《大行報告》大和降潤燃(01193.HK)評級至「持有」 今年復甦已完全反映在股價內
大和發表研究報告指,華潤燃氣(01193.HK)發表中期業績後,股價上升及優於同業,相信今年業務復甦已完全反映在股價內。該行相信,集團2024至2025年的淨利潤增長將因為缺乏一次性收益和住宅連接達到高峰而受到限制,因此,將2025年每股盈測下調4%,評級由「跑贏大市」下調至「持有」,目標價維持25元。
該行提到,投資者預計華潤燃氣2025年核心利潤將按年增長約10%。在燃氣分銷商中,集團2023年上半年的利潤貢獻率為27%。雖然潤燃與其專注於一線城市的集團公司華潤置地(01109.HK)有密切聯繫,但預計集團的住宅連接量將在2025至2026年下降至200至250萬套。而於2023年上半年,集團撇除城市燃氣後,利潤貢獻為11%,而同業新奧(02688.HK)則為29%,因此,該行認為華潤燃氣的淨利潤增長較為不可持續。
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