智通财经APP获悉，中办、国办印发《关于完善价格治理机制的意见》。意见提到，优化居民阶梯水 价、电价、气价制度。推进非居民用水超定额累进加价、垃圾处理计量收费，优化污水处理收费政策。 4月2日，国家发展改革委有关负责人答记者问时指出，健全宏观经济治理体系，要求完善价格治理机 制，引导价格总水平和重要商品价格合理运行。 近日，深圳市发改委宣布，深圳市自来水价格调整听证会将于4月11日举行。根据两个调价方案，自来 水综合价格均拟由3.449元/立方米上调13.1%至3.8991元/立方米 (含税)。 中信证券发布研报称，历史经验看核心城市调价对水价改革起到催化作用，各地市理顺供水价格机制有 望提速。该行统计，近期已有多个城市陆续出台价格调整方案，价格机制完善有助改善国内供水行业回 报长期偏低的问题。随着水价政策的不断完善以及行业价格机制的不断理顺，行业整体低回报的问题或 迎来改观，水务运营类资产有望显著受益，首推中国水务(00855)。 中泰国际研报指出，期望水价上调趋势在全国各地延续，并可直接有利供水运营商。港股企业例如中国 水务(00855)、粤海投资(00270)、北控水务集团(00371)皆可受惠。当中该 ...

股票研究 /[Table_Date] 2025.03.25 [Table_Report] 相关报告 | 实物分派剥离粤海置地，价值重估可预期 | | --- | | 2024.12.11 | | 维持高分红，现金流充足 2024.09.21 | | 掌握香港供水核心资产的平台型公司 2023.12.06 | | [Table_Finance] 财务摘要（百万港元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 23,428 | 24,355 | 18,505 | 18,080 | 18,554 | 18,924 | | (+/-)% | -21.45% | 3.96% | -24.0% | -2.3% | 2.6% | 2.0% | | 毛利润 | 9,823 | 10,075 | 9,822 | 9,601 | 9,852 | 10,049 | | 净利润 | 4,764 | 3,122 | 3,142 | 4,415 | 4,533 | 4,663 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 2024年度業績公告 | 截至 12 月 31 日止年度財務摘要 | | | | | --- | --- | --- | --- | | | 2024 年 | 2023 年 | 變動 | | | | （經重列） | | | | 千港元 | 千港元 | % | | 來自持續經營業務 | | | | | 收入 | 18,505,293 | 20,322,478 | -8.9 | | 稅前利潤 | 6,493,854 | 6,425,773 | +1.1 | | 歸屬於本公司所有者的溢利 | | | | | 持續經營業務 | 4,102,893 | 4,221,183 | | | 終止經營業務 | (960,755) | (1,099,114) | | | | 3,142,138 | 3,122,069 | +0.6 | | 每股盈利－基本 | 港幣 4 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The company plans to spin off its real estate business (Yuehai Properties) through a special dividend distribution, allowing it to focus on its core water business [7] - After the spin-off, the company's operating performance and overall value are expected to significantly improve, as it will no longer be affected by the volatility of the real estate business [7] - The company's water business is stable, with high-quality assets in the Dongjiang water project, and its valuation is expected to rise after the spin-off [8] Financial Performance - In 2023, the company's net profit attributable to shareholders dropped by 34% YoY to HKD 3.12 billion, mainly due to a HKD 1.81 billion impairment loss from Yuehai Properties [7] - Excluding the impact of the real estate business, the company's core profit in 2023 was HKD 4.93 billion [7] - The company's operating cash flow in 2023 was HKD 10.71 billion, with HKD 7.1 billion coming from the core business after excluding Yuehai Properties [9] - In H1 2024, the company's operating cash flow was HKD 4.88 billion, with HKD 3.59 billion from the core business after excluding Yuehai Properties [9] Valuation and Forecast - The report maintains the company's profit forecasts for 2024-2026 at HKD 4.003 billion, HKD 4.101 billion, and HKD 4.120 billion, respectively [8] - The current market capitalization corresponds to a PE ratio of 8.5x, 8.3x, and 8.3x for 2024-2026 [8] Debt and Dividend - As of H1 2024, the company's total assets were HKD 139.8 billion, with a debt-to-asset ratio of 58% [11] - After spinning off Yuehai Properties, which has a higher debt-to-asset ratio of 87%, the company's overall debt level is expected to decrease significantly [11] - The company's dividend payout ratio in 2024H1 was 65%, consistent with 2023 [12] Business Focus - The company will no longer hold any shares in Yuehai Properties after the spin-off, allowing it to fully focus on its water business [7] - The spin-off is expected to enhance the company's operational efficiency and valuation by eliminating the drag from the real estate sector [7][8]

