中金：维持华润燃气(01193)“跑赢行业”评级 目标价降至27港元
中金发布报告称，考虑到非现金摊销增加且接驳继续下行，下调华润燃气(01193)2024年盈利预测24%至55亿港元，并引入2025年盈利预测62亿港元。考虑到公司现金流充沛，派息仍有提升潜力，维持“跑赢行业”评级，由于盈利预测下调，下调目标价22.9%至27港元。
报告引述公司2023年业绩：收入1012.7亿港元，同比+7%；归母净利润52.24亿港元，同比+10%，对应每股盈利2.26港元，低于市场预期，主因2H23公司因增持多个参股燃气项目股权至并表，使用权资产及无形资产摊销同比增加4.3亿港元，若剔除此项影响，该行测算2H23公司盈利同比+25%。
该行提到，具体业务方面，2023年公司天然气销售量387.8亿方，同比+8.1%，零售气毛差0.51元/方，同比+0.06元/方；新用户接驳331万户；综合服务收入40.4亿港元，同比+27%。公司拟派发末期股息100.69港仙/股，全年股息达115.69港仙/股，同比+10%，全年派息率50%。
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