Citibank: Cuts the target price of New Oriental Energy (02688.HK) H shares to 50 Hong Kong dollars and downgrades the rating to "neutral"

According to the Zhitong Finance and Economics APP, Citibank has released a research report stating that it has lowered the target price for the H shares of New Energy (02688.HK) by 31%, from 72 Hong Kong dollars to 50 Hong Kong dollars, and its rating has been lowered from "buy" to "neutral". Citibank pointed out that the parent company of New Energy, New Energy Group (600803.SH), has canceled its privatization plan, leading to the downgrade to "neutral". The transaction has been waiting for approval from the China Securities Regulatory Commission for nearly a year, and the timeline for meeting all conditions is still uncertain. From a fundamental perspective, the future of New Energy does not look good, with weak growth in retail natural gas sales, a decrease in the number of new household users, and a decline in comprehensive energy sales.