Investment Rating - The report upgrades the company's investment rating to "Buy" with a target market capitalization of HKD 41 billion, representing a 24% upside from the current market capitalization [6] Core Views - The company's Q3 2024 unaudited financial results show revenue of HKD 18.142 billion, up 10.4% YoY, while net profit attributable to owners decreased 6.1% YoY to HKD 3.593 billion, slightly exceeding expectations [4] - Operating cash flow continues to improve, with H1 2024 operating cash flow (excluding Yuehai Properties) reaching HKD 3.584 billion, up from HKD 2.286 billion in H1 2023 [4] - The water business remains stable, with pre-tax profit increasing 0.3% to HKD 6.167 billion in the first three quarters of 2024, driven by steady growth in the water resources segment [5] - The real estate segment shows resilience, with no impairment in the first three quarters of 2024 and contracted sales of 212,000 square meters, slightly higher than the 209,000 square meters in the same period last year [5] - The company's dividend payout ratio remains stable at 65% in 2024, consistent with 2023, with an interim dividend of 23.97 HK cents per share announced [4] Financial Performance - The company's revenue for 2024E is projected at HKD 29.551 billion, a 22% YoY increase, with net profit attributable to owners expected to reach HKD 4.003 billion, up 28% YoY [7] - EPS for 2024E is forecasted at HKD 0.61, with a P/E ratio of 8.3x and a P/B ratio of 0.85x [7] - ROE is expected to improve to 10.3% in 2024E, up from 7.47% in 2023 [7] Industry Comparison - The company's 2024E P/E ratio of 8.3x is lower than the average P/E ratio of 12x for comparable companies with stable earnings and high dividends [6] - The company's dividend yield of 6.13% in 2023 is higher than the average dividend yield of 3.66% for comparable companies [10] Real Estate Segment Outlook - The real estate inventory is expected to decrease, with the book value of real estate inventory at HKD 32.8 billion at the end of 2023 and HKD 30 billion in the first three quarters of 2024, with prepayments of HKD 10.494 billion [5] - The report anticipates a reduction in real estate inventory impairment pressure in 2024 due to the decrease in inventory size and the implementation of macro policies [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） (股份代號: 00270) 截至 2024 年 9 月 30 日止九個月 未經審核財務資料 粤海投資有限公司（「本公司」）董事會（「董事會」）謹宣佈本公司及其附屬公司（「本 集團」）截至 2024 年 9 月 30 日止九個月（「本期間」）（連同比較數字）之未經審核財務 資料。 | --- | --- | --- | --- | |--------------------------|---------------------------------------------|--------------------------------------------|-------| | | | | | | 未經審核財務摘要 | 截至 9 月 30 | 日止九個月 | | | | | | | | | 2024 年 ( 未經審核 ) | 2023 年 ( 未經審核 ) | 變動 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 12,290,690, an increase of 8.1% from HKD 11,369,355 in the same period of 2023[7]. - Gross profit for the same period was HKD 5,469,042, slightly up from HKD 5,461,429, indicating stable profitability[7]. - Profit before tax decreased to HKD 3,664,178, down 7.1% from HKD 3,942,351 in the previous year[7]. - Net profit for the period was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 in 2023[7]. - Basic and diluted earnings per share were HKD 0.3688, down from HKD 0.3865 in the same period last year[7]. - Total comprehensive income for the period was HKD 2,259,527, significantly up from HKD 934,897 in the previous year, reflecting a substantial recovery[8]. - The company's profit for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 for the same period in 2023[8]. - The pre-tax profit for the consolidated group for the six months ended June 30, 2024, was HKD 3,664,178, a decrease of 7.1% from HKD 3,942,351 in the same period of 2023[22]. - The net profit for the consolidated group for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% from HKD 2,851,135 in the same period of 2023[22]. - The unaudited consolidated profit attributable to owners for the six months ended June 30, 2024, was HKD 2.411 billion, a decrease of 4.6% compared to HKD 2.527 billion in the same period last year[80]. Expenses and Costs - Total operating expenses, including selling and administrative expenses, decreased to HKD 1,501,480 from HKD 1,636,782, reflecting cost control measures[7]. - The total finance costs for the period amounted to HKD 646,553, an increase from HKD 586,302 