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《大行報告》美銀證券上調新奧能源(02688.HK)目標價至89元 評級「跑輸大市」
美銀證券上調新奧能源(02688.HK)目標價,由80元上調至89元,但評級維持「跑輸大市」,關注公司的液化天然氣交易利潤能否在明年維持。 報告引述消息指,內地三大油企下調多個省份天然氣價。該行渠道調查指,中石油(00857.HK)減價只限合約外氣量,該部分與液化天然氣現貨格下跌掛鉤,但合約氣量則不予調整價格。中石化(00386.HK)則調整部分合約氣量的價格,中海油(00886.HK)削減遞增氣量價格以鼓勵消費。 該行相信,減價將有利分銷商售氣量。按渠道調查,新奧能源4月售氣量按年增長7%至8%,快於首季的按年增長3.1%,預計全年度銷氣量達到增長10%指引,受惠合約外氣量成本減少及去年6月份與第四季低基數。該行亦預計售氣毛利率按年改善1分人民幣至每立方米50分人民幣。 該行考慮到融資成本及銷售與行政成本下降,上調2023及2024財年每股盈利預測7%及8%,亦預計現財年液化天然氣交易毛利潤15億元人民幣。
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