智通财经APP获悉，国泰海通发布研报称，维持中国水务(00855)“增持”评级，给予公司FY2026年9倍PE，目标价7.11港元。该行称，集团自由现金流拐点出现，FY2025资本开支约34亿港元，带动自由现金流首次转正。公司计划FY2025派息总额保持与FY2024一致，公司计划FY2026严控资本开支至20亿港元，资本开支拐点明确，该行预计自由现金流将进一步改善，伴随自由现金流持续改善，分红有较大提升潜力。
报告指，公司供水运营和管理直接水运营业务稳健，而资本开支收缩导致建设业务下滑，FY2025公司实现收入116.56亿港元，归属净利润10.75亿港元；其中一次性计提其它应收账款导致预期信贷亏损4.98亿港元，导致公司业绩同比显著下滑。
供水业务方面，城市供水收入74.98亿港元，城市供水分部溢利为24.93亿港元，同比增加0.1%，其中运营收入同比增长6.5%至35.26亿港元；建设服务同比下滑27.9%至28.33亿港元；安装维护服务通下滑19.7%至13.33亿港元；直饮水业务方面，运营服务同比增长7.2%至3.15亿港元；建设服务同比下滑82.8%至2.20亿港元，公司目前直饮水投产项目数超9800个，服务人数超1100万。
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