中国燃气(0384.HK)：结构优化开新局股息价值正当时

国泰君安2025-02-23

本报告导读：公司盈利结构持续优化，营运资金管理有望提效；叠加资本开支放缓，自由现金流有望改善，DPS 有望维持0.50 元，股息价值凸显。投资要点：首次覆盖，目标价8.28 港元，给予“增持”评级。我们预计公司FY25~FY27 EPS 0.63/0.69/0.79 港元。结合相对估值与绝对估值，考虑到公司股息价值凸显，我们给予公司目标价8.28 港元，对应FY2612 倍 PE 估值、0.8 ...

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中国燃气(0384.HK)：结构优化开新局 股息价值正当时

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中国燃气(0384.HK)：结构优化开新局股息价值正当时