即时点评 销气毛差持续修复，中期派息大幅增长 华润燃气（1193 HK） 2024-09-02 星期一 事件： 截至 2024 年 6 月 30 日止六个月，公司实现营业收入 520.8 亿港元， 同比增加 7.7%。股东应占净利润为 34.57 亿港元，同比减少 2.5%，剔 除去上半年同期重庆燃气并表产生的一次性收益影响后，公司核心利 润为 34.6 亿港元，同比增长 21.2%；上半年公司经营现金流 42.5 亿港 元，公司拟派中期股息 25 港仙/股（2023 上半年：10 港仙/股）。 相关报告 点评观点： ➢ 上半年总销气量同比增长 5.3%，销气毛差持续修复： 上半年，公司总销气量 209.0 亿立方米，同比增长 5.3%，其中工业气 量增长 3.7%，商业气量增长 8.1%，居民气量增长 7.0%；期内增加年 度合同指标量 7.5 亿方，新年度气源合同覆盖率增至 99.7%，统筹气 量 17.5 亿方，同比增长 30%，并补充非常规资源超 2 亿方，公司多元 化气源结构有利进一步优化上游采购成本；上半年公司销气毛差 0.54 元/方，同比增加 4 分/方，公司全年销气毛差指引为 0.53-0. ...

上半年售气毛差改善幅度较大，期内核心利润超预期。公司上半年核心盈 利上升 21%至 34.6 亿港元，高于我们预期 8%。当中盈利增长贡献较多的 是零售气分部，期内零售气量同比增长 5.3%，售气毛差上升 4 分至每立方 0.54 元（人民币，下同），对比我们预期的 0.50 元。同时综合服务收入/ 分部经营利润维持较快增长（同比+20%/+22%），部分抵销接驳工程分部 利润同比下跌29%的影响。期内公司居民接驳量同比减少30 万户至134 万 户。另外，销售及分销/行政开支均比我们预期低 5-6%，推动整体经营利 润高于我们预期22%。另外，相比今年3 月公司在2023 年度只维持派息比 率持平，中期股息同比提升 67%至每股 0.25 港元，是一个惊喜。 2024-26 年盈利预测有较大幅度的提升。我们预测 2024/25 全年零售气量 同比増长 5.3%/5.1%，售气毛差分别为每立方 0.53/0.54 元。至于接驳工 程，我们预期公司在 2024/25 年的居民新增接驳量为 280/240 万户（同比 下降 17%/14%），管理层表示目前约 280-290 万户的指引是参考 2023 年度 的新 ...

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依 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） 截至二零二四年六月三十日止六個月的中期業績 | --- | --- | --- | --- | |------------------------------------|---------------------|-------------------|-----------| | 華潤燃氣錄得中期主要業績指標如下： | 二零二四年 上半年 | 二零二三年 上半年 | 增加╱減少 | | 營業額（百萬港元） | 52,076 | 48,370 | 7.7% | | 本公司擁有人應佔溢利（百萬港元） | 3,457 | 3,545 | -2.5% | | 每股基本盈利（港元） | 1.52 | 1.56 | -2.6% | | 燃氣總銷量（百萬立方米） | 20,901 | 19,842 | 5.3% | | 累計已接駁客戶總數（百萬） | 58. ...

证券研究报告 | 2024年08月21日 华润燃气（01193.HK） 优于大市 城燃销气量位列五大城燃第一，居民用气顺价有望修复盈利能力 五大城燃之一，城燃销气量居首。公司城燃主业涵盖 25 个省份 276 个项 目，覆盖 3 个直辖市和 15 个省会城市。2023 年，公司全年零售天然气 销气量 387.8 亿方，为"五大城燃"中城燃销气量最高的公司。公司气 量结构中，工业气量占比最高，达 51.9%，居民气量占比 24.3%，商业 气量占比 21.2%；车用气量占比 2.6%。公司平均销气价格和成本随市场 价格回落，平均销气价格 3.50 元/方，居民燃气顺价带动平均毛差上行， 达 0.51 元/方。 "双碳"推动天然气需求持续增长。天然气是替代煤炭，实现能源结构低 碳转型的重要能源形式，在"双碳"相关政策推动下，天然气需求有望 持续增长。分行业看，居民用气需求受益于我国城市化程度不断提高， 燃气普及率上升；工业、化工领域"煤改气"催化工业和化工用气需求， 气价维持地位有利于提高用户用气积极性；车用气经济优势显现，LNG 汽车增长势头强劲，有望带动车用气量快速增长。 国际市场供需趋于宽松，气价有望维持较 ...

