《大行報告》大和降潤燃(01193.HK)評級至「持有」 目標價下調至40.5元
大和發表報告指,華潤燃氣(01193.HK)參與了該行舉行的投資者會議,提供了業務更新及今年第四季的展望。該行表示,潤燃今年首九個月表現穩健,天然氣總銷量按年增長26%,工業天然氣銷量更按年上升41%。集團預期,今年冬季氣溫較冷,天然氣需求料會穩固,並相信集團今年可達至的銷氣量增長,會較行業均值高出3%至4%。
大和認爲,雖然銷氣量有穩健增長,但集團指引今年下半年最佳情況的單位毛利爲每立方米0.55至0.56元人民幣,低於上半年的0.58元人民幣。且由於正在與中海油(00883.HK)和中石化(00386.HK)進行談判,因此很大程度上未考慮液化天然氣(LNG)成本上升的影響。
該行將華潤燃氣股份評級由「跑贏大市」降至「持有」,目標價由54.5元下調至40.5元,並調低集團今年至2023年每股盈利預測2%至5%,以反映2021至2023年單位毛利率及接駁量下降預期。
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