华创证券指出，2024油价将有望延续高位，能源安全背景下，能源供给有望向国企集中，三桶油积极推进增储上产，有望享受高油价带来的丰厚盈利；炼能严控有望提振开工，减油增化持续改善盈利；国资委开启对国有企业对标开展世界一流企业价值创造行动进行动员部署，伴随行业政策的支持下，三桶油估值有望回归理性水平。此外，多年以来三桶油坚持高分红回报股东，根据2022年各公司利润分配方案，三桶油A股/港股平均股息率远高于海外油气企业的和三大运营商。Petroleum stocks rebounded in early trading. As of the time of publication, China Oilfield Services (02883) rose by 7%, to HK$7.64; Sinopec (00883) rose by 6.22%, to HK$20.5; Sinopec (00386) rose by 3.75%, to HK$4.98; PetroChina (00857) rose by 3.73%, to HK$6.39.
According to the Wisdom Financial APP, petroleum stocks rebounded in early trading. As of the time of publication, China Oilfield Services (02883) rose by 7%, to HK$7.64; Sinopec (00883) rose by 6.22%, to HK$20.5; Sinopec (00386) rose by 3.75%, to HK$4.98; PetroChina (00857) rose by 3.73%, to HK$6.39.
On the news front, Goldman Sachs issued a report pointing out that the geopolitical risk premium indicator of the oil market fell slightly this week. The bank believes that without major disruptions, oil prices this quarter may stabilize around the current levels; however, Goldman Sachs still expects Brent crude oil prices to rise by $10 to $20 per barrel from the current levels in the future.
Huachuang Securities pointed out that oil prices in 2024 are expected to continue at high levels. With energy security background, energy supply is expected to concentrate on state-owned enterprises. The three major oil companies are actively promoting increased reserves and production. They are expected to enjoy the handsome profits brought by high oil prices; refinery energy control is expected to boost production, and continuous improvement in profits by reducing oil and increasing chemicals; SASAC (State-owned Assets Supervision and Administration Commission) has initiated mobilization and deployment of world-class enterprise value creation actions to benchmark state-owned enterprises, with the support of industry policies, the valuation of the three major oil companies is expected to return to rational levels. In addition, for many years, the three major oil companies have adhered to high dividends to reward shareholders. According to the 2022 profit distribution plans of each company, the average dividend yield of the three major oil companies' A-shares/H-shares is much higher than that of overseas oil and gas enterprises and the three major telecom operators.