Financial Performance - Revenue grew by 7.3% year-on-year to HKD 101.27 billion in 2023[11] - The Group's profit attributable to owners increased by 10.4% to HK$5.22 billion, with a proposed final dividend of 100.69 HK cents and a total dividend of 115.69 HK cents for the year, representing a dividend payout ratio of 50.3%[15] - The Group's comprehensive service revenue increased by 27.0% to HK$4.04 billion, with segment profit growing by 19.0% to HK$1.37 billion, and excluding currency fluctuations, revenue and profit grew by 33.3% and 24.9%, respectively[24] - The Group achieved a turnover of HK$101.27 billion in 2023, representing a year-on-year increase of 7.3%[38] - The Group's operating cash flow increased by HK$5.8 billion to HK$10.16 billion, representing a 58.0% year-on-year growth[36] - The Group's share price increased by 7.5 times from HK$3.4 in 2008 to HK$25.6 in 2023, and its market capitalization grew by 19.2 times from HK$3.08 billion to HK$59.24 billion[41] - The Group's profit increased by 21.8 times from HK$240 million in 2008 to HK$5.22 billion in 2023, while turnover grew by 33.9 times from HK$2.99 billion to HK$101.27 billion[41] - In 2023, the Group's revenue increased by 7.3% to HK$101.27 billion, with profit attributable to owners rising by 10.4% to HK$5.22 billion[46] - The Group's operating profit increased by 6.3% to HK$9.21 billion in 2023, and cash generated from operations rose from HK$4.35 billion in 2022 to HK$10.16 billion in 2023[46] - Revenue for 2023 increased by 7.3% to HK$101,271,905,000 compared to HK$94,338,329,000 in 2022[66] - Gross profit rose by 2.0% to HK$18,451,671,000 from HK$18,081,851,000 in 2022[66] - Profit for the year grew by 11.9% to HK$7,058,886,000 from HK$6,308,519,000 in 2022[66] - Net cash from operating activities surged by 133.4% to HK$10,156,593,000 from HK$4,351,390,000 in 2022[66] - Total assets increased by 22.8% to HK$137,871,085,000 from HK$112,303,585,000 in 2022[69] - Bank balances and cash grew by 55.0% to HK$9,978,468,000 from HK$6,437,479,000 in 2022[69] - Net profit margin (attributable to shareholders) improved by 0.2ppt to 5.2% from 5.0% in 2022[70] - Return on equity increased by 0.8ppt to 12.8% from 12.0% in 2022[70] - Total equity rose by 20.6% to HK$63,383,682,000 from HK$52,545,423,000 in 2022[69] - The Group's annual revenue in 2023 amounted to HK$101.27 billion, a 7.3% increase from HK$94.34 billion in 2022, driven by rapid development in gas sales and rising upstream natural gas prices[74] - Profit attributable to owners of the Company increased by 10.4% to HK$5.22 billion in 2023 from HK$4.73 billion in 2022[74] - Net operating cash flow after tax in 2023 was HK$10.16 billion, with bank balances and cash totaling HK$9.98 billion at the end of the year[75] - Net cash inflow after tax from operations during the year amounted to HK$10.16 billion (2022: HK$4.35 billion)[77][79] - Bank balances and cash at year-end were HK$9.98 billion (2022: HK$6.44 billion), with 99.45% denominated in Renminbi[77][79] - The Group's reserves available for distribution to shareholders at 31st December 2023 amounted to HK$40,540,830,000[179] - The company recommended a 2023 Final Dividend of 100.69 HK cents per share, with a total distribution for 2023 of 115.69 HK cents per share (2022: 105 HK cents per share)[180][181] Gas Sales and Operations - Total natural gas sales volume increased by 8.1% year-on-year to 38.78 billion cubic meters in 2023[11] - Annual gas sales volume reached 38.784 billion cubic meters, serving 57.78 million customers by the end of 2023[8] - Natural gas sales increased by 8.1% to 38.78 billion cubic meters, with industrial gas sales accounting for 51.9% (20.11 billion cubic meters), commercial gas sales for 21.2% (8.21 billion cubic meters), and residential gas sales for 24.3% (9.44 billion cubic meters)[16][17] - The Group's national apparent consumption of natural gas reached 394.53 billion cubic meters, a 7.6% increase year-on-year, with a total gas volume of approximately 3.00 billion cubic meters, representing