> 数据图表如何了解对炼油企业持谨慎态度；炼油利润面临下行风险
2025-6-1对炼油企业持谨慎态度；炼油利润面临下行风险随着全球石油需求和新炼油能力的放缓增长，我们认为炼油利润的上升空间有限，因此将减少对炼油企业的投资。我们预测 2025 年炼油利润率为 5.5美元/桶（去年同期为 8 美元/桶，同比增长 12%）。数据来源：Bloomberg, HTI research. Chart shows an Asian theoretical gross refining margin based on a regional demand split and feedstock cost. We appreciate each refiner has a company specific margin数据来源：Energy Institute Statistical Review of World Energy 2024, HTI EstimatesFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com11 
