国泰君安首次覆盖中燃(00384.HK) ，评级“增持”。该行预计公司2025至2027财年每股盈利分别为0.63、0.69及0.79元。结合相对估值与绝对估值，考虑到公司股息价值凸显，给予公司目标价8.28元。
报告指，市场认为中燃盈利持续承压，每股派息存在下行压力。但该行认为，公司盈利结构持续优化，经营现金流稳定性有望提升；毛差改善、化债推进助力经营现金流增长；叠加资本开支放缓，自由现金流有望改善，每股派息有望维持0.5元，测算当前股价对应2025财年股息率7.5%，彰显高股息吸引力。
(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-24 16:25。)
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