---
title: "《大行》汇丰升中国燃气目标价至 7.2 元 维持持有评级"
description: "汇丰研究报告指出，中国燃气全年净利润同比增长 2%，但核心利润下降 14%，低于市场预期。主要原因是接驳服务利润和接驳量下降，零售天然气销量持平，附属和联营企业贡献低于预期。每股派息维持 0.5 元，目标价由 6.7 元上调至 7.2 元，维持「持有」评级，认为当前 6.8% 的收益率具吸引力，限制股价下行风险。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/246938397.md"
published_at: "2025-07-02T07:26:46.000Z"
---

# 《大行》汇丰升中国燃气目标价至 7.2 元 维持持有评级

> 汇丰研究报告指出，中国燃气全年净利润同比增长 2%，但核心利润下降 14%，低于市场预期。主要原因是接驳服务利润和接驳量下降，零售天然气销量持平，附属和联营企业贡献低于预期。每股派息维持 0.5 元，目标价由 6.7 元上调至 7.2 元，维持「持有」评级，认为当前 6.8% 的收益率具吸引力，限制股价下行风险。

汇丰研究报告指，中国燃气 (00384.HK) 全年净利润按年升 2%，如撇除一次性项目，核心利润将按年跌 14%，低过市场及该行预期，主要因接驳服务的利润及接驳量有所下跌，零售天然气销量持平，以及附属和联营企业的贡献低过预期，抵消了每单位毛利 (dollar margins) 及增值服务的扩张。

不过，每股派息维持 0.5 元，受资本开支减少，以及附属和联营企业贡献的现金所支持。该行下调盈利预测，但基於股本成本和资本开支的新假设，将目标价由 6.7 元升至 7.2 元，维持「持有」评级，并认为目前收益率 6.8% 具吸引力，相信可限制股价下行风险。

### Related Stocks

- [00384.HK - 中国燃气](https://longbridge.com/zh-CN/quote/00384.HK.md)

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