资源描述
SAC S0850511010010 SAC S0850517070005 SAC S0850519080001 SAC S0850515040001 2023 6 8 1.OPEC+2023 2.3.LNG 4.5.2 WUEVyRtOsRpOpRpMmRqPnMbR8QaQnPnNpNoNjMpPpRlOnNuMaQqQwPvPpMpQMYsQqM OPEC+2023 3 2023 OPEC+2023 5 81/Wind/4 020406080100120140Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 IEA Bloomberg 2022 12 5 G7 60/IEA BLOOMBERG 2023 4 960/350/5/020004000600080001000012000Jan-21 Jul-21 Jan-22 Jul-22 Jan-23050010001500200025003000350040004500Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 OPEC+OPEC 2023 2850-2900/2023 4 2 OPEC+2023 5 2023 166/6 2020 OPEC/Wind 05000100001500020000250003000035000Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 EIA 2023 5 2023-2024 1253/1269/64/16/5.4%1.3%EIA 7 0500100015002000250002000400060008000100001200014000Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23/EIA/0.02.04.06.08.010.012.014.0Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 2023 8 2023 OPEC EIA IEA 2023 5 2022 227/2023 203/IEA EIA OPEC 2023 5 IEA OPEC EIA/2022 2023 OPEC 249 233 EIA 231 156 IEA 200 220 227 203 OPEC Wind OECD 2020 OPEC+9 0200400600800100012001400Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 OPEC+2023 80/10 11 2022 2022 2.05 2178 91%82%2022 6.76 60%Wind 2022 12 2022 2022 51%17%23%9%58%16%8%18%36%24%40%2022 2011-2014 2023 Wind 13 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 703 637 565 602 202 6 247 527 610 250 703 1417 321 1330 1153 1296 1072 357 79 228 526 457 190 922 1494 436 717 635 672 474 322 464 511 631 576 329 712 663 201 2749 2425 2532 2148 881 550 986 1684 1643 769 2337 3574 958/110.91 111.67 108.70 99.45 53.60 45.13 54.74 71.69 64.16 43.21 70.94 99.04 82.10 2022 BP PB 2011-2013 PB 2019 14 PB BP A H A H A H 2011-2013 PB 2.50 1.72 1.21 1.31 1.71 1.50 1.30 1.21-2.27 2019 PB 1.63 1.46 1.41 1.22 1.01 0.58 0.89 0.78-1.19 PB 2023/5/30 2.12 1.82 1.52 1.29 1.00 0.61 0.96 0.66 1.39 0.82 Wind 2023 5 30 PB 2 15 2023 5 30 Wind Bloomberg PB 0.61 0.67 0.83 0.96 1.00 1.05 1.33 1.39 1.54 1.83 2.14 2.53 2.57 2.58 5.15 0.01.02.03.04.05.06.0 2022 65%A 8.1%10.9%2022-2024 40%0.70/2022 43%A 8.5%14.5%2022 52%A 8.5%13.6%2021 Wind 16 0%2%4%6%8%10%12%14%16%18%0%20%40%60%80%100%120%140%2017 2018 2019 2020 2021 2022 A 0%2%4%6%8%10%12%14%16%0%10%20%30%40%50%60%70%80%2017 2018 2019 2020 2021 2022 A 0%2%4%6%8%10%12%14%16%0%20%40%60%80%100%120%140%160%180%2017 2018 2019 2020 2021 2022 A 2022 Wind 17 14.5%13.6%10.9%8.5%8.5%8.1%7.4%4.8%4.0%3.6%0.9%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%2022 A H 41.79 2023 2023 2022 9-11 H 0.71 6.93 9.8/3.13 H 0.66%2022 A 18 2022 2022.3.25 2022.5.18 2022.8.29 2022.9.21-2022.12 A H A 2022.09.21-2022.11.25 