里昂升新奥能源(2688.HK)评级至“跑赢大市”目标价上调至87港元
里昂发表的研究报告指,新奥能源(2688.HK)
上半年盈利按年增长89%,而经调整溢利亦按年增长17%,表现令人惊喜。期内零售天然气销售量按年增长15%符合预期,主要是受并购活动带动,相关分部毛利亦按年增长13%,毛利率大致维持稳定。公司上半年获得14个新的城市天然气项目,而去年全年亦仅获15项目。
该行认为公司新客户连接数亦增长19%,表现好过预期,带动整体客户连接数提升14%至1990万户。另外公司在综合能源业务方面亦有正面惊喜,相关毛利率倍增至20.2%,带动分部毛利增长636%。
该行将公司2019-21年经调整溢利预测提升4-7%以反映相关影响,目标价由77港元升至87港
元,评级由“
跑输大市
”升至“
跑赢大市
”。
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