金吾财讯 | 华润燃气(01193)股价受压，截至发稿，跌15.25%，报23.9港元，成交额4.61亿港元。消息面上，华润燃气发布截至2024年12月31日止年度的末期业绩，收入1026.76亿港元，同比增加1.39%；股东应占溢利40.88亿港元，同比减少21.74%；每股基本盈利1.8港元；拟派发末期股息每股70港仙。
申万宏源提到，公司核心利润41.48亿港元，同比增长0.02%，低于该行的预期，主要系公司下半年暖冬影响销气增速下滑及接驳业务下降幅度较高所致。结合2025 年销量及毛差指引，该行下调公司新增接驳数量及毛利率，同时略微下调公司销气增速及毛差。考虑到公司较为稳定的销气业务利润占比持续提升，双综业务有效弥补接驳业务利润下降影响，该行认为利润质量改善后，公司估值有望修复至历史正常水平。维持“买入”评级。
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