金吾财讯 | 华泰证券研报指，港华智慧能源(01083)2025年实现全年营收209.12亿港币、同比减少2%，核心利润15.73亿港币、同比减少2%，归母净利15.85亿港币、同比减少1%，低于华泰预测（16.83亿港币），主要是由于工商业需求承压、下调销气量增速以及接驳+再生能源利润率低于预期。公司全年派息同比持平于19港仙/股（含中期5港仙、末期14港仙），当前股息率约5.0%。该机构指，工商业需求承压、下调销气量增速；接驳规模收缩导致利润率下滑；该机构将2026年归母（核心）净利润预测下调5%至16.1亿港币，预计2027-28年为17.6/19.6亿港币。根据分部估值法该机构给予港华城市燃气业务8x2026EPE（等于港华5年历史PE均值）及再生能源业务22x2025EPE（低于可比公司均值26x），给予公司目标市值188亿港币，目标价5.12港币（前值4.72港币，基于城市燃气/再生能源7x/18x2025EPE）。维持“买入”评级。
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