<h3>关键洞察</h3>
<ul>
<li>根据两阶段自由现金流折现模型，中国燃气控股的预计公允价值为 15.37 港元</li>
<li>根据当前股价 7.80 港元，中国燃气控股估计被低估 49%</li>
<li>我们的公允价值估计比中国燃气控股分析师的目标价 8.12 港元高出 89%</li>
</ul>
<p>中国燃气控股有限公司（HKG:384）与其内在价值相差多远？使用最新的财务数据，我们将通过估算公司的未来现金流并将其折现到现值，来查看该股票是否被合理定价。我们将利用折现现金流（DCF）模型来实现这一目的。不要被术语吓到，背后的数学其实相当简单。</p>
<p>不过请记住，估算公司价值的方法有很多，DCF 只是其中一种。对于那些热衷于股票分析的学习者，Simply Wall St 的分析模型可能会引起你的兴趣。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
<h2>估计的估值是多少？</h2>
<p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个阶段的增长。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 阶段。在第一阶段，我们需要估算未来十年内企业的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从上一个估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其缩减速度，而自由现金流增长的公司在这一期间内其增长率将放缓。我们这样做是为了反映出，早期的增长往往比后期的增长放缓得更快。</p>
<p>DCF 的核心理念是未来的一美元不如今天的一美元有价值，因此我们需要将这些未来现金流的总和折现，以得出现值估计：</p>
<h4>10 年自由现金流（FCF）预测</h4>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（港元，百万）</strong></td>
<td>32.2 亿港元</td>
<td>49.4 亿港元</td>
<td>48.9 亿港元</td>
<td>49.0 亿港元</td>
<td>49.5 亿港元</td>
<td>50.3 亿港元</td>
<td>51.2 亿港元</td>
<td>52.4 亿港元</td>
<td>53.6 亿港元</td>
<td>55.0 亿港元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x3</td>
<td>分析师 x4</td>
<td>分析师 x3</td>
<td>估计 @0.23%</td>
<td>估计 @1.00%</td>
<td>估计 @1.55%</td>
<td>估计 @1.93%</td>
<td>估计 @2.20%</td>
<td>估计 @2.38%</td>
<td>估计 @2.51%</td>
</tr>
<tr>
<td><strong>现值（港元，百万）按 7.9% 折现</strong></td>
<td>30 亿港元</td>
<td>42 亿港元</td>
<td>39 亿港元</td>
<td>36 亿港元</td>
<td>34 亿港元</td>
<td>32 亿港元</td>
<td>30 亿港元</td>
<td>28 亿港元</td>
<td>27 亿港元</td>
<td>26 亿港元</td>
</tr>
</tbody>
</table>
<p><em>(&#34;Est&#34; = Simply Wall St 估计的 FCF 增长率)</em></p>
<p><strong>10 年现金流的现值（PVCF）</strong> = 320 亿港元</p>
<p>在计算初始 10 年期间未来现金流的现值后，我们需要计算终值，该终值考虑了第一阶段之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长率。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（2.8%）来估算未来增长。与 10 年 “增长” 期一样，我们使用 7.9% 的股本成本将未来现金流折现到今天的价值。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 55 亿港元× (1 + 2.8%) ÷ (7.9%– 2.8%) = 1100 亿港元</p>
<p><strong>终值的现值（PVTV）</strong> = TV / (1 + r) 10= 1100 亿港元÷ ( 1 + 7.9%) 10= 510 亿港元</p>
<p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 840 亿港元。为了得到每股的内在价值，我们将其除以总的流通股数。相对于当前股价 7.8 港元，该公司似乎被低估，折扣率为 49%。任何计算中的假设对估值有很大影响，因此最好将其视为粗略估计，而不是精确到最后一分钱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/2488870-dcf-1-dark-2/1769489803615?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/2488870-dcf-1-dark-2/1769489803615"/></p>
<p>SEHK:384 折现现金流 2026 年 1 月 27 日</p>
<h2>重要假设</h2>
<p>现在，折现现金流最重要的输入是折现率，当然还有实际现金流。你不必同意这些输入，我建议你自己重新计算并进行调整。DCF 也不考虑行业的周期性或公司的未来资本需求，因此无法全面反映公司的潜在表现。鉴于我们将中国燃气控股视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 7.9%，这是基于 1.004 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是一个适合稳定业务的合理范围。</p>
<p>查看我们对中国燃气控股的最新分析</p>
<h3>中国燃气控股的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>债务由收益良好覆盖。</li>
</ul>
<p>384 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>过去一年收益下降。</li>
</ul>
<ul>
<li>与燃气公用事业市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>预计未来 3 年年收益将增长。</li>
</ul>
<ul>
<li>交易价格低于我们估计的公允价值 20% 以上。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>债务未能得到经营现金流的良好覆盖。</li>
</ul>
<ul>
<li>股息未被收益和现金流覆盖。</li>
</ul>
<ul>
<li>年度收益预计增长速度将慢于香港市场。</li>
</ul>
<p>384 是否具备应对威胁的能力？</p>
<h2>继续前进：</h2>
