资源描述
1 0102030450%()+50%23 10 EPS PB22 7-23 3 PB10ROEWACC05YWBYxOqNtQnMrPmPrMtMmN9P8Q7NtRqQtRnRiNoOtPiNpOyR8OqRoQvPrNmNxNpNtM2 3 0883.HK 600938.SH601857.SH(600028.SH)PV-10 PE PB EV/EBITDA EV/BOE/D P/CF EV/DACF代码 名称 P/E 2023 P/E 2024EV/EBITDA2023EV/EBITDA2024PB分 红+回 购 回 报 率2023分 红+回 购 回 报率 2 0 2 4 ECOP US Equity 康菲石油 14.89 14.79 7.04 6.31 3.13 6.53%5.40%OXY US Equity 西方石油 18.70 19.59 6.65 6.40 3.07 6.52%6.23%DVN US Equity 戴文能源 9.35 10.68 5.34 5.48 2.82 8.26%5.71%PXD US Equity 先锋能源 13.04 13.17 7.24 6.97 2.73 6.25%3.37%EOG US Equity EOG 资源 13.28 11.65 6.87 6.04 2.80 5.65%4.97%ONGC IN Equity 印度油气 8.69 7.44 5.76 4.68 1.24 4.24%4.63%PETR4 BZ Equity 巴西石油 3.66 4.42 2.67 2.79 1.32 15.49%12.46%PTTEP TB Equity 泰国国家能源 7.87 8.67 2.59 2.76 1.26 6.32%5.51%OMV AV Equity 奥地 利O MV 7.11 6.59 3.21 3.53 0.93 11.40%9.19%纯油气标的平均 10.73 10.78 5.27 4.99 2.14 7.85%6.39%XOM US Equity 埃克森美孚 12.64 12.83 7.22 6.56 2.33 6.78%6.00%CVX US Equity 雪佛龙 12.61 12.31 6.41 5.91 1.84 8.80%9.18%TTE FP Equity 道达尔集团 7.59 8.15 3.76 4.23 1.48 9.09%8.95%BP/LN Equity BP公 司 9.61 8.35 4.01 3.80 1.61 11.23%10.79%SHEL LN Equity 壳牌 9.00 9.29 4.45 4.38 1.27 9.76%9.39%ENI IM Equity 埃尼 6.29 7.28 3.23 3.64 0.95 9.62%8.73%EQNR NO Equity 挪威石油 7.14 9.24 1.61 1.98 1.75 10.79%15.40%REP SM Equity 西班牙雷普索尔 5.05 5.25 3.62 3.03 0.81 11.22%12.85%ARAMCO AB Equity 沙特阿美 16.20 16.69 7.70 7.87 4.83 5.05%5.79%综合性油公司平均 9.57 9.93 4.67 4.60 1.87 9.15%9.68%600938.SH 中国海油 11.23 10.14 5.54 5.03 2.08 3.95%4.38%600028.SH 中国石化 12.63 10.89 6.07 4.88 0.95 5.42%6.29%601857.SH 中国石油 11.67 10.78 4.67 4.64 1.30 4.29%4.65%三桶 油A 股平 均 11.84 10.60 5.43 4.85 1.44 4.56%5.10%883 HK Equity 中国海洋石油 6.66 6.01 3.18 2.89 1.24 6.66%7.38%386 HK Equity 中国石油化工 8.21 7.08 4.72 3.79 0.62 8.34%9.68%857 HK Equity 中国石油股份 7.55 6.97 3.28 3.26 0.84 6.64%7.19%三桶 油H 股平 均 7.47 6.69 3.73 3.31 0.90 7.22%8.08%综合性油公司三桶 油A 股三桶 油H 股纯油气公司代码 名称 PE PB EV/EBITDA EV/PV-10 P/CF EV/DACF EV/BOE/DCOP US Equity 康菲石油 14.89 3.13 7.04 2.38 7.90 7.48 0.91OXY US Equity 西方石油 18.70 3.07 6.65 2.26 4.98 7.11 0.74DVN US Equity 戴文能源 9.35 2.82 5.34 2.05 5.22 5.70 0.60PXD US Equity 先锋能源 13.04 2.73 7.24 2.50 7.49 7.85 0.96EOG US Equity EOG 资源 13.28 2.80 6.87 1.81 6.93 6.57 0.79ONGC IN Equity 印度油气 8.69 1.24 5.76-4.12-0.56PETR4 BZ Equity 巴西石油 3.66 1.32 2.67 1.00 2.35 3.17 0.53PTTEP TB Equity 泰国国家能源 7.87 1.26 2.59-4.08 3.31 0.26OMV AV Equity 奥地 利O MV 7.11 0.93 3.21 3.58 2.58 5.24 0.78883 HK Equity 中国海洋石油 6.66 1.24 3.18 0.86 3.56 2.00 0.58纯油气标的平均 10.32 2.05 5.06 2.06 4.92 5.38 