《大行報告》華泰證券降中燃(00384.HK)目標價至12.36元 看好未來三年利潤率回升
華泰證券發表研究報告指出,中燃(00384.HK)2023財年實現收入920億元,按年升4.3%,純利跌44%至42.9億元,較該行預測低22%。該行將中燃2024及2025財年盈利預測下調至55.9億及66.5億元,原預期為76.2億及93.4億元,引入2026財年預測80.3億元,每股盈利預測分別為1.03、1.22及1.48元,下調主因燃氣接駁規模與利潤貢獻持續下降。
不過,該行依然看好中燃2024至2026財年的利潤率持續回升,得益於銷氣毛差顯著改善;增值服務有望反彈並持續增長。目標價由14元降至12.36元,維持「買入」評級。
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