<p>尽管重要，DCF 计算理想情况下不应是你对一家公司进行分析时唯一关注的内容。DCF 模型并不是投资估值的全部和终极。最好是应用不同的案例和假设，看看它们如何影响公司的估值。例如，如果终值增长率稍作调整，可能会显著改变整体结果。为什么股价低于内在价值？对于中国燃气控股，我们整理了三个你应该评估的进一步事项：</p>
<ol>
<li><strong>风险</strong>：例如，投资风险始终存在的阴影。<strong>我们已识别出中国燃气控股的 2 个警示信号</strong>，理解这些信号应成为你投资过程的一部分。</li>
<li><strong>未来收益</strong>：384 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他稳健企业</strong>：低负债、高股本回报和良好的过往表现是强大企业的基础。为什么不探索我们互动的稳健企业股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
<p>PS. Simply Wall St 每天更新每只香港股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>

中国燃气

<p>中国燃气控股有限公司（HKG:384）预计被低估 49%，其合理价值预计为 15.37 港元，而当前股价为 7.80 港元。该分析使用了两阶段折现现金流（DCF）模型，预测未来现金流并将其折现至现值。总股权价值计算为 840 亿港元，显示出相对于分析师目标价 8.12 港元的显著低估。然而，DCF 模型的假设可能会对估值产生重大影响，因此建议独立审查计算结果</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>The projected fair value for China Gas Holdings is HK$15.37 based on 2 Stage Free Cash Flow to Equity</li>
<li>China Gas Holdings is estimated to be 49% undervalued based on current share price of HK$7.80</li>
<li>Our fair value estimate is 89% higher than China Gas Holdings' analyst price target of HK$8.12</li>
</ul>
<div class="lb-trans"><ul>
<li>根据两阶段自由现金流折现模型，中国燃气控股的预计公允价值为 15.37 港元</li>
<li>根据当前股价 7.80 港元，中国燃气控股估计被低估 49%</li>
<li>我们的公允价值估计比中国燃气控股分析师的目标价 8.12 港元高出 89%</li>
</ul>
</div><p>How far off is China Gas Holdings Limited (HKG:384) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by estimating the company's future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Don't get put off by the jargon, the math behind it is actually quite straightforward.</p>
<div class="lb-trans"><p>中国燃气控股有限公司（HKG:384）与其内在价值相差多远？使用最新的财务数据，我们将通过估算公司的未来现金流并将其折现到现值，来查看该股票是否被合理定价。我们将利用折现现金流（DCF）模型来实现这一目的。不要被术语吓到，背后的数学其实相当简单。</p>
</div><p>Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you.</p>
<div class="lb-trans"><p>不过请记住，估算公司价值的方法有很多，DCF 只是其中一种。对于那些热衷于股票分析的学习者，Simply Wall St 的分析模型可能会引起你的兴趣。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
</div><h2>What's The Estimated Valuation?</h2>
<div class="lb-trans"><h2>估计的估值是多少？</h2>
</div><p>We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.</p>
<div class="lb-trans"><p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个阶段的增长。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 阶段。在第一阶段，我们需要估算未来十年内企业的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从上一个估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其缩减速度，而自由现金流增长的公司在这一期间内其增长率将放缓。我们这样做是为了反映出，早期的增长往往比后期的增长放缓得更快。</p>
</div><p>A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:</p>
<div class="lb-trans"><p>DCF 的核心理念是未来的一美元不如今天的一美元有价值，因此我们需要将这些未来现金流的总和折现，以得出现值估计：</p>
</div><h4>10-year free cash flow (FCF) forecast</h4>
<div class="lb-trans"><h4>10 年自由现金流（FCF）预测</h4>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>Levered FCF (HK$, Millions)</strong></td>
<td>HK$3.22b</td>
<td>HK$4.94b</td>
<td>HK$4.89b</td>
<td>HK$4.90b</td>
<td>HK$4.95b</td>
<td>HK$5.03b</td>
<td>HK$5.12b</td>
<td>HK$5.24b</td>
<td>HK$5.36b</td>
<td>HK$5.50b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x3</td>
<td>Analyst x4</td>
<td>Analyst x3</td>
<td>Est @ 0.23%</td>
<td>Est @ 1.00%</td>
<td>Est @ 1.55%</td>
<td>Est @ 1.93%</td>
<td>Est @ 2.20%</td>
<td>Est @ 2.38%</td>
<td>Est @ 2.51%</td>
</tr>
<tr>
<td><strong>Present Value (HK$, Millions) Discounted @ 7.9%</strong></td>
