金吾财讯 | 中国燃气(00384)股价走低，截至发稿，报5.38港元，跌4.78%，成交额5992.18万港元。花旗研报指，鉴于中国燃气2026财年业绩不如预期，重申对其的谨慎看法。公司净利润同比减16.3%至27.19亿港元，主因是零售天然气销量同比减0.2%及住宅用户连接数同比减18.6%。净利润低于彭博社的普遍预期9%。负面的意外主要来自2026财年每股股息下降30%至0.35港元，派息比率同比下降13.3个百分点至70%。
该行指，由于中国零售天然气销售增长缓慢，且中国零售天然气价格与其他能源（如煤炭、风能和太阳能）相比缺乏竞争力，该公司2027财年预期收益率6.2%看起来不够吸引人，盈利可能下行。该行下调中国燃气2027-2029财年的净利润预测15-17%，目标价下调32%至4.5港元，主要是新增住宅用户连接数减少及单位利润下行。维持“沽售”评级。
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