金吾财讯 | 华泰证券研报指，新奥能源(02688)私有化交易持续推进中，已完成反垄断咨询、发改委备案等关键前置条件，虽将寄发计划文件最后期限延长至2026年1月30日，但交易推进节奏未受实质影响。公司经营表现稳健，前三季度天然气零售气量增速跑赢行业，泛能项目规模持续扩张，智家业务渗透率与客单价同步提升，基本面呈现边际改善态势。叠加产业链整合价值凸显、红利配置资金持续增加等利好因素，该机构维持原有盈利预测，维持2025-27年核心利润预测70.0/74.6/79.2亿元（三年预测期CAGR为4%），EPS 6.19/6.59/7.00元。公司私有化交易稳步推进，产业链整合价值凸显；天然气零售、泛能、智家三大核心业务形成协同，支撑公司稳定派息，红利配置资金持续增加有望推动估值修复。上调目标价至79.8港币（前值68.0港币，基于10x 2025E PE），基于11x 2026E PE和港币兑人民币中间价0.9088，目标PE高于3年动态PE均值，充分体现公司长期发展价值与私有化溢价。 维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.