<td>HK$3.0k</td>
<td>HK$4.2k</td>
<td>HK$3.9k</td>
<td>HK$3.6k</td>
<td>HK$3.4k</td>
<td>HK$3.2k</td>
<td>HK$3.0k</td>
<td>HK$2.8k</td>
<td>HK$2.7k</td>
<td>HK$2.6k</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（港元，百万）</strong></td>
<td>32.2 亿港元</td>
<td>49.4 亿港元</td>
<td>48.9 亿港元</td>
<td>49.0 亿港元</td>
<td>49.5 亿港元</td>
<td>50.3 亿港元</td>
<td>51.2 亿港元</td>
<td>52.4 亿港元</td>
<td>53.6 亿港元</td>
<td>55.0 亿港元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x3</td>
<td>分析师 x4</td>
<td>分析师 x3</td>
<td>估计 @0.23%</td>
<td>估计 @1.00%</td>
<td>估计 @1.55%</td>
<td>估计 @1.93%</td>
<td>估计 @2.20%</td>
<td>估计 @2.38%</td>
<td>估计 @2.51%</td>
</tr>
<tr>
<td><strong>现值（港元，百万）按 7.9% 折现</strong></td>
<td>30 亿港元</td>
<td>42 亿港元</td>
<td>39 亿港元</td>
<td>36 亿港元</td>
<td>34 亿港元</td>
<td>32 亿港元</td>
<td>30 亿港元</td>
<td>28 亿港元</td>
<td>27 亿港元</td>
<td>26 亿港元</td>
</tr>
</tbody>
</table>
</div><p><em>(&#34;Est&#34; = FCF growth rate estimated by Simply Wall St)</em></p>
<div class="lb-trans"><p><em>(&#34;Est&#34; = Simply Wall St 估计的 FCF 增长率)</em></p>
</div><p><strong>Present Value of 10-year Cash Flow (PVCF)</strong> = HK$32b</p>
<div class="lb-trans"><p><strong>10 年现金流的现值（PVCF）</strong> = 320 亿港元</p>
</div><p>After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.8%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.9%.</p>
<div class="lb-trans"><p>在计算初始 10 年期间未来现金流的现值后，我们需要计算终值，该终值考虑了第一阶段之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长率。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（2.8%）来估算未来增长。与 10 年 “增长” 期一样，我们使用 7.9% 的股本成本将未来现金流折现到今天的价值。</p>
</div><p><strong>Terminal Value (TV)</strong> = FCF2035 × (1 + g) ÷ (r – g) = HK$5.5b× (1 + 2.8%) ÷ (7.9%– 2.8%) = HK$110b</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 55 亿港元× (1 + 2.8%) ÷ (7.9%– 2.8%) = 1100 亿港元</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= HK$110b÷ ( 1 + 7.9%) 10= HK$51b</p>
<div class="lb-trans"><p><strong>终值的现值（PVTV）</strong> = TV / (1 + r) 10= 1100 亿港元÷ ( 1 + 7.9%) 10= 510 亿港元</p>
</div><p>The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is HK$84b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of HK$7.8, the company appears quite undervalued at a 49% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.</p>
<div class="lb-trans"><p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 840 亿港元。为了得到每股的内在价值，我们将其除以总的流通股数。相对于当前股价 7.8 港元，该公司似乎被低估，折扣率为 49%。任何计算中的假设对估值有很大影响，因此最好将其视为粗略估计，而不是精确到最后一分钱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/2488870-dcf-1-dark-2/1769489803615" alt="" original-src="https://images.simplywall.st/asset/chart/2488870-dcf-1-dark-2/1769489803615"/></p>
<p>SEHK:384 Discounted Cash Flow January 27th 2026</p>
<div class="lb-trans"><p>SEHK:384 折现现金流 2026 年 1 月 27 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假设</h2>
</div><p>Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at China Gas Holdings as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.9%, which is based on a levered beta of 1.004. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>现在，折现现金流最重要的输入是折现率，当然还有实际现金流。你不必同意这些输入，我建议你自己重新计算并进行调整。DCF 也不考虑行业的周期性或公司的未来资本需求，因此无法全面反映公司的潜在表现。鉴于我们将中国燃气控股视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 7.9%，这是基于 1.004 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是一个适合稳定业务的合理范围。</p>
