---
title: "《大行》花旗升光大环境目标价至 5 元 重申「买入」评级"
description: "花旗研究报告重申对光大环境的「买入」评级，目标价上调至 5 元。尽管上半年净利润下滑 10.1% 主要因汇兑损失，但剔除该因素后，税前利润同比增长 11.2%。公司盈利质量改善，营运收入占比升至 70%。中期息增长 7.1%，自由现金流倍增至 20 亿元，预计下半年将继续增长。基于建设收入减少，2025 年净利润预测下调 9.7%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/254377333.md"
published_at: "2025-08-25T06:30:37.000Z"
---

# 《大行》花旗升光大环境目标价至 5 元 重申「买入」评级

> 花旗研究报告重申对光大环境的「买入」评级，目标价上调至 5 元。尽管上半年净利润下滑 10.1% 主要因汇兑损失，但剔除该因素后，税前利润同比增长 11.2%。公司盈利质量改善，营运收入占比升至 70%。中期息增长 7.1%，自由现金流倍增至 20 亿元，预计下半年将继续增长。基于建设收入减少，2025 年净利润预测下调 9.7%。

花旗研究报告指，重申对光大环境 (00257.HK) 的「买入」评级，认为上半年净利润 10.1% 的跌幅并不是大问题，主要受汇兑损失拖累；剔除该因素後，税前利润实际按年增长 11.2%。另外，公司的盈利质量持续改善，营运收入占比按年升 9 个百分点至 70%。同时，中期息按年增长 7.1%，超出市场预期，自由现金流上半年按年倍增达 20 亿元，且下半年有望按季增长。

基於建设收入减少，该行将光大环境 2025 年净利润预测下调 9.7%，但将目标价由 4.3 元上调至 5 元，因自由现金流预期更正面。(ss/)

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