《大行報告》美銀證券下調潤燃(01193.HK)目標價至33元 評級「買入」
美銀證券發表研究報告指,疫情後社會重新開放,今年為止住宅天然氣量內生增長放緩,令分銷商要以昂貴的市場價格採購較小比例的住宅天然氣,相信地方政府轉嫁成本的措施,可為華潤燃氣(01193.HK)的天然氣銷售單位利潤帶來支持。
該行預計中國石油天然氣集團(CNPC)今年非採暖季住宅定價部分合同成本將按年上調約10%,商業及工業則預期上調7%。截至今年3月,公司已獲得地方政府對30至%40%項目的住宅成本轉嫁預先批准,美銀相信,成本轉嫁措施可為盈利空間帶來支撐,預期商業及工業用氣成本上漲對燃氣銷售單位利潤影響有限。
該行將潤燃今年每單位毛利預測從0.49元人民幣下調至0.47元人民幣,對比公司指引為每立方米0.5元人民幣,以計及提價生效時間或較成本上漲滯後,重申「買入」評級,但因較低的接駁量及利潤率,以及較高的借貸成本,將今明兩年每股盈利預測下調18%及12%,目標價亦下調至33元。
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