</div><p>See our latest analysis for China Gas Holdings</p>
<div class="lb-trans"><p>查看我们对中国燃气控股的最新分析</p>
</div><h3>SWOT Analysis for China Gas Holdings</h3>
<div class="lb-trans"><h3>中国燃气控股的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>优势</strong></p>
</div><ul>
<li>Debt is well covered by earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务由收益良好覆盖。</li>
</ul>
</div><p>Balance sheet summary for 384.</p>
<div class="lb-trans"><p>384 的资产负债表摘要。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣势</strong></p>
</div><ul>
<li>Earnings declined over the past year.</li>
</ul>
<div class="lb-trans"><ul>
<li>过去一年收益下降。</li>
</ul>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Gas Utilities market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与燃气公用事业市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>机会</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow for the next 3 years.</li>
</ul>
<div class="lb-trans"><ul>
<li>预计未来 3 年年收益将增长。</li>
</ul>
</div><ul>
<li>Trading below our estimate of fair value by more than 20%.</li>
</ul>
<div class="lb-trans"><ul>
<li>交易价格低于我们估计的公允价值 20% 以上。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Debt is not well covered by operating cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务未能得到经营现金流的良好覆盖。</li>
</ul>
</div><ul>
<li>Dividends are not covered by earnings and cashflows.</li>
</ul>
<div class="lb-trans"><ul>
<li>股息未被收益和现金流覆盖。</li>
</ul>
</div><ul>
<li>Annual earnings are forecast to grow slower than the Hong Kong market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年度收益预计增长速度将慢于香港市场。</li>
</ul>
</div><p>Is 384 well equipped to handle threats?</p>
<div class="lb-trans"><p>384 是否具备应对威胁的能力？</p>
</div><h2>Moving On:</h2>
<div class="lb-trans"><h2>继续前进：</h2>
</div><p>Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. What is the reason for the share price sitting below the intrinsic value? For China Gas Holdings, we've put together three further items you should assess:</p>
<div class="lb-trans"><p>尽管重要，DCF 计算理想情况下不应是你对一家公司进行分析时唯一关注的内容。DCF 模型并不是投资估值的全部和终极。最好是应用不同的案例和假设，看看它们如何影响公司的估值。例如，如果终值增长率稍作调整，可能会显著改变整体结果。为什么股价低于内在价值？对于中国燃气控股，我们整理了三个你应该评估的进一步事项：</p>
</div><ol>
<li><strong>Risks</strong>: Consider for instance, the ever-present spectre of investment risk. <strong>We've identified 2 warning signs</strong> with China Gas Holdings , and understanding them should be part of your investment process.</li>
<li><strong>Future Earnings</strong>: How does 384's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.</li>
<li><strong>Other Solid Businesses</strong>: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>风险</strong>：例如，投资风险始终存在的阴影。<strong>我们已识别出中国燃气控股的 2 个警示信号</strong>，理解这些信号应成为你投资过程的一部分。</li>
<li><strong>未来收益</strong>：384 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他稳健企业</strong>：低负债、高股本回报和良好的过往表现是强大企业的基础。为什么不探索我们互动的稳健企业股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
</div><p>PS. Simply Wall St updates its DCF calculation for every Hong Kong stock every day, so if you want to find the intrinsic value of any other stock just search here.</p>
<div class="lb-trans"><p>PS. Simply Wall St 每天更新每只香港股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>
</div>

中国燃气控股有限公司（HKG:384）是否存在 49% 低估的投资机会？