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《大行報告》中信証券首予新奧能源(02688.HK)「買入」評級 目標價120元
中信証券發表報告,考慮新奧能源(02688.HK)現估值處於歷史區間底部,且氣量及毛差等盈利關鍵驅動力迎來改善,首予其「買入」評級,目標價120港元。信証解釋,受益下游需求復甦,預計新奧2023至2025年間仍能維持約10%的雙位數零售氣量增速。 報告稱,隨著上游氣價壓力逐步緩解以及居民端順價政策的推進,新奧綜合毛差有望逐步修復,今年料修復至每立方米0.51元人民幣,並在2024至2025年進一步修復至每立方米0.53元及0.56元人民幣,為公司釋放業績彈性及改善財務表現提供支撐。 信証續稱,新奧綜合能源業務正成長為關鍵業績增長點,預計2025年綜合能源業務在公司整體利潤中佔比有望增至23%,有效對沖地產周期下滑對公司接駁以及居民售氣量放緩的影響。 報告料新奧能源2023至2025年各年純利分別86.25億、97.97億及113.37億元人民幣,意味按年分別升47.1%、13.6%及15.7%;期內每股盈利料分別7.63元、8.66元及10.02元人民幣。
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