0.67XOM US Equity 埃克森美孚 12.64 2.33 7.22 3.24 8.81 8.20 1.34CVX US Equity 雪佛龙 12.61 1.84 6.41 2.15 8.35 7.80 1.00TTE FP Equity 道达尔集团 7.59 1.48 3.76-4.41 5.18 0.77BP/LN Equity BP公 司 9.61 1.61 4.01 2.59 3.63 4.08 0.68SHEL LN Equity 壳牌 9.00 1.27 4.45 3.40 4.76 5.93 1.00ENI IM Equity 埃尼 6.29 0.95 3.23-3.43 4.73 0.45EQNR NO Equity 挪威石油 7.14 1.75 1.61-3.58 3.73 0.37REP SM Equity 西班牙雷普索尔 5.05 0.81 3.62 2.44 3.24 4.91 0.50ARAMCO AB Equity 沙特阿美 16.20 4.83 7.70-13.47 13.42 1.56386 HK Equity 中国石油化工 8.21 0.62 4.72 2.59 2.98 4.75 0.96857 HK Equity 中国石油股份 7.55 0.84 3.28 0.99 2.81 4.17 0.46综合性油公司平均 9.26 1.67 4.55 2.49 5.41 6.08 0.83600938.SH 中国海油 11.23 2.08 5.54 1.50 6.00 3.48 1.01600028.SH 中国石化 12.63 0.95 6.07 3.33 4.58 6.11 1.24601857.SH 中国石油 11.67 1.30 4.67 1.41 4.34 5.94 0.65平均 11.84 1.44 5.43 2.08 4.98 5.18 0.97 纯油气公司综合性油公司三桶 油A 股 X 2024-4-12 2024E 2025E 2026E 2024E 2025E 2026E 0883.HK 19.10 2.85 3.12 3.21 6.19 5.65 5.49 600938.SH 29.20 2.85 3.12 3.21 10.25 9.36 9.10 601857.SH 10.27 0.94 1.00 1.02 10.93 10.27 10.07 600028.SH 6.38 0.65 0.70-9.82 9.11-WSfng1s8/QX/lrCxMwzis8iCYydMK33bsDsO0TSEcfablhN1rzdXlpa3+QBesHRp 4 5 EV/EBITDA EV/BOE/D EV/2P EV/2P P/CF EV/DACF EV/DACF 6 7 类型 代码 名称 净资产收益率 销售净利率 资产周转率 权益乘数税务负担(净 利/税 前 利 润)利息负担（税 前 利 润/E B I T）COP US Equity 康菲石油 0.226 0.300 0.636 1.923 64.888 95.894OXY US Equity 西方石油 0.235 0.281 0.407 3.701 61.499 88.303DVN US Equity 戴文能源 0.342 0.332 0.645 2.100 79.920 92.677PXD US Equity 先锋能源 0.228 0.344 0.535 1.607 78.381 97.877EOG US Equity EOG 资源 0.274 0.435 0.555 1.576 78.728 98.476883 HK Equity 中国海洋石油 0.217 0.432 0.428 1.578 73.345 98.567纯油气标的平均 0.254 0.354 0.534 2.081 72.793 95.299XOM US Equity 埃克森美孚 0.221 0.178 0.933 1.845 67.426 98.731CVX US Equity 雪佛龙 0.163 0.180 0.773 1.594 70.924 98.702TTE FP Equity 道达尔集团 0.237 0.170 0.713 2.489 54.474 92.586BP/LN Equity BP 公司 0.409 0.190 0.806 3.897 64.902 91.581SHEL LN Equity 壳牌 0.148 0.153 0.797 2.171 61.759 91.253ENI IM Equity 埃尼 0.155 0.104 0.631 2.514 54.890 91.143EQNR NO Equity 挪威石油 0.356 0.400 0.766 2.839 39.892 96.103386 HK Equity 中国石油化工 0.066 0.034 1.589 2.580 68.091 84.343857 HK Equity 中国石油股份 0.150 0.083 1.100 1.943 70.230 90.317综合性油公司平均 0.212 0.166 0.901 2.430 61.399 92.751纯油气标的综合性油公司8 4,920 23.03%57.14%246 101 696 1,038 819 131 202 1,687 5,143 15.08%62.43%535 172 566 178 1,866 529 93 1,205 1,398 11.81%28.91%43 0 207 0 106 953 34 55 9 10(/)/(/)%/1719 7677 2999 11229 10 97-12 1507 7872 2864 9600 9 137 20 10 2037 8295 3737 17742 13 43 40 21 1519 6759 2765 