大行評級|交銀國際:下調華潤燃氣目標價至20.8港元 下調今明兩年盈利預測
交銀國際發表研究報告指,華潤燃氣2024年核心盈利持平於約41.5億港元,明顯低於該行及市場的預期30%和25%。期內毛利已較該行預期低12%,因接駁工程及零售氣板塊經營及盈利均不及預期,另外,末期股息按年下降30%。該行指,公司目前的綜合服務及泛能業務收入仍未增長至足以緩衝新接駁工程收入收縮的趨勢。該行下調今明兩年的盈利預測分別32.5%及33.2%,以反映公司低於預期的接駁工程利潤率及零售氣量按年增長。考慮未來盈利結構需時再平衡,該行對其目標價下調至20.8港元,維持“中性”評級。
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