a 68.0% year-on-year increase[15] - Gross gas sales volume increased by 8.1% from 35.89 billion m3 in 2022 to 38.78 billion m3 in 2023[48] - Revenue from sales and distribution of gas fuel and related products accounted for 81.6% of total revenue in 2023, up from 79.6% in 2022[46] - Gross gas volume in 2023 reached 38.78 billion cubic meters, an 8.1% increase compared to the previous year[74] - Total connected customers increased by 3,412,568 to 57,779,698 in 2023, with residential customers accounting for 57,294,810, a 3,369,962 increase from 2022[73] - Gross sales volume of gas increased by 8.1% to 38,784 million cubic meters in 2023, with residential, industrial, and commercial segments growing by 11.1%, 7.2%, and 9.0% respectively[73] Expansion and Acquisitions - CR Gas operates 276 city gas projects across 25 provinces in China, including 15 provincial capitals and 76 prefecture-level cities[5] - The total connectable population covered by CR Gas is 346 million[8] - CR Gas aims to expand through sustainable organic growth and quality external acquisitions while exploring new opportunities in the gas value chain[14] - The Group developed 41,310 new industrial and commercial users and 3,313,000 residential users, including 2,833,000 new house connections, 384,000 old house connections, and 46,000 rural "coal-to-gas conversion" users[19] - The Group signed 3 new projects and registered 8 projects, expanding its operational region by 4,057 square kilometers, and consolidated 重慶燃氣集團股份有限公司, acquired 51% equity in 昆明煤氣（集團）控股有限公司, and increased its shareholding in 廈門華潤燃氣有限公司 by 2%[20][21] - The Group's registered city gas projects reached 276, spanning 25 provinces, including 15 provincial capital cities and 76 prefecture-level cities[22] - The Group invested in 11 new projects in 2023, with expected improvements in return rates as these projects achieve higher operating efficiency and generate more returns[75] - The Group spent HK$2.74 billion in capital expenditure for acquisition expansion and HK$5.15 billion on upgrading and expanding city gas pipelines and related facilities (2022: HK$6.24 billion)[77][79] - In 2023, the Company invested or paid HK$2.74 billion in 11 city gas projects, with most projects wholly or majority-owned by the Group[190] - As of December 31, 2023, CR Gas's portfolio included 276 city gas projects, covering 25 Chinese provinces, including 15 provincial capitals and 76 prefecture-level cities[190] Operational Efficiency and Cost Management - The company focuses on improving operational efficiency and consolidating its core advantages in the city gas market of sophisticated regions[13] - Centralized procurement accounted for 90.14% of total material procurement expenditure by the end of 2023, reducing costs while maintaining product quality[53] - The company implemented benchmarking initiatives across all business sectors, leading to significant improvements in cost reductions and performance in 2023[50] - The company centralized design and construction activities, enhancing standardization and further reducing costs[52] - The company improved customer service by increasing household safety inspection success rates, shortening complaint processing times, and promoting internet payments[53] - The company enhanced cash management by including more member companies in the system, significantly increasing cash reserves and reducing overall borrowing costs[54] - The company streamlined supply chain management with rigorous tender systems and new guidelines for projects and quality control[53] - The company promoted IT systems across various operational levels, including project management, financial reporting, and customer service, to improve efficiency[53] - The Group centralized cash management, significantly increasing the cash pool size and reducing overall borrowing costs[55] - The Group implemented taxation rationalization measures to reduce tax exposure and expedite tax setoffs and refunds[55] Safety and Training - The Group conducted safety audits for 74 regional