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大行評級|大華繼顯:上調潤燃目標價至27.7港元 維持“買入”評級
格隆匯 04-07 12:26

大華繼顯發表報吿指,潤燃去年獲利表現低於預期,雖然銷售天然氣單位毛利復甦至每立方米0.51元,惟同時綜合利潤率亦錄得下跌,主要受高利潤的天然氣接駁業務貢獻下降,以及綜合服務毛利率下跌所拖累。該行指,今年潤燃新增接駁用户量按年減少18.7%。至於工業活動放緩及充滿挑戰的宏觀環境,亦導致公司新增工業及商業用户有所放緩。該行預計,今年潤燃的新增接駁用户量不會出現復甦,反而會進一步放緩。另一方面,大華繼顯認為潤燃綜合能源業務的增長潛力大,銷售增長保持強勢。該行亦指公司察覺到綜合能源的強大市場潛力,並指公司今年中期及長期的能源供應量目標,均會高於去年全年供應。

大華繼顯亦指,潤燃去年零售天然氣銷售增長令人滿意,公司利潤率恢復符合預期,並認為零售天然氣單位毛利仍有上升空間,至於綜合服務業務的持續擴張亦將支撐整體利潤率。大華繼顯將潤燃目標價由26.9港元上調至27.7港元,維持“買入”評級。

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