4.27/4.42 0.37%18.88 H 2022.09.21-2022.12 3.41/7.33 0.61%24.99 2022.09-2022.12-11.75 0.98%41.79 2017-2021 ROE 5%-7%ROE 11.0%7.5%3.8%ROE 2017-2021 3.5%21.5%2%19 Wind 2017-2021 2022 ROE%ROE%3.8 1.9 0.9 2.1 11.3 4.6 1.3 2.0 7.5 2.1 1.6 2.3 8.5 2.0 1.7 2.5 11.0 21.5 0.3 1.7 26.3 35.6 0.5 1.6 6.2 3.3 0.7 1.9 30.7 13.6 1.2 1.9 5.1 4.3 0.6 1.7 23.8 14.5 1.0 1.7 5.3 2.1 0.7 2.2 23.3 11.1 0.9 2.3 7.3 4.2 0.6 2.4 18.4 7.8 0.9 2.7 20 2011-2022 0200400600800100012001400160018000500010000150002000025000201120122013201420152016201720182019202020212022 010020030040050060070001000200030004000500060007000201120122013201420152016201720182019202020212022 360380400420440460480500050010001500200025003000350040004500201120122013201420152016201720182019202020212022 21 2022 2022 2022 5%-10%2025 500-1000 150 500 50-100 22 2022 400/+120/1100/+60/PDH 2021 6 2024 12 100/2022 6 2022 12 120/2023 2023 5 27 1600/+150/2025 2000/+120/+260/PX 2023 2 120/2025 120/2022 11 23 LNG 2022 12 7-12 10 2023 5-D 24 2021 8988/31%15%4 18%22%2021 NGLs BP 2021 25 27%15%8%8%7%4%31%12%5%4%4%3%3%28%22%17%6%5%4%18%6%4%3%2%1%2%BP 2021 5.3 49%16%1627 10%34%2021 BP 2021 26 34%44%8%4%10%8%1%1%16%13%11%4%4%3%49%17%10%6%6%10%1 LNG 2 27 20221024 20221109:EPCC 20221018 20210330 601808.SH-2022 10 140 600871.SH 2022 11 KOC 14 1 5+1 8.3 600339.SH Mishrif Qurainat 3.86 27.75 2022 11 16 36 603619.SH 1 2021 3 1.20 7.87 5+2 2021 9 4980 3.22 3+1 2 2021 3 6950 4.52 2+1 002493.SZ 2023 3 27 AOC 10.13 AOC 24.3/51.46%AOC 10%600028.SH 1 2022 12 9 1600/150/2025 2-2022 12 000059.SZ 2023 3 29 1500/30%51%19%2026 002206.SZ 28 1 2 3 LNG 4 5 2023 80/29 30 EPS PE 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 601857.sh 0.82 0.78 0.78 0.82 9.33 9.81 9.81 9.33 600028.sh 0.55 0.60 0.60 0.62 11.80 10.82 10.82 10.47 600938.sh 2.98 2.47 2.43 2.47 6.02 7.26 7.38 7.26 601808.sh 0.49 0.64 0.74 0.84 29.23 22.52 19.47 17.15 600803.sh 1.89 2.35 2.62 3.09 10.22 8.20 7.35 6.24 600256.sh 1.73 2.27 3.04 3.97 4.30 3.29 2.45 1.88 002648.sz 0.91 1.36 1.85 2.58 15.43 10.32 7.59 5.44 002493.sz 0.33 0.77 1.09 1.43 37.55 16.09 11.37 8.66 600346.sh 0.33 1.19 1.85 2.05 47.88 13.28 8.54 7.71 000301.sz 0.08 0.91 1.20 1.58 146.00 12.84 9.73 7.39 601233.sh 0.05 1.59 2.33 2.99 252.40 7.94 5.42 4.22 603225.sh-0.13 0.70 1.23 1.61-82.77 15.86 9.02 6.89 000703.sz-0.29 0.58 0.81 0.95-23.86 11.93 8.54 7.28 2023-2025 EPS 2023 6 2 Wind 31 32 SAC S0850511010010 021-23219404 Email SAC S0850519080001 021-23154505 Email SAC S0850517070005 021-23154143 Email 021-23219635 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%33
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