中银国际研究报告指，中国燃气(00384.HK) 今年3月底止2025财年净利润仅微增2%，达32.52亿元，较该行预测低出21%；此外，该公司几乎所有业务板块盈利均低于预期。展望未来，中银国际预计，中国燃气2026财年盈利按年增长13%，主要受单位利润改善及天然气销量略增推动。中银国际将2026至2027财年盈利预测下调14%至15%，并将评级由“买入”下调至“持有”，因上行空间有限。
报告指，中国燃气自由现金流由2024财年的42.9亿港元改善至2025财年的46.6亿港元，但主要受联营及合营公司贷款减少28亿港元推动，认为该趋势可能难以持续。
报告又提及，尽管中国燃气盈利预测下调，但将目标价略微上调，由7.58元升至7.77元，主要因调低加权平均资本成本(WACC)预测由6.8%降至6.5%，反映无风险利率下降、更低的beta及债务成本。新目标价相当于预测2026财年市盈率11.4倍。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-30 12:25。)
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