金吾财讯 | 华泰证券研报指，中国燃气(00384)公布2025/26财年中期业绩：1H-FY26收入344.81亿港元，同比-1.8%；归母净利13.34亿港元，同比-24.2%；自由现金流26.0亿港元，同比+17.2%。归母净利同比下滑，主要受工业用气需求承压、新增接驳用户减少以及补贴收入减少等因素影响。公司拟派发中期股息15港仙/股、同比持平。建议关注需求复苏节奏与新业务落地进展。该机构预计FY26-28 DPS保持稳定，强劲的自由现金流有望支撑稳定的派息水平。该机构维持公司FY26-28归母净利预测34.91/37.36/39.49亿港币、同比+7%/+7%/+6%，EPS为0.64/0.69/0.72港币。给予公司目标价9.60港币（前值8.32港币），基于15x FY26预测PE（前值13x FY26预测PE），高于公司PE-FTM的历史均值加一个标准差，主要考虑到公司自由现金流保持快速增长，有望支撑稳定派息和改善资产负债表。 维持买入评级。
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