companies, identifying over 5,031 hidden safety hazards in 2023[57][58] - The Group provided a total of 372,800 person/times of safety training for employees in 2023[57][59] - The Group invested HK$0.111 billion in 2023 to complete the transformation of 80 km of cast iron pipeline[58] - The Group operates 5 regional training centers across China, located in Wuxi, Jining, Zhengzhou, Fuzhou, and Chengdu[60][61] Corporate Governance and Leadership - Mr. YANG Ping, aged 49, was appointed as Executive Director and CEO on 23rd December 2021, and is also the chairman of the Corporate Governance Committee[92][93] - Mr. LI Xiaoshuang, aged 45, was appointed as Executive Director on 8th December 2023, and has been Vice President since 2016 and CFO since 2017[94] - Mr. WANG Gaoqiang, aged 54, was appointed as Non-executive Director on 15th September 2021, with over 30 years of experience in corporate finance and internal audit[95] - Mr. LIU Jian, aged 63, was appointed as Non-executive Director on 15th September 2021, with extensive experience in international trade and sales[96] - Ms. GE Lu, aged 52, was appointed as Non-executive Director on 27th September 2023, with over 30 years of experience in the pharmaceutical industry[97] - Mr. WONG Tak Shing, aged 73, was appointed as an Independent Non-executive Director in 1998 and serves as the Chairman of the Remuneration Committee[98] - Mr. YU Hon To, David, aged 76, was appointed as an Independent Non-executive Director and Chairman of the Audit and Risk Management Committee on December 28, 2012[99] - Mr. YANG Yuchuan, aged 60, was appointed as an Independent Non-executive Director and a member of the Audit and Risk Management Committee in August 2018[100] - Mr. LI Pok Yan, aged 66, was appointed as an Independent Non-executive Director and a member of the Remuneration Committee on 27th September 2023[101] - The Company has adopted the mandatory provisions of the Corporate Governance Code and maintains a Corporate Governance Handbook, updated since 2005[107][108] - The Company complied with the Corporate Governance Code throughout the year, except for deviations from provisions C.3.3 and F.2.2[108][109] - The Board consists of 2 Executive Directors, 4 Non-executive Directors, and 4 Independent Non-executive Directors, with one-third of Directors required to retire by rotation at each annual general meeting[114] - The Board held 5 meetings in 2023, with detailed attendance records provided for each Director[115][116] - The company held one general meeting in 2023, with attendance details for Directors[117] - The company has a total of 58,608 employees as of the end of 2023, comprising approximately 19,341 females and 39,267 males, reflecting a gender ratio of 2:1[120][121] - To achieve gender diversity on the Board, the company appointed one female Director in 2023 to comply with the Listing Rules[120][121] - The Board will annually review the implementation and effectiveness of the Board diversity policy, considering it effective in achieving diversity[122] - The Nomination Committee did not set any measurable objectives for achieving diversity on the Board during the review year[120][121] - The company encourages all Directors to participate in continuous professional development to enhance and update their knowledge and skills[125][126] - The Audit and Risk Management Committee reviewed the financial statements and yearly results announcement for 2022, and the half-yearly and yearly results for 2023, including the Group's financial and accounting policies and practices[139] - The Audit and Risk Management Committee held four meetings in 2023, with detailed attendance records for each member[140] - The Remuneration Committee held three meetings in 2023 to review and determine the bonus and compensation of Executive Directors and senior management[142] - The remuneration of senior management for the year ended 31st December 2023 is categorized into bands, with 3 individuals earning between HKD2,000,001 to HKD2,500,000 and 4 individuals earning between HKD2,500,001 to