智通财经APP获悉，建银国际发布研报称，维持华润燃气(01193)“跑赢大市”评级，目标价由34.3港元下调至33港元。基于对燃气需求及新接驳量更保守的预测，该行将华润燃气2024至2026年核心盈利预测下调3%至5%，预测由于内地制造业活动疲软，料华润燃气2025年增长或放缓，当中今年现有工业客户燃气销量增长基本持平，但新接驳工商客户可能继续保持增长。
不过即使今年需求趋弱，建银国际仍认为较低的燃气成本，将带动销气价差轻微扩大，惟幅度低于去年，目前预期销气价差扩大及天津合营企业实现扭亏为盈，将推动润燃2025年实现中单位数盈利增幅。该行预测润燃去年核心盈利将同比增长33%至56亿港元，每股派息预期亦会增长，假设年均经营性现金流为约80亿港元，同时未来几年资本支出达70亿至80亿港元，相信拥有较低负债率的润燃中期股息仍有上升空间。
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