交银国际:降华润燃气目标价至20.8港元 维持“中性”评级

新浪港股
31 Mar
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  交银国际发布研报称,华润燃气(01193)2024年核心盈利持平于约41.5亿港元,明显低于该行及市场的预期30%和25%。期内毛利已较该行预期低12%,因接驳工程及零售气板块经营及盈利均不及预期,另外,末期股息同比下降30%。该行指,公司目前的综合服务及泛能业务收入仍未增长至足以缓冲新接驳工程收入收缩的趋势。该行下调今明两年的盈利预测分别32.5%及33.2%,以反映公司低于预期的接驳工程利润率及零售气量同比增长。考虑未来盈利结构需时再平衡,该行对其目标价下调至20.8港元,维持“中性”评级。

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