HKD3,000,000[144] - The Nomination Committee held two meetings in 2023, with attendance details provided for each member[149][150] - The Nomination Committee evaluates candidates based on criteria including diversity, commitment, industry experience, integrity, and potential contributions to the Board[151] - The Nomination Committee may consult various sources for identifying suitable candidates, such as referrals, advertising, and third-party recommendations[153] - The Nomination Committee considers factors like attendance, participation, and performance when recommending retiring Directors for re-appointment[151] - The Nomination Committee follows a structured process for evaluating and recommending candidates, including interviews, background checks, and submission of personal information[153] - The Investment Committee was responsible for making investment decisions within the threshold of US$8 million to US$20 million or other thresholds authorized by the Board[155] - The Investment Committee was dissolved and discharged on 25th August, 2023[155] - The Corporate Governance Committee held one meeting on 31st March, 2023, with full attendance from its members[158] - The Board maintains an effective risk management and internal control system to manage risks related to ESG and other business objectives[159] - The Internal Audit Division conducted reviews of key risk management systems and reported findings to the Audit and Risk Management Committee for further improvement[159] - The Company has adopted anti-corruption and whistleblowing policies to regulate employee conduct and report any misconduct[160] - The Board is satisfied with the effectiveness of the current risk management and internal control systems based on the annual review[160] - The Company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors complied with the code during the year[161] - The company paid HK$12.234 million for audit services and HK$1.335 million for interim review services in 2023[167] - Non-assurance services, including assurance on continuing connected transactions and agreed-upon procedures on annual results, cost HK$556,000 and HK$111,000 respectively in 2023[167] - Total fees paid or payable to the external auditor, KPMG, amounted to HK$14.236 million for the year ended 31st December 2023[167] - The company's risk management and internal control systems were deemed effective by the Board based on the annual review[162] - The company has adopted an anti-corruption and anti-bribery policy and a whistleblowing policy to address improprieties[162] - All directors complied with the Model Code for Securities Transactions by Directors during the year[163] - The company's shareholders holding at least one-tenth of the paid-up capital can convene a special general meeting[170] - Shareholders holding at least 5% of the paid-up capital or 100 registered shareholders can request the company to circulate a statement of up to 1,000 words for a general meeting[170] - The company's Company Secretary, Mr. LO Chi Lik Peter, resigned effective 1st January 2024, and Ms. CHENG Kwai Yuk was appointed as the new Company Secretary[169] - The primary contact for the Company Secretary is Mr. LI Xiaoshuang, the Executive Director and Chief Financial Officer[169] Sustainability and ESG - The Group's ESG rating was maintained at A by MSCI, reflecting its commitment to sustainable development[35] - The company aims to become a world-class energy service enterprise trusted by the public, focusing on reducing energy costs and carbon emissions for customers[110][111] - The company's strategy includes innovation in development models, upgrading products and services, and adhering to a low-carbon cycle to enhance sustainability[112] - Charitable donations by CR Gas amounted to HK$3,695,000 with cumulative volunteer services of 79,000 persons/times in 2023[65] Market and Economic Environment - China's GDP grew by 5.2% year-on-year in 2023, with natural gas consumption expected to continue steady growth[11] - Natural gas sales are expected to grow steadily in 2024, supported by declining international natural gas prices and China's push for carbon neutrality[42] - Moody's, Standard & Poor's, and Fitch maintained the Group's credit rating at A2, A-, and A- respectively in 2023, reflecting strong financial performance[39][41] - The Group plans to adhere to the "1+2+N" business strategy in 2024, focusing on steady growth in principal business and

