证券研究报告 北京控股 (392 HK) 港股通 扣非净利增长，2024 年派息率达 36% 华泰研究 年报点评 2025 年 4 月 01 日│中国香港 发电 公司公布 2024 年业绩：实现收入 840.64 亿元，同比+2.1%；归母净利 51.23 亿元，同比-6.8%；扣非净利 51.23 亿元，同比+5.0%，低于我们此前预期 （63.50 亿元），主要系北京燃气销气量增速及合联营投资收益低于我们预 期。2024 年 DPS 1.62 港元，较 2023 年（1.60 港元）同比+1.3%，股息率 5.5%（以 2025/3/31 收盘价计算）。我们认为扣非净利的增长及 DPS 的提 升有望驱动公司估值修复，维持"买入"评级。 2024 年天然气售气量同比+2.1%，中国燃气毛差稳步修复 北京燃气 2024 年售气量同比+2.1%至 238 亿方，其中北京市内-4%（暖冬 天气影响）、LNG 分销+43%、LNG 国际贸易+50%。我们预计北京燃气 25-27 年销气量增速为+4/+4/+3%，得益于京内需求稳健以及南港 LNG 接收站投 运后分销与贸易量有望扩大。中国燃气 2024 年净利润贡献 ...

2025 年 3 月 29 日，CBA 常规赛第 45 轮，北京控股队将在主场迎战福建晋江文旅队。这场比赛对于双 方来说都具有重要意义，不仅关乎常规赛的排名，更可能影响到季后赛的局势。 北京控股：主场作战，渴望延续胜利 北京控股队目前以 19 胜 23 负的战绩排名联赛第 10 位，已经锁定季后赛席位。球队在最近的比赛中表 现起伏不定，但整体状态有所回暖。在 3 月 19 日的比赛中，北京控股以 126 比 119 战胜福建晋江文 旅，取得了宝贵的胜利。这场比赛中，廖三宁砍下 31 分 5 篮板 8 助攻，朱松玮贡献 24 分，贾里德・萨 林杰更是拿下 17 分 16 篮板 12 助攻的三双数据，沈梓捷也有 14 分 7 篮板 6 助攻入账，全面的表现助力 球队获胜。 北京控股的关键球员 廖三宁：作为球队的核心后卫，廖三宁在进攻端的突破和组织能力极为出色，他的得分和助攻能够为球 队创造更多的进攻机会。 朱松玮：朱松玮在进攻端的表现一直很稳定，他的得分能力能够为球队提供稳定的火力支持。 贾里德・萨林杰：萨林杰在内线的统治力极强，他的得分、篮板和助攻能力能够为球队在内线创造优 势。 北京控股的优势 主场优势：北京 ...

智通财经APP讯，北京控股(00392)发布截至2024年12月31日止年度业绩，营业收入约840.64亿元(人民 币，下同)，同比上升2.1%;股东应佔溢利约51.23亿元，倘若撇除去年一次性事项影响，同比上升5%;每 股基本及摊薄盈利4.07元;建议派付2024年度末期股息每股0.77港元，连同中期股息每股0.85港元，全年 股息每股1.62港元，同比上升1.25%。 公告称，公司2024年积极进取，与成员企业携手合作，在多个方面取得突破，给2024年公司整体经营带 来丰硕的成果，主要体现如下： 北京燃气天津南港LNG项目在全面投产的首年，液化天然气加工量突破100万吨。 北控水务连续14年荣登中国水业十大影响力企业榜首，连续3年自由现金流为正，转型成果显现。 EEWGmbH污泥等新产线投产，运营效率提升，推动EBITDA创下历史新高。 燕京啤酒营业收入再创厉史新高，净利润首次突破10亿元，以持续双位数增长领跑行业。 持续推动债务结构优化，降低资金成本。年内熊猫债发行规模破百亿元，发行利率多次创下同期产品的 最低水平;首次对存量的美元债券进行货币掉期，降低存量美元债的成本;全年总部财务成本同比降低超 过3 ...

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部份內容而產生或因依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：392） 截至2024年12月31日止年度 之年度業績公佈 業績摘要 業務亮點 財務亮點 • 持續推動債務結構優化，降低資金成本。年內熊貓債發行規模破人民幣百億 元，發行利率多次創下同期產品的最低水平；首次對存量的美元債券進行貨 幣掉期，降低存量美元債的成本；全年總部財務成本同比降低超過人民幣3億 元。 1 • 本年度之營業收入約為人民幣840.64億元，較去年上升2.1%。 • 本公司股東應佔溢利約為人民幣51.23億元，倘若撇除去年一次性事項影響， 較去年上升5.0%。 • 每股基本及攤薄盈利人民幣4.07元。 • 建議派付2024年度末期股息每股0.77港元，連同中期股息每股0.85港元，全年 股息每股1.62港元，同比上升1.25%。 • 北京燃氣天津南港LNG項目在全面投產的首年，液化天然氣加工量突破100 萬噸。 • 北控水務連續14年榮登中國水業十 ...

