《大行報告》瑞信下調中燃(00384.HK)目標價至13元 評級「跑贏大市」
中國燃氣(00384.HK)將於本周五(25日)公布中期業績,瑞信發表報告,預計中燃氣上半財年盈利按年下降約10%,主要是由於美元利潤率下降,新接駁點減少,以及人民幣走弱。但料盈利增長勢頭可能在下財半年恢復。
報告預計,中燃上半財年將實現6%的天然氣銷量增長,而銷氣單位毛利可能降至每立方米0.53元人民幣,與同行的趨勢一致。新接駁可能按年下降18%至140萬戶,而增值服務的收益可能會有高單位數增長。考慮到上半財年疫情的影響,該行認為中燃全年指引可能會有小幅削減,燃氣量按年增長從10至13%,降至9至10%,而新接駁數將按年下降10%,而之前指引為持平至下降10%,但仍與同行的指引一致。
該行將中燃氣2023至2025財年的每股盈利預測下調11至17%,目標價由14.5元降至13元,評級「跑贏大市」。由於其相對於同行的巨大估值折讓,認為風險回報有吸引力。
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