in the previous year[30]. - The effective tax expense for the period was HKD 998,396, down from HKD 1,091,216 in the same period of 2023[34]. Assets and Liabilities - Non-current assets totaled HKD 85,505,815 as of June 30, 2024, compared to HKD 84,688,161 at the end of 2023, indicating a growth in asset base[9]. - Current assets decreased slightly to HKD 54,324,280 from HKD 55,277,811, primarily due to changes in inventory and properties held for sale[9]. - Total liabilities decreased to HKD 80,562,132 from HKD 81,936,347, indicating effective management of obligations[10]. - The company's equity increased to HKD 59,267,963 as of June 30, 2024, up from HKD 58,029,625, reflecting a stronger financial position[10]. - The total assets of the company reached HKD 43,117,947,000 as of June 30, 2024, compared to HKD 41,802,210,000 at the start of the year, indicating a growth of approximately 3.14%[11]. - The company's total liabilities as of June 30, 2024, were HKD 80,562,132, down from HKD 81,936,347 as of December 31, 2023[25]. - Total liabilities as of June 30, 2024, were HKD 27,244,841, a decrease from HKD 28,576,924 as of December 31, 2023[45]. - Current liabilities amounted to HKD 25,856,851, down from HKD 27,193,739 as of December 31, 2023[45]. Cash Flow - Net cash inflow from operating activities for the six months ended June 30, 2024, was HKD 4,875,738, an increase of 12% from HKD 4,353,697 in the same period of 2023[13]. - Cash and cash equivalents at the end of the period were HKD 12,361,739, down from HKD 13,685,986 at the end of June 2023, a decrease of 10%[14]. - The net increase in cash and cash equivalents for the six months was HKD 1,044,227, compared to HKD 5,209,539 in the same period last year, indicating a significant decline[14]. - The financing activities resulted in a net cash outflow of HKD 1,528,835, contrasting with a net inflow of HKD 2,326,172 in the same period of 2023[13]. Segment Performance - Water resources segment revenue for the six months ended June 30, 2024, was HKD 7,051,438, a decrease of 11.3% from HKD 7,950,125 in the same period of 2023[19]. - Property investment and development segment revenue for the six months ended June 30, 2024, was HKD 3,582,522, an increase of 114.5% from HKD 1,673,223 in the same period of 2023[19]. - The hotel operations and management segment reported a pre-tax profit of HKD 60,216 for the six months ended June 30, 2024, down from HKD 91,160 in the same period of 2023[21]. - The water resources segment generated revenue of HKD 6,653,978, down 12.0% from HKD 7,567,492 in the previous year[29]. - The property investment and development segment saw a significant increase in revenue to HKD 2,890,506, up 171.5% from HKD 1,064,468[29]. Dividends - The interim dividend declared is HKD 0.2397 per share, to be distributed around October 30, 2024[3]. - The interim dividend declared was HKD 23.97 cents per share, an increase from HKD 18.71 cents per share in the previous year[35]. - The board declared an interim dividend of HKD 0.2397 per share for the six months ending June 30, 2024, an increase from HKD 0.1871 per share in 2023[133]. Strategic Focus - The company plans to maintain its focus on market expansion and new product development in the upcoming quarters[7]. - The company plans to continue expanding its investment in infrastructure projects in mainland China, focusing on roads and bridges[18]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[24]. - The company aims to enhance operational efficiency and market competitiveness through strategic transformation and a focus on high-quality development[112]. - The company is actively pursuing high-value business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[114]. Governance and Compliance - The company has complied with the corporate governance code during the six months ended June 30, 2024[123]. - The company has no purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2024[127].

