中银国际：降华润燃气目标价至23.38港元 评级“买入”

Core Viewpoint - China Resources Gas (01193) reported a 30% year-on-year decline in net profit to 2.4 billion yuan, which was below expectations due to higher-than-expected sales, administrative, and management expenses, as well as poor performance in its integrated services business [1] Financial Performance - The company plans to maintain its annual dividend unchanged and will repurchase up to 3% of its shares within the year [1] - The target price has been adjusted down to 23.38 HKD while maintaining a "Buy" rating [1] Future Outlook - It is anticipated that the company's profit will decline by 52% in the second half of the year compared to the first half, primarily due to significant increases in accounting costs typically occurring in the latter half [1] - Earnings forecasts for the group have been revised down by 18% to 19% for the years 2025 to 2027 [1]