Group 1 - The core viewpoint of the news is that Ping An Electric (001359) has shown significant stock performance with a 10% increase in share price, indicating strong market interest and potential investor confidence [1] - As of August 25, 2025, Ping An Electric's stock closed at 56.55 yuan, with a trading volume of 10.89 million shares and a transaction amount of 581 million yuan [1] - The company reported a total operating revenue of 259 million yuan for Q1 2025, reflecting an 18% year-on-year growth, and a net profit attributable to shareholders of 52.37 million yuan, which is a 22.69% increase compared to the previous year [1] Group 2 - Ping An Electric has a current liquidity ratio of 5.637 and a quick ratio of 4.466, indicating strong short-term financial health [1] - The company has a low debt-to-asset ratio of 15.18%, suggesting a conservative approach to leveraging and financial stability [1] - Established in 2015, Ping An Electric is primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of approximately 1.855 billion yuan [1][2]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue of 97.543 billion yuan, a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 4.4% to 3.161 billion yuan, with a dividend of 0.166 yuan per share, reflecting a payout ratio of 45.5% [1] Group 1: Financial Performance - In H1 2025, the company's pre-tax profit was 6.737 billion yuan, a decrease of 7.1% year-on-year, and the net profit attributable to shareholders was 3.161 billion yuan, down 4.4%, which was below expectations [2] - The natural gas sales business saw a gross profit decline of 410 million yuan year-on-year, attributed to wholesale gas price adjustments and a narrowing price difference in the gas station business model [2] - Other income decreased to 381 million yuan from 746 million yuan in H1 2024, impacted by the progress of government subsidy projects [2] Group 2: Business Segmentation - Natural gas sales revenue increased by 6.1% to 80.078 billion yuan, but pre-tax profit fell by 10.5% to 4.477 billion yuan, with pre-tax profit accounting for 66.4% of total profit, down 2.6 percentage points year-on-year [2] - Exploration and production revenue and pre-tax profit decreased by 16.3% and 64.9% respectively, with crude oil sales volume at 4.12 million barrels, a year-on-year increase of 1.9%, but average selling price down by 7.2% to 62.9 USD per barrel [2] - LNG processing and storage revenue decreased by 1.6% to 4.371 billion yuan, while pre-tax profit increased by 11.4% to 1.836 billion yuan, with total processing volume up by 1.7% to 7.9 billion cubic meters [2] Group 3: Strategic Positioning - The company benefits from strong backing by PetroChina, which holds 56.05% of its shares, providing resource security for its city gas and LPG sales businesses [3] - The company is strategically positioned to capitalize on the transfer of manufacturing industries to the central and northeastern regions of China, achieving a year-on-year increase of 2.2% in retail gas volume in H1 2025 [3] - The company has adjusted its retail gas volume growth guidance for 2025 from 8% to 5%, leading to a downward revision of net profit forecasts for 2025-2027 [3]

Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales base, accelerated contributions from new gas projects, and potentially favorable weather conditions [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in natural gas sales structure and weak overall procurement costs, along with continuous improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales and contributions from new gas projects [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in the natural gas sales structure and weak overall procurement costs, along with continued improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 2025 年中报点评：售气价差回落&补贴确认 减少导致业绩承压，DPS 提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 177,726 | 187,046 | 194,158 | 206,079 | 217,252 | | 同比(%) | 3.16 | 5.24 | 3.80 | 6.14 | 5.42 | | 归母净利润（百万元） | 5,682 | 5,960 | 6,061 | 6,341 | 6,635 | | 同比(%) | 8.68 | 4.89 | 1.70 | 4.61 | 4.63 | | EPS-最新摊薄（元/股） | 0.66 | 0.69 | 0.70 | 0.73 | 0.77 | | P/E（现价&最新摊薄） | 10.29 | 9.81 | 9.65 | 9.22 | 8.81 | [Table_Ta ...

公司发布2025H1 业绩 公司营业收入人民币975.43 亿元，同比增加人民币46.21 亿元或4.97%；除所得税前溢利人民币67.37 亿 元，同比减少人民币5.12 亿元或7.06%；股东应占溢利人民币31.61 亿元，同比减少人民币1.44 亿元或 4.36%。中期派息0.166 元/股（去年同期0.164 元/股）。 机构：天风证券 研究员：张樨樨/厉泽昭 由于2025 年上半年天然气需求增速放缓，国际油价下跌传导至公司产品。 我们下调2025/2026/2027 年归母净利润预测为62.29/66.96/72.13 亿元人民币（原预测为64.14/70.11/76.56 亿元）。维持"买入"评级。 公司平均天然气销售价格为2.77 元/方，同比下降0.1 元/方；购气价格2.33元/方，同比下降0.09 元/方， 价差为0.44 元/方，同比下降0.01 元/方。 加工储运板块表现优异，LNG 工厂盈利创新高 公司LNG 加工与储运业务实现收入43.71 亿元，同比减少1.58%；除所得税前溢利人民币18.36 亿元，同 比增长11.41%。LNG 工厂整体检维修周期缩短25%，工厂税前盈利1. ...

LPG 销售稳步增长，业绩小幅下滑。1H25 年公司LPG 销售量同比增加4.9%至306.84 万吨，其中LPG 零 售增长2.8%至100.31 万吨而批发量增加5.9%至206.53 万吨。LPG 销售总收入增速为1.03%，低于销气增 速，推测主要受LPG 单位售价下滑所致。1H25 公司实现LPG 业务税前利润5.44 亿元，同比减少 3.03%。 维持"买入"评级。考虑到公司天然气税前利润率出现下滑，以及油价回落影响勘探与生产业绩，我们下 调公司2025-2027 年归母净利润预测为59.80、62.54、65.73 亿元（原值为63.90、69.09、74.78亿元）。 对应的EPS 分别为0.69、0.72、0.76 元/股。当前股价对应2025-2027 年PE 分别为10.2、9.8、9.3 倍。公 司计划将2025 年分红比例提升至45%，当前股价股息率约为4.4%，维持"买入"评级。 风险提示：天然气采购成本上涨；下游天然气需求不及预期。 事件：昆仑能源发布2025 年中期业绩。1H25 公司实现营业收入975.43 亿元，同比增长4.97%；归属于 上市公司股东的 31.61 亿元， ...

机构：华泰证券 公司在建福建LNG 接收站300 万吨/年，我们预计有望在2027 年后贡献利润增量、并协助公司拓展福建 的天然气终端市场；江苏LNG 接收站三期有望在2029 年新增接卸能力625 万吨/年。1H25 公司LNG 工 厂实现税前利润1.4 亿元、14 座持续运行工厂的平均加工负荷率57.1%（yoy-1.3pp）；考虑到LNG工厂 利润释放，我们预计2025年LNG板块税前利润yoy+5.6%。 下调盈利预测，下调目标价至8.58 港币 下调零售气量增速和新增接驳、上调LNG 和LPG 利润，我们将昆仑能源2025-27 年归母（ 核心） 净利 预测分别下调8.0%/10.4/13.2% 至61.5/64.9/68.4 亿元，对应EPS 0.71/0.75/0.79 元。目标价8.58 港币（前 值：9.21 港币，基于11x 2025E PE），基于11x 2025E PE 和港币兑人民币中间价0.91。目标PE 高于三年 平均7.6xPE（FTM 未来12 个月预期），派息扩张有望带来公司长期价值重估，但盈利增速低于我们此 前预期，故小幅下调PE 溢价率。 风险提示：内需增长放缓；并购交 ...