研報掘金|國泰君安:首予中國燃氣“增持”評級 公司盈利結構持續優化
國泰君安首次覆蓋中國燃氣,評級“增持”。該行預計公司2025至2027財年每股盈利分別為0.63、0.69及0.79港元。結合相對估值與絕對估值,考慮到公司股息價值凸顯,給予公司目標價8.28港元。該行認為,公司盈利結構持續優化,經營現金流穩定性有望提升;毛差改善、化債推進助力經營現金流增長;疊加資本開支放緩,自由現金流有望改善,每股派息有望維持0.5港元,測算當前股價對應2025財年股息率7.5%,彰顯高股息吸引力。
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