10190 10-38 37 BP 1070 6864 2255 7183 9-29 16 751 4523 1610 6614 11 103 33 8 1013 6156 2039 5191 7 76-964 3130 1738 6599 10 176 37 15 620 1666 1159 3817 9 172 45 16 11754 10617 13617 25860 54-769 3420 1340 3126 6 164 66 15 2483 12808 4618 18661 11 107 41 13 1342 2133 1709 5828 9 185 28 7 11 ARAMCO AB Equity 7455600028.SH 6200XOM US Equity 4811601857.SH 4497VLO US Equity Valero Energy 3360CVX US Equity 3100MPC US Equity 3083TTE FP Equity 1882096770 KS Equity SK Innovation 1839SHEL LN Equity 1667BP/LN Equity 1466REP SM Equity Repsol 10645019 JP Equity Idemitsu Kosan 992PKN PW Equity Polski koncern Naftowy 898010950 KS Equity S-Oil 875ENI IM Equity 662OMV AV Equity OMV 416NESTE FH Equity Neste 308EQNR NO Equity 21712 13 PV-10(Reserve)(PV)(PB)(PS)(PD)(PUD)(PDP)(PDNP)(SHUT-IN)(BEHIND-PIPE)PTR ADR 2000-04-06 2022-08-12 SNP ADR 2000-10-18 2022-08-12 CEO ADR 2001-02-27 2021-02-26 14 PV-1015 PV-10-200.0%-100.0%0.0%100.0%200.0%300.0%400.0%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%160.0%180.0%200.0%16 IOCNOC FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008OKE US Equity ONEOK Midstream 12.49 12.31 15.79 18.34 13.96 16.70 14.62 12.94 15.06 18.61 13.67 11.00 9.80 9.74 8.74NESTE FH Equity Neste international R&M 11.28 12.75 32.73 8.49 11.22 9.12 6.66 8.12 14.18 5.13 6.72 7.22 8.54 9.26 8.85MMP US Equity Magellan Midstream Partners Midstream 10.73 11.42 11.04 12.96 11.70 16.43 19.10 16.68 19.12 20.07 17.40 15.07 15.99 15.91 7.81TRGP US Equity Targa resources Midstream 10.62 12.80 18.18 16.10 24.35 19.71 14.00 9.61 13.08 11.31 7.92 8.87 LNG US Equity Cheniere energy Midstream 10.40 76.27 12.25 13.24 18.26 23.17 230.17 31.61 20.35 42.56 EPD US Equity Enterprise products partners Midstream 9.70 10.21 10.87 12.02 11.92 15.95 17.00 15.85 19.12 17.61 14.60 14.59 16.06 15.54 9.67PPL CN Equity Pembina pipeline Midstream 9.47 13.69 73.77 20.50 15.02 22.09 20.26 16.50 19.40 17.34 18.28 18.30 16.31 13.90 11.54ET US Equity Energy Transfer Partners Midstream 8.35 7.14 12.25 9.50 11.09 17.82 21.61 16.82 19.63 21.23 21.99 15.17 16.70 12.37 41.54BPCL IN Equity Bharat petroleum international R&M 6.92 6.24 15.56 8.38 8.21 9.19 6.26 7.84 6.47 8.01 10.21 9.03 11.63 8.90 5.85CVX US Equity Chevron international E&P 6.04 7.07 12.92 7.92 6.82 12.53 19.86 11.41 6.21 5.90 4.19 4.02 4.71 5.94 3.32096770 KS Equity SK Innovation international R&M 5.78 9.87 9.18 6.60 5.15 3.74 5.64 27.69 9.71 9.45 4.98 8.84 9.19 5.52PTT TB Equity PTT NOC 5.73 5.54 9.46 