《大行報告》摩通下調中燃(00384.HK)目標價至9元 評級「中性」
摩根大通發表報告指,中國燃氣(00384.HK)2023財年業績令人失望,純利按年下跌44%,但管理層似乎對2024財年前景維持樂觀態度,售氣毛利指引達到每立方米56分人民幣,高於同業約50分人民幣的水平,意味居民天然氣銷售毛利預期可由2023年的少於20分人民幣,提升至介乎40至45分人民幣。
摩通表示,對公司的部分經營指引持審慎態度,預期更多的成本轉嫁將開始反映下半財年的利潤率表現上。同時截至2023財年住宅滲透率已達約69%,考慮到中燃業務專注於低線城市,在樓市不景氣下長遠新增接駁的勢頭似乎不明朗,因此即使估值不高,相當於未來一年預測市盈率低於8倍,相較同業則約10倍,但仍維持予中燃「中性」投資評級。
摩通將中燃2024至2025財年盈利預測下調10%以上,目標價則由9.8元下調至9元。
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