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交银:分销商料天然气销售按年增逾15% 偏好昆仑能源(0135.HK)
格隆汇 09-11 14:11

交银国际发表研究报告指,由于对天然气销售及美元利润率预测保持谨慎,因此覆盖的天然气公司上半年业绩稍微超出预期。

交银国际表示,尽管上半年业绩符合预期,新奥能源(2688.HK)的综合能源板块为毛利率带来动力,昆仑能源(0135.HK)一直预期上半年净利润增长平稳,主要由于去年同期的基数较低。而由于新的连接取得良好进展,天伦燃气(1600.HK)盈利增长6%。

该行表示,燃气分销商预料今年天然气零售销售将仍会按年增长超过15%,又预期天伦燃气应该会从去年取得的新项目贡献中,获得更大的收益。而在中石油于淡季提高非住宅城市地区的价格后,该行留意到,由于关税上调及城市价格上涨影响滞后,天然气经销商的美元利润率每立方米下跌2至3元人民币,但相信下半年将有明显改善。

该行指,除了昆仑能源在业绩公布后股价反弹4%后,其他天然气分销商表现仍然低迷,相信公司特定问题拖累了股价。该行仍然偏好昆仑能源估值不高,并喜欢新奥能源有更好的盈利能见度,市场对公司最近的内部重组反应过度,相信对集团营运无影响,并提供了良好的切入点。

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