7.21 5.56 5.61 5.66 6.12 6.61 5.69 6.53 6.38 7.08 7.41 4.24XOM US Equity Exxon Mobil international E&P 5.31 6.89 14.78 11.02 8.35 12.53 18.07 11.80 8.17 8.06 6.04 5.91 6.87 8.54 4.82BP/LN Equity BP international E&P 5.02 4.99 7.20 5.67 8.19 13.64 18.39 6.89 4.28 6.03 3.77 80.22 6.16 4.33IOCL IN Equity Indian oil international E&P 4.94 4.76 11.70 6.88 5.46 7.20 5.90 12.99 7.38 9.25 5.88 8.45 6.61 6.28 5.27PXD US Equity Pioneer Natural Resources North American pure-play E&P 4.65 8.68 12.38 9.31 8.11 16.61 44.86 18.60 8.50 60.07 9.39 12.90 11.24 11.98 3.81FANG US Equity Diamondback Energy North American pure-play E&P 4.48 6.50 9.76 13.18 15.01 80.22 10.88 18.99 17.86 COP US Equity ConocoPhillips international E&P 4.45 5.63 13.83 5.34 5.19 18.79 19.30 41.54 6.68 5.15 4.38 5.09 4.19 6.07 2.92OXY US Equity Occidental Petroleum international E&P 4.13 4.91 11.88 5.60 12.36 23.77 12.00 6.64 6.93 5.51 7.82 8.75 3.405019 JP Equity Idemitsu Kosan international R&M 4.10 8.43 19.76 6.72 6.23 7.82 18.54 8.99 6.80 5.48 5.94 8.86 5.12 8.12YPFD AR Equity YPF NOC 3.61 2.90 6.84 6.21 3.59 4.48 11.21 4.04 4.07 6.05 3.17 5.62 5.70 5.78 8.54REP SM Equity Repsol European integrated 3.29 4.54 6.55 6.43 7.09 71.04 13.72 13.06 5.31 8.79 3.41 5.85 3.50010950 KS Equity S-Oil international R&M 3.24 4.85 16.34 16.81 9.50 5.28 9.03 158.64 14.45 11.99 6.68 10.92 15.58 4.69135 HK Equity Kunlun Energy NOC 3.13 4.90 6.42 7.60 5.62 6.27 6.92 5.42 5.69 8.65 10.33 9.10 8.79 23.54 3.13MPC US Equity Marathon Petroleum North American pure-play R&M 3.11 7.35 9.32 9.41 8.12 10.01 7.33 10.55 6.24 3.15 2.64 VLO US Equity Valero Energy North American pure-play R&M 3.08 8.78 30.55 7.30 5.80 7.90 6.20 4.57 3.78 5.24 4.34 3.54 5.42 9.96 7.51SHEL LN Equity Shell international E&P 2.96 4.54 8.07 6.10 5.53 8.34 11.00 8.35 5.43 5.42 4.63 4.73 5.69 7.85 3.25TTE FP Equity Total Energy international E&P 2.87 4.32 8.96 5.65 5.54 6.37 9.28 8.58 6.61 4.62 3.49 3.33 3.85 5.58 3.55GAZP RM Equity Gazprom NOC 2.74 3.34 5.87 5.02 2.50 3.62 4.16 3.03 2.66 2.20 2.66 2.62 3.94 5.15 2.00AKRBP NO Equity Aker BP international E&P 2.07 3.00 8.20 7.14 4.02 6.94 9.47 7.28 OMV AV Equity OMV European integrated 1.96 4.45 9.64 4.70 3.83 7.66 3.91 100.27 3.91 3.76 2.99 3.64 4.14 5.31 2.93OAOFY US Equity Tatneft NOC 1.61 3.65 6.55 6.15 5.54 6.61 6.41 4.54 3.80 3.85 4.43 4.27 5.52 3.72 3.20PKN PW Equity Polski koncern Naftowy international R&M 1.54 2.70 5.22 4.95 5.34 4.55 4.55 6.36 10.05 6.96 5.50 5.43 7.51 