《大行報告》中金下調中燃(00384.HK)目標價至17元 評級「跑贏行業」
中金發表報告,下調中國燃氣(00384.HK)目標價23%至17元,以反映盈利預測下調,但仍維持「跑贏行業」評級。
中金解釋指,中燃2022財年核心純利按年跌22%至80.5億元,符合預期,公司指引2023財年業務穩定,零售燃氣銷售按年料升10%至13%,零售單位毛利每立方米50分人民幣,並料自由現金流將轉正。公司料中燃2023財年純利恢復正增長。另公司未來兩年擬分拆智能生活服務業務,中金料或推動中燃獲潛在估值重評。
不過,考慮到中燃2023財年天然氣採購成本上升,中金將2023財年淨利潤預測下調35%至90.8億元,並料2024財年盈利預測為102億元。目前該股現估值相當於預測2023和2024財年市盈率分別7倍和6.2倍。
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