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大和下调中燃气(0384.HK)评级引进俄罗斯燃气供应利好已反映
格隆汇 07-18 14:59

大和总研发表研究报告指,中国燃气(0384.HK)长远能受惠于引进俄罗斯燃气供应,惟供应会逐步增加,并需2024年或2025年才能达到最高利用率。该行相信当中的增长潜力已在股价上反映,续在股价上升27%后,把其投资评级由“持有下调至“逊于大市”,但上调目标价17.47%至26.9港元。

大和表示,当俄罗斯燃气供应增加,相信东北地区的利润率将下跌至每立方米约0.3元人民币,与其他地区相约,而中国燃气可从俄罗斯燃气供应的获得每股4港元的增量收益,并在2023财年实现一次性40亿港元接驳费利润增长。

另外,该行认为乡村“煤改气”已不受欢迎,并相信内地政府锐意把发展重点由燃气采暖转向更实惠的取代品,如清洁燃煤,将会导致低使用率和乡村项目的销售增加,减低回报。

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