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《大行報告》中金重新覆蓋昆侖能源(00135.HK)予「跑贏行業」評級 目標價8.5元
中金發表報告,重新覆蓋昆侖能源(00135.HK)予「跑贏行業」評級,以預測今年市盈率10倍為估值基礎,目標價8.5元。 報告稱,昆侖能源是中石油集團旗下天然氣業務核心發展平台。自2016年完成對昆侖燃氣整合以來,公司天然氣銷售規模快速增長,2021年公司城市燃氣銷售量達257億立方米,已成為內地規模領先的城市燃氣分銷商之一。 該行測算2025年中國天然氣消費量有望達到4,230億至4,615億立方米,行業需求仍有望保持穩健增長。此外,以昆侖能源為代表的五大全國性燃氣企業2020年零售氣量,僅佔全國天然氣消費量的31%,行業集中度仍存較大提升空間。 再者,公司天然氣業務主要包括天然氣零售及LNG加工與儲運。天然氣零售業務方面,中金看好公司通過提升存量項目氣化率、外延併購優質城燃項目及推動氣電光伏融合發展的方式,實現天然氣零售業務業績的穩步增長。LNG加工與儲運業務方面,中金看好公司通過兩座LNG接收站承接中石油集團持有LNG長協的加工處理工作,獲取穩定的LNG處理收益。
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