交银国际研报表示，新奥能源(02688.HK) 上半年核心盈利按年微降1%至32亿元人民币(下同)，合乎市场预期。目前该行预期四季度冬天温度回归正常，供暖需求有望回升。
该行预测新奥能源2025全年零售气量按年上升2.2%(下半年年增2.5%)，零售气分部毛利率在10%。新增居民接驳量按年降8%至149万户，下跌势头进一步放缓。泛能业务方面，交银国际预期在4季度售能随供暖需求正常化小幅回升，全年售能按年增4%。
考虑零售气量及泛能业务需求减弱，交银国际下调公司今明两年盈利0.1%、1.8%，2024之2027年盈利年复合增长率约为4%。因营运表现偏弱，交银国际下调估值至10倍预测市盈率(前为11倍)，基准年移至2026年，调整目标价从至74.6港元升至73.66港元，维持“买入”评级。(hc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-09-01 12:25。)
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