Investment Rating - Maintains an "Overweight" rating [2][4] Core Views - The company demonstrates stable operations with steady growth in water resource operations and sufficient cash flow, maintaining a high dividend payout ratio of 65% [3][4] - The company's water resource and power generation businesses show stable growth, offsetting the decline in property investment and development profits and the 2.2% depreciation of RMB against HKD [4] - The property investment and development business has shown improvement, with significant revenue growth in certain segments [4] Financial Performance - 2024H1 revenue reached HKD 12.291 billion, an 8% year-on-year increase, while net profit attributable to shareholders decreased by 5% to HKD 2.411 billion [4] - Adjusted 2024-2025 net profit forecasts to HKD 3.69 billion (previously HKD 4.55 billion) and HKD 4.14 billion (previously HKD 4.91 billion), respectively, and introduced a 2026 forecast of HKD 4.45 billion [4] - EPS for 2024-2026 is projected at HKD 0.56, HKD 0.63, and HKD 0.68, respectively [4] Business Segments Water Resource Operations - Water supply revenue to Hong Kong increased by 2% to HKD 2.802 billion, while revenue from Shenzhen and Dongguan decreased by 1% to HKD 683 million [4] - Pre-tax profit from the East River-Shenzhen Water Supply Project (excluding exchange differences and net financial expenses) grew by 5% to HKD 2.325 billion [4] - Current water supply and sewage treatment capacities under construction are 1.287 million tons/day and 50,000 tons/day, respectively [4] Property Investment and Development - Revenue from Yuehai Tianhe City property investment increased by 11% to HKD 793 million, driven by higher average rental rates and occupancy levels, as well as contributions from the newly opened Yuehai Tiandi project [4] - Yuehai Property revenue surged by 188% to HKD 2.804 billion, with sales revenue from properties reaching HKD 2.779 billion [4] - Pre-tax loss for Yuehai Property was HKD 283 million, but adjusted for fair value changes, impairment of properties under development, and net financial expenses, the pre-tax loss was HKD 105 million [4] - As of mid-2024, Yuehai Property held completed properties for sale worth HKD 8.664 billion and properties under development worth HKD 21.949 billion, totaling HKD 30.613 billion [4] Dividend Policy - The company maintains a high dividend payout ratio of 65%, with an interim dividend of HKD 23.97 cents per share [4] - Operating cash inflow for 2024H1 was HKD 4.876 billion, with capital expenditures of HKD 445 million [4] Market Data - Current stock price: HKD 4.68 [5] - 52-week price range: HKD 3.35 - HKD 6.21 [5] - Current market capitalization: HKD 30.597 billion [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 截至2024年6月30日止六個月 中期業績公告 截至 6 月 30 日止六個月未經審核財務摘要 | --- | --- | --- | --- | |--------------------------|---------------|---------------|-------| | | 2024 年 | 2023 年 | 變動 | | | 千港元 | 千港元 | % | | 收入 | 12,290,690 | 11,369,355 | +8.1 | | 發展中待售物業撇減 | - | (134,505) | | | 投資物業公允值變動 | (60,360) | 384,613 | | | 稅前利潤 | 3,664,178 | 3,942,351 | -7.1 | | 歸屬於本公司所有者的溢利 | 2,410,985 | 2,526,909 | ...

会员员务必注意本次电话会议交流内容仅限相关会员员内部参考任何机构或会员不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 非常高兴今天我们请到了业海飞机的董事副总经理曾总还有就是乔总监梁总还有就是曾晨布的两位同事来跟我们分享一下公司二四年一季度的一个业绩情况接下来要不我们曾总能不能先点药给我们提炼一下公司一季度的一点亮点给大家总结一下然后我们再进入一个问答环节可以吗曾总好的 我们昨天就公布了我们一期的业绩收入方面我们是有一个比较大的增长增长了接近两成去到64个亿然后在宣传利润方面就反而下跌了6.3%然后股东应战利润就跌了不多跌了非常小跌了0.9% 这个三个变化都有它的内容这个都不太一样我们一个一个讲首先收入方面的增加接近两成输了大概是10个多亿这个增长主要是我们粤海之地卖楼增加了粤海之地今年一季度就卖了17个亿卖房 就跟去年同期只有4个月增长了13个亿所以就是在收益方面的增加主要是从卖楼方面不过可能大家也看过了资金其实是亏损的它之前也出了一个盈利警告如果从它的经营利润来看了卖楼业 ...