新奥能源(2688.HK):经营韧性足 高股息带来价值重估

华泰证券
27 Apr

新奥能源公布季度运营数据:1Q25 实现泛能销量yoy+9.9%,零售气量yoy+0.3%,居民接驳yoy-16.3%,智家存量渗透率3.7%。天然气/泛能/智家有望并驾齐驱。私有化交易方案正常推进,当前股价隐含新奥股份H 股潜在折价41%。2025 年预期股息率5.4%。维持“买入”评级。零售气量体现业务经营稳健,预计2025 年毛利同比增长6%公司1Q25 实现零售气量72.58 亿方(yoy...

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