Core Viewpoint - Sinopec issued a profit warning for the first half of 2025, indicating weak profitability in the second quarter of 2025, reflecting the challenging operating environment in the domestic oil downstream (refining and chemicals) industry [1] Group 1: Financial Performance - The market expected Sinopec and other Chinese refining companies to benefit from China's anti-involution policies, but the potential upside may be overestimated [1] - Credit Suisse has lowered Sinopec's earnings per share forecast for the fiscal years 2025 to 2027 by 4% to 5% to reflect the weak performance in the second quarter of 2025 [1] Group 2: Target Price Adjustments - The target price for Sinopec's H-shares has been reduced from HKD 4.6 to HKD 4.5, while the target price for A-shares has been adjusted from CNY 6.5 to CNY 6.3 [1] - Credit Suisse maintains a "Outperform" rating for Sinopec despite the adjustments [1] Group 3: Industry Preferences - Credit Suisse's preference order among the "Big Three" oil companies is: PetroChina, CNOOC, and lastly Sinopec [1]
大行评级｜里昂：下调中石化H股目标价至4.5港元 次季盈利能力疲弱
Ge Long Hui·2025-08-04 03:53