大和发表研究报告，指中国燃气(00384.HK) 具吸引力，其今年3月底止2025财年业绩胜预期，明年3月底止财年业绩指引合理，并料中燃每股派息50港仙具可持续性，其6.4%的股息收益率相较于同行介乎4.1%至5.5%具吸引力，有助支撑股价，遂将中燃评级从“持有”上调至“跑赢大市”，目标价从7.3元上调至8.3元。
大和表示，中国燃气24/25财年燃气销售业务基本符合指引(由于暖冬，燃气销售量略低于指引，但单位利润率超预期)，新增接驳数量达到指引上限140万户，增值业务也达到10%的盈利按年增长，认为其25/26财年指引在同行中最为合理，燃气销售量料按年增2%。
报告提及，内地城市燃气公司在今年首五个月可能仅录得0%至2%的燃气销售量增长。因此，大和认为这些公司可能在8月财报会议中下调燃气销售量指引，对行业构成负面催化剂。
大和又认为，每股派息增长或股息收益率是股价表现的关键。在2025财年，中燃维持每股50港仙的股息(24/25财年派息比率83%)，部分解释了业绩公布后股价上涨约7%的原因。大和建议投资者在8月财报季前继续持有高收益率股票。在2026财年预测中，大和预计中国燃气将维持稳定每股50港仙股息。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-14 12:25。)
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