金吾财讯 | 华泰证券发研报指，考虑到新增客户与用气需求变化，将新奥能源(02688)24-26年核心利润小幅下调2.5%/3.1%/2.1%至66.8/74.3/82.3亿元。零售气量温和增长，预计24-26年增速为+4.8%/+5.7%/+5.0%；顺价与降本助力价差有望持续提升，预计24-26年价差为0.54/0.55/0.56元/方。泛能销量保持高增长，智家业务市场空间充足。公司2024年目标派息比例为44%（yoy+4pp），对应股息率5.2%。该行预计公司24-26年自由现金流与派息比例有望向上。考虑到新增客户与用气需求变化，该行将24-26年核心利润下调2.5%/3.1%/2.1%至66.8/74.3/82.3亿元。该行将目标价调至71.1港币，基于10x 2025E PE和港币兑人民币中间价0.92（前值：72港币，基于11x 2024E PE），目标PE等于3年动态PE均值。维持“买入”。
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