CICC International: Lower the target price of Newoenergy (02688.HK) to HK$74.6 and maintain a "buy" rating.

Wisdom Finance APP learned that China Merchants International released a research report stating that it lowered the target price of New Oriental Energy (02688.HK) to 74.6 Hong Kong dollars and maintained a "buy" rating. The bank lowered the company's profit forecast for 2025/2026 by 4%/6%. Retail gas volume in the first quarter increased by 0.3% year-on-year, still better than the mainland's natural gas apparent consumption, which decreased by 2.2% year-on-year in the first quarter. On the gross margin front, there has been an improvement compared to the previous quarter. The bank estimates that there should be a significant increase compared to the level of 0.48 yuan per square meter in the first quarter of last year.