报告名称：ENN Energy(02688.HK)Bright Natural Gas Sales Prospect Maintain “Buy”
报告类型：港股研究
报告日期：2016-03-24
研究机构：国泰君安国际
研究员：郭勇
股票名称：新奥能源
股票代码：02688
页数：6
简介：The 2015 annual results of the Company were lower than marketconsensus and our estimation, mainly due to foreign exchange loss andfair value change of convertible bonds. Total revenue increased by 10.2%yoy to RMB 32.06 billion, but shareholders?profit dropped by 31.4% yoy toRMB 2.04 billion.
We expect total sale of natural gas of the Company to maintaindouble-digital growth in 2016 and to accelerate in 2017-2018. Althoughindustrial/commercial customers were adversely impacted by the slowdown ofthe macro economy, residential customers and gas stations are expected tomaintain fast growth.
We expect gas tariff of the Company to maintain at a steady level in2016-2018. We expect gas tariff of the Company to be more stable under newpricing mechanisms as the price difference between 搇egacy and incremental攇as was removed.
We expect connection fees to grow slightly in 2016 due to high base.
Revise up TP to HK$ 56.00, and maintain “buy”

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