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《大行》花旗:中國燃氣(00384.HK)2026財年展望或不樂觀 重申「沽售」評級
阿思達克 07-02 14:27
花旗發表研究報告指出,中國燃氣(00384.HK)因2025財年淨利潤(按年增長2.1%至32.52億元)低於市場預期15%;加上2026財年展望可能不樂觀,新接駁用戶按年下降14%至29%,零售燃氣銷售量按年僅增長超過2%; 2025財年自由現金流按年增長8.7%至46.6億元,但經營現金流入按年大幅下降43.2%至64億元。花旗重申對中國燃氣「沽售」評級,目標價由5.6元上調至6元。 花旗認為,中國燃氣2026至2027財年因新接駁用戶及零售燃氣銷售減少,對其淨利潤預測下調19%至20%,較市場預期低24%至25%。另外,該行對公司2026財年的預測市盈率為12.4倍,市賬率預測0.7倍,股息率6.8%,公司2026財年經常性利潤按年下降,缺乏吸引力。
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