bestplaytoearncryptogames2021|中石化：2024财年净利润预测下调 目标价降至5港元 获“增持”评级

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Morgan Stanley lowers Sinopec's net profit forecast for the next three years May 3bestplaytoearncryptogames2021, Morgan Stanley released a research report, lowering Sinopec's net profit forecast for the fiscal years 2024 to 2026 by 4%, 7%, and 6% respectively. The adjustment reflects the bank's reduction in EBIT for Sinopec's exploration and production operations and a reduction in EBIT for the refining sector. Still, Morgan Stanley expects Sinopec's downstream business to remain weak, but the market has already absorbed this factor. At the same time, the bank believes Sinopec will increase production capacity more strictly in the medium term, while pointing out that its earnings and dividend ratios are less volatile than peers, and has a good record of maximizing shareholder returns.

Based on the above analysis, Morgan Stanley set Sinopec's target price from 5bestplaytoearncryptogames2021.21 Hong Kong dollars was downgraded to HK$5 and given it an "overweight" rating. The rating reflects Morgan Stanley's confidence in Sinopec's future performance despite certain challenges.