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中金:料今年內地燃氣市場放緩 整合併購的機會將會出現
格隆匯 02-17 13:53

中金公司發佈報告稱,預計今年內地燃氣市場放緩,整合併購的機會將會出現。該行推薦華潤燃氣(1193.HK)、新奧能源(2688.HK)、北京控股(0392.HK)、以及預計LNG((液化天然氣)碼頭盈利超過預期的深圳燃氣。

該行表示,全國天然氣需求增長進一步放緩,預計今年全年天然氣消費增長5%-6%,較去年全年的8.4%為低。管道公司成立後,上游氣價短期可能高企,加劇運營效率較低的地方中小型燃氣公司虧損,或被逐出市場。而且,行業門檻提高後,也會促進行業整合。

該行認為,預計2020全年銷氣綜合毛差同比續跌至每立方米0.02元人民幣,加氣站業務面臨結構性需求萎縮,還預計新成本利潤指標將令今年每户居民接駁費下跌200-300元人民幣,但負面影響有限。在工程方面,公司則會於下半年趕工,預計今年全年銷氣量影響大於接駁工程項目。

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