金吾财讯 | 中泰国际研报指，中国水务(00855)FY25(年结：3月31日)股东净利润同比下跌29.9%至10.7亿元(港币，下同)，低于该机构预测14.8亿元27.1%;另外，其它收益同比上升98.3%至3.6亿元，但是主要归因于非经常事项。虽然如此，FY25供水主业表现理想。供水售水量同比增长7.4%至15.0亿吨，相关供水运营收入同比上升6.5%至35.3亿元，符合该机构预期。FY25期间，两个供水项目获得政府批准上调水价，每日供水能力合共为17.5万吨，但仅占FY25底公司总供水能力730万吨的2.4%。可是2025年4月至今，已经有四个供水项目获批上调水价，每日供水能力合共为67万吨，贡献作用将相对较大。另外两个供水项目正在听证会阶段。公司目标FY26全年合共八至十个供水项目获批上调水价。由于公司加强优化发展步伐，FY25资本开支同比下跌36.2%至约34.0亿元。公司目标FY26资本开支同比大幅降低41.2%至约20.0亿元。这将提供空间维持高分红政策。公司维持FY25每股股息为0.28元，与FY24持平，该机构预期FY26可延续。主要基于假设接驳及建设收入将少于原先估算，该机构分别降低FY26-27预测11.1%及10.3%，并相应将目标价由7.22港元下调至6.80港元，对应13.0%上升空间及9.0倍FY26市盈率。经过近月股价持续涨势，上行空间渐收窄，该机构将评级由“买入”调整至“增持”。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.