里昂:降华润燃气(01193)目标价至21港元 下调每股盈测

智通财经网
Aug 29, 2025

智通财经APP获悉,里昂发布研报称,虽然华润燃气(01193)业绩负面或引发短期股价波动,但股份今年以来的表现相对弱势,已大致反映行业挑战;将其2025至27财年每股盈利预测分别下调15%、7%及3%,目标价相由28.5港元下调至21港元。考虑到复苏潜力依然存在,维持“跑赢大市”评级。

华润燃气上半年业绩表现疲弱,主要受占EBIT 74%的核心燃气业务周期性逆风影响,以及综合服务业务(CSB)显著逊预期所拖累。虽然中期股息同比有所提升,但管理层未有承诺提高全年股息。

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