交银国际发表报告指，昆仑能源(00135.HK) 去年核心盈利按年增长3.5%至63.6亿元人民币(下同)，略低于该行预期2%，主要原因为LNG/上游板块盈利低于预期。公司对2025年零售气量增长预期为8%，该行认为公司在去年增加8个城燃项目，以及新增18%/21%工/商用户后有增量的基础。估计2025年售气毛差保持每方米0.47元。
交银国际下调公司2025及2026年盈利预测分别3.7%及5%，以反映对经营开支预测的变动。预期公司2025及2026年盈利按年各增长8.5%及7.3%。基于10.5倍2025年市盈率，目标价略下调至9.02元。目前公司相当于9.1及8.5倍的2025及2026年预测市盈率仍有重估的空间，维持“买入”评级。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-27 12:25。)
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