金吾财讯 | 交银国际研报指，华润燃气(01193)2024年核心盈利持平在至41.5亿港元，明显低于该行/市场预期30%/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，目前公司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2025/26年盈利预测32.5%/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増长。参考该行对新奥/昆仑的11倍/10.5倍2025年市盈率的估值，以及公司5年预测市盈率历史平均15倍，目标价下调至20.8港元，对应11倍2025年市盈率。维持中性评级。
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