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大行評級丨美銀:下調崑崙能源目標價至8.7港元 重申“中性”評級
格隆匯 05-19 10:46
崑崙能源今年首季零售煤氣銷量有輕微增長,3月錄得按月上升,因2月受較暖天氣所拖累;工業客户仍是主要的增長動力。集團認為關税戰對其影響不大,因其在沿海地區的敞口較少,在內陸地區反而有更大市場份額,而集團亦受惠於行業向中國中西部的轉移。另外,LNG接收站處理量輕微增長,但國內LNG進口則按年下降22%。該行預期崑崙能源現有項目可貢獻80%零售增長,而集團亦積極收購新項目。管理層透露,2025財年將有10個新項目,預期可於未來3至4年帶來10億立方米的銷量增長。另外,該行指崑崙能源目前沒有任何減價消息,但集團重申,即使降價,亦不會追溯退款,而集團可能受惠於人民幣升值而於今年上半年錄得外匯收益。該行將全年税後淨利潤預測維持於65億元;基於純利增長緩慢,將其目標價由8.9港元下調至8.7港元,並重申“中性”評級。
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