金吾财讯 | 交银国际研报指，昆仑能源(00135)2025上半年盈利同比下降4.4%，略低于预期。该机构认为燃气销售分部期内税前盈利同比下滑10.6%，是业绩低于预期的主要原因。虽然盈利同比下降，公司中期派息同比增长1.2%，派息比例45.5%，略超全年派息指引的45%。在新增项目贡献支持下，该机构预计公司2025全年零售气销量同比增长4.5%，售气毛差预期保持在上半年水平的每方0.44元。另外该机构预期LNG分部税前利润同比增8.9%。该机构下调公司2025/26年盈利预测8%/10%，主要反映对零售气销量增长预测的下降。预期2025年核心盈利水平大致持平在约64亿元，目标价下调至8.85港元。该机构认为公司2025/26年股息率将提升至4.9%/5.3%，仍属吸引水平，维持买入评级。
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