),按年增長6.0%;股東應佔利潤約23.4億元,按年上升2.2%。其中約57%的收入來自中國石化集團及其連絡人的業務,展現出公司在國內市場的穩固根基。此外,在報告期內公司新簽訂合同量為802.5億元,按年增長10.7%,期末公司未完成合同量1362.6億元,按年增長21.4%,體現了公司強勁的業務拓展能力,未來收入將十分穩定。
業內變革與海外業務雙驅動
國內能源需求保持剛性增長,加上業內正快速推進現代化綠色低碳能源變革,預期公司將可受惠。
隨著能源體系綠色低碳轉型的持續加快,以及石化行業的高質量轉型,將為公司發展帶來新的市場機遇,包括:(一)大型煉化基地的加快建設及更新,不僅加速了生產力佈局的優化,還進一步提升了資源利用效率。(二)隨著國內「一帶一路」倡議的落實,中石油、中石化以及中海油積極配合「一帶一路」建設,切實加強與國際能源合作,加快「走出去」的步伐,與沿線國家開展了緊密的合作。中石化練化工程將充分受益於平台優勢,訂單前景廣闊。2023年公司境外新簽訂合同量約為214.3億元,按年大幅增長181.2%,創歷史新高。隨著公司持續聚焦「一帶一路」沿線,以及沙特Riyas專案等新一批EPC合同的落實,公司海外業務有望迎來高速增長。
中長線動量強勁
根據LSEG Workspace的數據顯示,中石化煉化工程的中及長線動量(Momentum)都跑赢近90%同類型港股,展現強勁動力。利用90個交易日計算,中石化煉化工程跟大市的相關度(beta)為0.61,而波動率為34.32%,如投資者看好中石化煉化工程,可以考慮以6.16港元為三個月的目標價。
馬家俊博士
時富量化金融董事總經理
從事金融科技業多年,是香港首批量化投資策略師及量化投資組合經理,重點研究量化投資策略在金融市場上的應用,涵蓋多種不同資產類別。馬博士於香港多間大學任教量化/計量金融及風險管理學,是特許金融分析師 (CFA)、專業風險管理師 (PRM)、精算師學會之專業會員 (ASA), 特許工程師 (CEng)等。
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