【券商聚焦】广发证券予香港中华煤气(00003)买入评级 指绿色燃料贡献增量利润

金吾财讯
Sep 29

金吾财讯 | 广发证券发布研报指,香港中华煤气(00003)中期业绩超预期,绿色燃料贡献增量利润。2026年上半年营业收入295.26亿港元(同比+7%),归母净利润36.40亿港元(同比+23%),中期股息12港仙(同比持平)。业绩超预期主要因增长型业务利润大增,EcoCeres扭亏为盈,贡献税后利润6.34亿港元;燃气业务税后利润37.32亿港元(同比基本持平)。该行基于DDM模型测算合理价值7.60港元/股(目标价7.60港元),给予“买入”评级。香港业务量稳价升,内地毛差回升改善盈利。香港煤气业务税后利润20.46亿港元,售气量约4亿方(同比-3.5%),自8月起上调燃气基本收费4.4%及保养月费1港元,预计年增收约4亿港元。内地燃气和水务税后利润16.86亿港元,城燃价差回升至0.55元/方,顺价政策持续落地带动盈利增长。绿色燃料税后利润5.42亿港元(EcoCeres贡献6.34亿港元),同比大幅改善;SAF及HVO销量达32.2万吨(近25年全年销量),盈利能力修复。马来西亚工厂投产推动26年产能达77万吨,东莞新项目规划产能45万吨;可再生能源税后利润0.52亿港元(同比-55%);名气家营业额同比增长11%,内地渗透率15%,香港市场80%。广发证券预计公司2026~2028年归母净利润分别为63.65/65.70/67.94亿港元,按最新收盘价对应PE分别为20.7/20.1/19.4倍。风险提示:天然气价格波动;天然气需求不足;顺价政策执行风险。

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