BEIJING ENTERPRISES HOLDINGS LIMITED BEIJING ENTERPRISES HOLDINGS LIMITED Stock Code : 392 Interim Report 北 京 控 股 有 限 公 司 Interim Report 2024 中 期 報 告 股份代號 : 392 北京控股有限公司 2024 2024 中期報告 目錄 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 3 | 目錄 公司資料 公司架構 | | | | | | | | 4 | 財務摘要 ...

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部份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。 1 （於香港註冊成立之有限公司） （股份代號：392） 截至二零二四年六月三十日止六個月之 中期業績公佈 | --- | --- | --- | |-------|--------------------------------------------------------|-----------| | | | | | 要點 | | | | • | 二零二四年上半年之營業收入約為人民幣 423.2 億元。 | | | • | 撇除利息、稅項、折舊及攤銷前盈利約為人民幣 81.5 億元。 | | | • | 二零二四年上半年之本公司股東應佔溢利為人民幣 31.5 | 億元。 | | • | 本公司股東應佔每股基本盈利為人民幣 2.5 元。 | | | • | 宣派截至二零二四年六月三十日止六個月中期現金股息每股 | 85 港仙。 | 未經審核中期業績 北京控股有限公司（「本公司」）董事會（「董事會」）欣 ...

Financial Performance - Beijing Enterprises Holdings Limited reported a revenue increase of 3.7% to RMB 82,313,331,000 for the year ended December 31, 2023[5]. - The company's net profit attributable to shareholders decreased by 15.6% to RMB 5,498,290,000, with basic earnings per share dropping to RMB 4.36[5]. - The total assets of the company grew by 5.1% to RMB 204,454,706,000, while cash and cash equivalents increased by 4.6% to RMB 28,858,361,000[5]. - The gross profit margin slightly decreased to 13.0% from 13.3% year-on-year[6]. - The overall gross margin for 2023 was 13%, slightly down from 13.3% in the previous year, primarily due to increased costs in Beijing Gas[42]. - The company reported a total comprehensive income of RMB 4,287,763 thousand for the year, compared to RMB 3,303,433 thousand in 2022, reflecting an increase of 29.8%[152]. - The company’s retained earnings increased significantly, contributing to the overall equity growth[160]. - The company reported a significant increase in financial expenses, totaling RMB 2,644,327,000, compared to RMB 1,781,883,000 in the previous year[162]. Business Segments - The gas distribution business showed steady growth, with the successful commissioning of the Tianjin Nangang LNG project, enhancing supply capabilities in the Beijing-Tianjin-Hebei region[10]. - Despite a decline in profit contribution from China Gas Holdings Limited, the overall gross margin improved due to the implementation of a pricing mechanism in multiple regions[10]. - Beijing Gas recorded operating revenue of RMB 61.47 billion in 2023, an increase of 2.7% year-on-year, with a pre-tax profit of RMB 4.79 billion[18]. - Natural gas sales volume reached 24 billion cubic meters, with a year-on-year increase of 1.7% in pipeline gas sales within Beijing to 18.1 billion cubic meters[18]. - The beer sales volume of Yanjing Beer reached 3.94 million kiloliters, representing a year-on-year growth of 4.5%, exceeding the industry average[13]. - Beijing Enterprises Water Group reported a 14.1% increase in revenue to RMB 24.52 billion, with net profit attributable to shareholders rising by 60% to RMB 1.896 billion[24]. Dividends and Shareholder Returns - The company maintained a dividend of HKD 1.60 per share, with a payout ratio of 33%[9]. - The company plans to adjust its dividend distribution strategy based on future performance growth to reward long-term shareholder support[9]. - The company declared an interim dividend of HKD 0.93 per share on October 27, 2023, and proposed a final dividend of HKD 0.67 per share for the year ending December 31, 2023, subject to shareholder approval[73]. - The company aims to gradually increase shareholder returns to the industry average, with a dividend policy that considers financial conditions and capital needs[135]. Debt and Financing - The average financing cost rose to 3.7% from 2.8% in the previous year, indicating increased borrowing costs[6]. - Cash and bank deposits amounted to RMB 28.86 billion as of December 31, 2023, with total borrowings of RMB 76.25 billion, including RMB 33 billion in bank loans[49]. - Net borrowings increased by 17% to RMB 47.39 billion compared to the previous year[49]. - The asset-liability ratio was 45%, up from 43% in 2022, indicating a slight increase in financial leverage[52]. - The group issued a total of RMB 9.25 billion in Panda bonds, setting multiple issuance records for national and local state-owned enterprises[29]. Environmental, Social, and Governance (ESG) - The ESG rating of Beijing Holdings was upgraded from "BB" to "A" by MSCI, reflecting a leading position in the industry[14]. - The group improved its ESG rating from "BB" to "A," reflecting significant advancements in environmental management and biodiversity protection[30]. - The company has established 39 subsidiaries certified under the ISO 14001 environmental management system, enhancing its environmental management framework[68]. - The company has published its first climate change progress report, setting key targets to strengthen its resilience against climate change risks[67]. - The company is committed to responding to climate change risks and has initiated analyses and assessments in its gas business segment[67]. Strategic Initiatives and Future Outlook - The company is focused on optimizing its debt structure and enhancing shareholder returns amid challenging economic conditions[8]. - The company plans to deepen reforms in its beer business and aims to develop the Yanjing U8 into a super product with a production capacity of one million tons by the end of the 14th Five-Year Plan[15]. - The company aims to optimize its core asset structure and enhance operational efficiency in 2024, focusing on sustainable development[34]. - The company plans to expand its market presence and invest in new product development to drive future growth[160]. - Strategic acquisitions are being considered to bolster market position and operational capabilities[160]. Corporate Governance - The board of directors has undergone changes, with Mr. Geng Chao appointed as an executive director on July 8, 2023[86]. - The board has a clear separation of roles between the chairman and the CEO, enhancing governance practices[110]. - Independent non-executive directors provide independent opinions on the group's development and performance[111]. - The company has established a comprehensive training policy for new directors to ensure they understand their roles and responsibilities[109]. - The attendance rate for board meetings and shareholder meetings was consistently high, with all executive directors attending their respective meetings[107]. Financial Reporting and Compliance - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and are presented in Renminbi, rounded to the nearest thousand[176]. - The company’s financial statements must be prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, ensuring no significant misstatements due to fraud or error[144]. - The auditors assessed the appropriateness of the going concern basis of accounting and identified any significant uncertainties that may affect the company's ability to continue as a going concern[146]. - The company has established a comprehensive internal control and risk management system, which is reviewed at least annually to ensure its effectiveness[123].

