石油化工2024年春季策略会专题报告：海内外油公司估值方法与央企红利策略探讨

国泰君安证券股...04-17

投资建议：我们认为长周期维度看原油价格中枢提升，国内上游央企经营效率预期改善，推荐中国海洋石油（0883.HK）、中国海油（600938.SH）、中国石油（601857.SH）、中国石化（600028.SH）。从绝对估值和相对估值法看，对标海外企业国内上游央企估值仍有修复空间。油气产业链上游企业估值方法海外主要分为绝、对估值法以及相对估值法。绝对估值法以PV-10为例，相对估值法海外企业常采用EV...

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