研報掘金|中金:下調華潤燃氣目標價至27港元 下調今明兩年盈利預測
中金髮表研究報告指,華潤燃氣2024年業績遜預期,主要受到去年下半年燃氣銷售及接駁業務經營溢利率下降的拖累。管理層預計2025年將新增接駁量240萬至250萬戶,考慮到內地地產行業週期,中金預期2027至2028年華潤燃氣新增接駁用戶數或見底,接駁業務毛利率面臨結構性下行壓力,相應將今明兩年盈利預測下調24.6%及23.1%,目標價降至27港元,維持“跑贏行業”評級。
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