---
title: "《大行》花旗升光大環境目標價至 5 元 重申「買入」評級"
description: "花旗研究報告重申對光大環境的「買入」評級，目標價上調至 5 元。儘管上半年淨利潤下滑 10.1% 主要因匯兑損失，但剔除該因素後，税前利潤同比增長 11.2%。公司盈利質量改善，營運收入佔比升至 70%。中期息增長 7.1%，自由現金流倍增至 20 億元，預計下半年將繼續增長。基於建設收入減少，2025 年淨利潤預測下調 9.7%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/254377333.md"
published_at: "2025-08-25T06:30:37.000Z"
---

# 《大行》花旗升光大環境目標價至 5 元 重申「買入」評級

> 花旗研究報告重申對光大環境的「買入」評級，目標價上調至 5 元。儘管上半年淨利潤下滑 10.1% 主要因匯兑損失，但剔除該因素後，税前利潤同比增長 11.2%。公司盈利質量改善，營運收入佔比升至 70%。中期息增長 7.1%，自由現金流倍增至 20 億元，預計下半年將繼續增長。基於建設收入減少，2025 年淨利潤預測下調 9.7%。

花旗研究報告指，重申對光大環境 (00257.HK) 的「買入」評級，認為上半年淨利潤 10.1% 的跌幅並不是大問題，主要受匯兑損失拖累；剔除該因素後，税前利潤實際按年增長 11.2%。另外，公司的盈利質量持續改善，營運收入佔比按年升 9 個百分點至 70%。同時，中期息按年增長 7.1%，超出市場預期，自由現金流上半年按年倍增達 20 億元，且下半年有望按季增長。

基於建設收入減少，該行將光大環境 2025 年淨利潤預測下調 9.7%，但將目標價由 4.3 元上調至 5 元，因自由現金流預期更正面。(ss/)

### Related Stocks

- [00257.HK - 光大環境](https://longbridge.com/zh-HK/quote/00257.HK.md)

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