《大行报告》中金:中燃气(00384.HK)授股份期权维持未来盈利逾百亿条件 显管理层对增长具信心
中金发表报告表示,中国燃气(00384.HK)公布向董事和合格雇员授出股份期权一共2.68亿份,其中董事1.09亿份,合格雇员近1.6亿份,每股行权价均为4月23日收盘价23.8元,并且有效期均为即日起到2026年12月31日(包括首尾两日)。其中授予董事的期权主要授予刘明辉5,000万份,黄勇4,500万份等。最新授予的这批期权同2019年7月更新的盈利目标保持一致,为2022财年归母净利润达到140亿元;或2023财年归母净利润达到150亿元。
该行指,如果两个条件均没有满足,期权自动作废。如果以2022财年的目标来计算,隐含的2021财年至2022财年的年均复合盈利增速为23%;如果2023财年的目标来计算,隐含的2021财年至2023财年的年均复合盈利增速为18%。
中金预计中国燃气2020财年的盈利增速放缓,主要受到2020财年第四财季(即2020年首季)因为疫情缘故气量同比下跌和接驳略逊预期的影响。公司继SK减持落地之後推出新的期权方案并且行权目标保持不变,该行认为显示了管理层对於未来增长的信心。
该行表示,维持中国燃气盈利预测与目标价30元,对应2020财年市盈率14.5倍,维持「跑赢行业」评级。
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