Core Points - Beijing Holdings successfully issued its first 10-year Panda bond, raising a total of 2 billion RMB with a coupon rate of 2.82% [1] - The issuance attracted significant interest, with an order scale of 5.63 billion RMB, achieving a subscription multiple of 2.82 times [1] - This issuance marks several records, including the lowest coupon rate for a 10-year non-financial enterprise Panda bond and the largest single issuance scale for a 10-year bond by a foreign entity in the domestic market [1] Summary by Categories Issuance Details - The total amount raised in the issuance was 2 billion RMB, with a maturity of 10 years and a coupon rate of 2.82% [1] - The bond was issued at par value, indicating strong market confidence [1] Market Response - The order scale reached 5.63 billion RMB, reflecting a robust demand and a subscription multiple of 2.82 times [1] - The market's positive reaction underscores the recognition of Beijing Holdings' long-term development prospects and credit quality [1] Records Established - The issuance set multiple records, including: - Lowest coupon rate for a 10-year non-financial enterprise Panda bond [1] - Largest single issuance scale for a 10-year bond by a foreign entity in the domestic market [1] - Highest subscription multiple for the same maturity and type of bond in the domestic market [1] - This successful issuance indicates the establishment of a relatively complete valuation system for Beijing Holdings in the domestic bond market, covering short to long-term products [1]

智通财经APP获悉，花旗发布研究报告称，将北京控股(00392)2024年至25年纯利预测下调，目标价由33港元下调至32.8港元，其评级“买入”。该行预料，公司或会逐步上调派息比率，并追上同业约40%至50%水平。 报告中称，北京控股去年纯利同比跌15.6%至54.98亿元人民币，逊于预期，全年股息1.6元，派息比率升至33.1%，超出目标的逾30%水平，公司也重申明年提高派息比率。 ...

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佈的內容概不 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 佈 全部或任何部份內容而產生或因依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：392） 截至二零二三年十二月三十一日止年度 之年度業績公佈 摘 要 – 1 – • 本年度之營業收入約為人民幣823.1億 元，較 去 年 上 升3.7%。 • 撇 除 利 息、稅 項、折 舊 及 攤 銷 前 盈 利 約 為 人 民 幣140.2億 元。 • 本公司股東應佔溢利約為人民幣55億 元。 • 撇 除 本 年 一 次 性 事 項 影 響，本 公 司 股 東 應 佔 溢 利 為 人 民 幣48.8億 元。 • 每股基本及攤薄盈利人民幣4.36元。 • 建議派付二零二三年度末期股息每股0.67港 元，連 同 中 期 股 息 每 股0.93 港 元，全 年 股 息 每 股1.6港 元，同 比 持 平。 業 績 北京控股有限公司（「本 公 司」）董事會欣然宣佈本公司及其附屬公 ...