8.10PBR/A US Equity Petrobras NOC 1.49 2.41 6.30 5.12 5.70 6.43 8.01 18.96 49.47 7.08 7.60 6.35 7.39 7.10 3.72883 HK Equity CNOOC NOC 1.44 1.75 3.28 3.63 3.56 4.58 7.03 4.01 3.00 4.02 4.39 3.56 6.82 7.94 3.77EQNR NO Equity Equinor NOC 1.11 1.92 12.01 4.25 2.75 3.83 7.35 4.92 2.66 2.31 1.76 2.11 2.66 3.08 1.62EV/EBITDA FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008XOM US Equity Exxon Mobil international E&P 127.06 84.21 66.45 89.14 86.20 100.51 103.63 89.08 105.71 110.96 93.76 91.43 84.80 82.87 96.72CVX US Equity Chevron international E&P 118.10 82.78 66.89 82.71 78.81 100.29 101.36 75.43 88.15 94.06 77.71 76.93 65.57 58.03 58.52PXD US Equity Pioneer Natural Resources North American pure-play E&P 90.28 77.89 58.15 79.87 72.84 110.33 133.52 102.92 121.67 164.10 106.67 104.45 109.86 72.68 42.94CLR US Equity continental resources North American pure-play E&P 71.32 39.36 54.03 70.00 107.92 119.24 70.71 116.22 188.18 175.69 214.45 252.73 208.96 118.05COP US Equity ConocoPhillips international E&P 87.66 69.64 46.38 58.11 62.28 55.42 54.75 50.69 65.92 71.14 56.59 68.23 60.33 53.46 58.40SHEL LN Equity Shell international E&P 84.48 69.08 64.17 86.02 80.43 94.98 82.05 66.29 78.17 82.01 74.26 82.35 71.79 68.16 52.57FANG US Equity Diamondback Energy North American pure-play E&P 81.27 70.17 47.86 76.63 152.91 177.79 206.13 156.19 219.69 400.97 231.22 PGN PW Equity Polskie Gornictwo Naftowe NOC 107.01 78.17 78.17 105.52 107.57 80.51 71.12 91.35 137.67 159.52 100.74 88.31 97.83 91.49OMV AV Equity OMV European integrated 74.83 71.63 75.29 60.86 52.16 84.94 65.66 62.21 63.45 88.38 66.66 67.56 68.20 66.15 48.80OXY US Equity Occidental Petroleum international E&P 74.72 55.95 46.83 85.69 80.98 107.17 98.45 84.98 109.16 130.53 109.67 106.52 115.71 100.00 82.26AKRBP NO Equity Aker BP international E&P 71.92 61.35 60.52 98.03 70.46 86.72 109.57 63.39 197.17 1079.15 2256.85 1328.73 593.95 296.57 43.60BP/LN Equity BP international E&P 63.93 42.61 38.83 48.50 46.69 50.49 48.27 37.64 44.56 54.74 48.59 48.11 42.48 52.11 47.87TTE FP Equity Total Energy international E&P 62.62 59.20 53.90 61.22 61.67 65.47 65.78 65.57 71.93 75.06 62.60 60.19 58.64 75.39 62.47REP SM Equity Repsol European integrated 52.51 52.11 46.58 54.07 48.17 57.68 48.09 55.24 87.62 129.05 128.95 214.36 153.17 174.37 43.49EQNR NO Equity Equinor NOC 47.92 41.49 35.03 38.86 37.91 40.92 38.84 28.53 34.03 43.35 41.72 49.75 45.14 45.45 29.29NVTK RM Equity Novatek international E&P 