金吾财讯 | 交银国际研报指，昆仑能源(00135)2024年核心盈利同比增长3.5%至63.6亿元，略低于该行预期2%，主要原因为LNG/上游板块盈利低于预期，当中LNG码头利用率比该行预期略低1.6个百分点，加上LNG加工厂费用高于预期。该行指，公司对2025年零售气量增长预期为8%，该行认为公司在去年增加8个城燃项目，以及新增18%/21%工/商用户后有增量的基础。估计2025年售气毛差保持每方0.47元。该行下调公司2025/26年盈利预测3.7%/5.0%，以反映对经营开支预测的变动。该行预期公司2025/26年盈利同比增长8.5%/7.3%。基于10.5倍2025年市盈率，该行的目标价略为下调至9.02港元。目前公司9.1/8.5倍2025/26年预测市盈率仍有重估的空间，维持买入评级。
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