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招银证券6月27日发布公告。Cutting TP by12% to HK$11.78; maintain BUY. Based on mgmt.’s guidance and our operating assumptions revisions, we cut CGH’s FY24/25E EPS by15%/7% to HK$1.07/1.15respectively, as we estimated annual city gas connected users will drop by2%YoY to1.97mn, and gas connection revenue adjust to HK$5,852mn in FY24E; industrial gas sales growth lower to12.7%YoY. Our TP is cut by12% to HK$11.78, based on11x FY24E PE to reflect gas connection slowdown and cost-through measures may still take time to implement. Additionally, China Gas previously announced ‘Smart Living’ had been approved by the SEHK to enter the spin-off listing process, thus, we believe the potential value of China Gas’s value-added business will be further unlocked. We stay optimistic on CGH’s dollar margin improvement and long-term development. Maintain BUY rating.