花旗发表研究报告指出，中国燃气(00384.HK) 因2025财年净利润(按年增长2.1%至32.52亿元)低于市场预期15%；加上2026财年展望可能不乐观，新接驳用户按年下降14%至29%，零售燃气销售量按年仅增长超过2%； 2025财年自由现金流按年增长8.7%至46.6亿元，但经营现金流入按年大幅下降43.2%至64亿元。花旗重申对中国燃气“沽售”评级，目标价由5.6元上调至6元。
花旗认为，中国燃气2026至2027财年因新接驳用户及零售燃气销售减少，对其净利润预测下调19%至20%，较市场预期低24%至25%。另外，该行对公司2026财年的预测市盈率为12.4倍，市账率预测0.7倍，股息率6.8%，公司2026财年经常性利润按年下降，缺乏吸引力。(hc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-02 12:25。)
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