40.66 31.25 38.25 38.22 26.77 28.69 20.23 20.74 34.64 39.15 40.16 51.06 30.70 9.83PBR/A US Equity Petrobras NOC 37.89 41.34 47.55 64.21 57.93 54.80 57.90 44.96 58.20 72.91 75.95 85.25 109.85 102.64 51.82LUKOY US Equity Lukoil international E&P 26.37 23.48 27.25 21.54 20.21 21.41 13.03 16.83 25.36 24.90 21.73 23.53 25.31 15.74883 HK Equity CNOOC NOC 30.94 26.69 30.38 52.83 51.71 53.35 50.98 41.38 56.82 79.50 90.07 75.21 112.28 104.82 67.90OAOFY US Equity Tatneft NOC 24.56 29.87 46.73 39.69 35.62 29.97 17.69 15.63 27.29 32.85 25.83 26.51 19.14 9.65YPFD AR Equity YPF NOC 27.11 20.99 23.40 27.79 23.96 30.49 25.94 23.60 34.46 45.09 22.73 38.29 41.46 33.28 47.44 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008CVX US Equity Chevron international E&P 31.54 22.77 18.52 22.13 19.16 23.45 23.64 17.71 20.41 21.80 17.87 18.30 17.18 13.87 13.22OMV AV Equity OMV European integrated 28.29 26.88 26.07 22.25 17.54 25.79 19.83 18.34 17.99 22.52 18.77 17.77 19.43 18.21 13.28XOM US Equity Exxon Mobil international E&P 26.76 16.86 16.43 15.70 13.60 18.87 21.03 14.74 16.60 18.37 15.79 16.52 15.20 14.18 17.96SHEL LN Equity Shell international E&P 25.20 23.79 23.88 28.40 25.42 28.53 22.80 16.74 18.38 18.87 18.18 18.92 16.99 15.45 16.01PXD US Equity Pioneer Natural Resources North American pure-play E&P 24.68 21.64 16.80 24.30 22.22 30.49 43.01 31.61 29.78 33.83 15.49 12.26 12.47 9.29 5.01COP US Equity ConocoPhillips international E&P 23.09 17.89 11.72 14.89 15.18 15.15 13.37 9.85 11.55 11.45 10.33 13.17 13.38 10.13 10.47OXY US Equity Occidental Petroleum international E&P 22.69 18.59 21.28 21.62 19.36 24.83 25.78 25.80 23.12 29.03 26.25 24.59 25.98 21.83 16.66BP/LN Equity BP international E&P 20.07 8.34 7.50 9.48 8.62 9.72 8.89 7.18 8.01 9.82 9.52 9.36 8.90 11.39 10.27EQNR NO Equity Equinor NOC 18.82 16.10 13.78 13.42 12.96 15.86 15.32 11.11 12.24 15.02 15.42 16.96 16.01 16.49 10.10AKRBP NO Equity Aker BP international E&P 17.78 21.45 19.89 22.94 16.06 17.40 16.04 10.18 21.56 99.26 79.38 42.24 1750.07 30.13 4.34TTE FP Equity Total Energy international E&P 16.99 13.83 12.55 14.55 14.20 14.64 14.00 13.29 13.40 14.97 12.67 12.36 13.04 16.40 13.98FANG US Equity Diamondback Energy North American pure-play E&P 15.43 14.72 10.92 19.23 20.11 42.00 43.17 32.95 37.92 46.17 16.94 CLR US Equity continental resources North American pure-play E&P 14.29 10.70 11.36 13.71 19.67 20.29 12.79 14.98 23.59 21.85 26.
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