PDF《中国石油（ 中国石油（HK.0857）》

2013 3 of

3 财务预测 财务预测 财务预测 财务预测 截止 截止 截止 截止

12 月月月月31 日止年度 日止年度 日止年度 日止年度 专案 专案 专案 专案( ( ( (单位 单位 单位 单位: : : :百万港元 百万港元 百万港元 百万港元) ) ) )

2010 2010

2010 2010

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2011 2011 2012F 2012F 2012F 2012F 2013F 2013F 2013F 2013F 主营业务收入 主营业务收入 主营业务收入 主营业务收入 1,682,222 2,413,837 2,692,104 3,012,975 交易盈亏 交易盈亏 交易盈亏 交易盈亏 218,609 223,207 230,381 264,738 税前利润 税前利润 税前利润 税前利润 217,313 221,906 228,039 259,381 异常项目前收入 异常项目前收入 异常项目前收入 异常项目前收入 173,102 175,823 176,738 187,945 净利润 净利润 净利润 净利润 160,704 160,165 161,944 170,271 异常专案前基本每股收益 异常专案前基本每股收益 异常专案前基本每股收益 异常专案前基本每股收益 0.8922 0.8910 0.8926 0.9103 基本每股收益 基本每股收益 基本每股收益 基本每股收益 0.8724 0.8794 0.8801 0.8927 异常项目前摊薄每股收益 异常项目前摊薄每股收益 异常项目前摊薄每股收益 异常项目前摊薄每股收益 0.8865 0.8953 0.8904 0.8958 摊薄每股收益 摊薄每股收益 摊薄每股收益 摊薄每股收益 0.8724 0.8794 0.8801 0.8927 每股股利 每股股利 每股股利 每股股利 0.3951 0.3938 0.3969 0.4032 总计流动资产 总计流动资产 总计流动资产 总计流动资产 337,810 471,826 529,128 582,371 总计长期资产 总计长期资产 总计长期资产 总计长期资产 1,616,079 1,892,274 1,928,124 2,305,217 总资产 总资产 总资产 总资产 1,953,889 2,364,100 2,457,252 2,887,588 总计流动负债 总计流动负债 总计流动负债 总计流动负债 506,890 690,444 756,231 910,238 总计长期负债 总计长期负债 总计长期负债 总计长期负债 255,514 339,037 363,812 501,283 总负债 总负债 总负债 总负债 762,404 1,029,481 1,120,043 1,411,521 总股东权益 总股东权益 总股东权益 总股东权益 1,191,485 1,334,619 1,337,209 1,476,067 每股帐面价值 每股帐面价值 每股帐面价值 每股帐面价值 6.0512 6.7546 6.8372 7.3217 市盈率 市盈率 市盈率 市盈率 13.13 10.97 13.25 14.00 市净率 市净率 市净率 市净率 1.59 1.63 1.71 1.71 Source: Bloomberg, Phillip Securities 中国石油 中国石油 中国石油 中国石油( ( ( (HK.0857) ) ) ) Phillip Securities (Hong Kong) Ltd Research

22 February

2013 4 of

4 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock'

s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation. GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient'