金吾财讯 | 东吴证券发研指，中国燃气(00384)2025FY上半年公司实现营业收入357.34亿港元，同比减少2.70%；归母净利润17.61亿港元，同比减少3.81%；每股派息0.15港元，与2024FY上半年保持一致，全年有望保持0.5港元/股的分红金额，对应股息率8.0%（2024/12/2）。该行指，非经常因素如政府补贴、退税等因素影响下，公司归母净利润承压下滑。2025FY上半年，公司应占合营公司业绩同比减少5.41亿港元至-3.10亿港元，主要原因为去年同期收到采暖气补贴款，而截至2024/9/30本年度采暖气补贴款尚未到账；预计2025FY下半年补贴款到账，该因素对归母净利润的影响将消除。2025FY上半年，公司企业所得税同比增加2.35亿港元至6.47亿港元，原因为：1）纳税基数变大，2025FY上半年，公司除税前溢利增加3.92亿港元至29.11亿港元；2）公司在2024FY上半年存在所得税返还。该行表示，公司城燃项目提价顺畅，价差提升；考虑到气量增速不及预期，该行下调FY2025-FY2027公司归母净利润至39.55/44.37/48.66亿港元（原值40.17/44.64/49.14亿港元），同比24%/12%/10%，PE8.6/7.6/7.0倍（2024/12/2）。维持“买入”评级。
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