中金:维持中国燃气(00384)跑赢行业评级 目标价10港元

智通财经
Dec 01

智通财经APP获悉,中金发布研报称,考虑到中国燃气(00384)现金流情况向好,股息分配有望维持稳定,1HFY26公司拟派发中期股息0.15港元/股,同比持平。维持跑赢行业评级和10港元目标价,对应FY26/FY27 18.4x/17.3x P/E(5%股息收益率),较当前股价有16.3%的上行空间。当前股价对应 FY26/FY27 15.8x/14.9x P/E。

公司公布1HFY26业绩

1HFY26公司收入345亿港元,归母净利润13.3亿港元,天然气零售量91.9亿方,其中工业气量48.9亿方,商业气量15.5亿方,零售气毛差0.58元/方;新增居民接驳67.6万户;增值业务经营性利润10亿港元,同比基本持平。自由现金流方面,1HFY25公司自由现金流26亿港元,YoY+3.8亿港元,主因公司完成部分低效资产处置,1HFY26公司投资性现金流出同比减少9.4亿港元至-5.2亿港元。

2HFY26气量增速或迎边际改善

向前看,考虑到2025/2026采暖季气温或有望恢复常态,管理层指引2HFY26气量增速出现修复,全年气量同比增速有望修复至+0-2%。毛差方面,基于居民顺价比例提升,公司维持全年毛差0.55元/方(YoY+0.01元/方)指引不变。

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