Investment Rating - The investment rating for the company is "Buy" [2][11][12] Core Insights - The company's gas sales profitability has improved, with steady recovery in performance. In 2023, the company achieved revenue of HKD 101.3 billion, a year-on-year increase of 7.4%. The total segment performance reached HKD 13.08 billion, up 15.0% year-on-year, with net profit attributable to shareholders at HKD 5.22 billion, reflecting a 10.4% increase [4][10][11] - The gas sales volume showed robust growth, with revenue from gas sales reaching HKD 85.9 billion, a 9.5% increase year-on-year. Retail gas volume reached 38.78 billion cubic meters, up 8.1% year-on-year [8][10] - The company is focusing on integrated energy services, with a clear direction for development in distributed energy and distributed photovoltaic sectors. In 2023, revenue from integrated services grew by 27% to HKD 4.04 billion [9][10] - The cash flow situation is strong, with net operating cash flow increasing by 133% to HKD 10.16 billion in 2023. The company plans to distribute a dividend of HKD 1.1569 per share, a 10.2% increase year-on-year, with a payout ratio of 50.3% [10][11] Summary by Sections Financial Performance - In 2023, the company reported total revenue of HKD 101.3 billion, with a year-on-year growth of 7.4%. The net profit attributable to shareholders was HKD 5.22 billion, marking a 10.4% increase [4][7][10] - The company plans to achieve revenues of HKD 105.8 billion, HKD 111.3 billion, and HKD 119.4 billion in 2024, 2025, and 2026 respectively, with expected year-on-year growth rates of 4.5%, 5.2%, and 7.3% [3][11] Business Segments - The gas sales segment generated revenue of HKD 85.9 billion, with a segment profit of HKD 7.6 billion, reflecting a 29% year-on-year increase. The connection business saw a revenue decline of 11% to HKD 10.89 billion [7][8] - Integrated services revenue increased by 27% to HKD 4.04 billion, with a segment profit of HKD 1.37 billion, up 19% year-on-year [9][10] Cash Flow and Dividends - The company reported a net operating cash flow of HKD 10.16 billion, a 133% increase year-on-year. The cash and bank deposits at the end of 2023 were HKD 9.98 billion, up 55% year-on-year [10][11] - The dividend per share is set at HKD 1.1569, a 10.2% increase from the previous year, with a payout ratio of 50.3% [10][11]

研究报告Research Report 4 Apr 2024 华润燃气 China Resources Gas (1193 HK) 城燃主业增长稳健，接驳业务受宏观环境制约承压 Town Gas Business Grow Steadily, Whilst Connection Business Under Pressure as Affected by Slowing Economy [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2023年业绩增速低于市场预期。公司 2023年实现营收1012.72 亿 评级 优于大市OUTPERFORM 港元，同比增长 7.4%；股东应占溢利 52.24 亿港元，同比增长 现价 HK$22.80 目标价 HK$25.39 10.36%；每股盈利2.3港元，同比提升0.21港元。盈利能力方面， 2023年公司毛利率18.2%，同比下滑0.95%；营业利润率9.3%，同 HTI ESG ...

业绩点评 业绩点评 综合服务及综合能源业务具增长潜力 华润燃气（1193.HK） 2024-04-02 星期二 主要财务指标 关键指标 2020A 2021A 2022A 2023A 营业总收入(百万港元) 55,864 78,175 94,338 101,272 增长率(%) -1.95 39.94 18.45 7.35 归母净利润(百万港元) 5,151 6,395 4,733 5,224 增长率(%) 2.14 24.15 -25.99 10.36 EPS（港元） 2.31 2.82 2.09 2.30 ROE(摊薄)(%) 14.20 15.50 12.03 12.81 ROA(%) 10.38 11.24 8.19 7.58 数据来源：Wind、公司公告、国元证券经纪（香港）整理 相关报告 业绩点评： ➢ 2023年盈利同比增长10.36%，派息率稳定提升： 2023 年公司实现收入 1,012.72 亿港元，同比增加 7.35%；股东应占溢利 52.23 亿港元，同比增加 10.36%；已付中期股息及拟派每股末期股息 1.1569 港元，同比增长 10.18%。公司每股派息额由 2016 年的 0 ...

港股公司报告 | 公司点评 华润燃气（01193） 证券研究报告 2024年04月 02日 投资评级 持续看好城燃主业量价齐升带来的业绩修复 行业 公用事业/公用事业 6个月评级 买入（维持评级） 事件 当前价格 24.95港元 目标价格 港元 公司公布 2023 年年报。2023 年公司实现营业收入 1012.72 亿港元，同比 增加7.35%；公司拥有人应占溢利 52.24 亿港元，同比增长 10.36%；已付 基本数据 中期股息及拟派每股末期股息共1.1569港元/股，同比增长10.18%。 港股总股本(百万股) 2,314.01 点评 港股总市值(百万港元) 57,734.62 零售：零售气规模稳健增长，盈利能力大幅改善 每股净资产(港元) 17.62 资产负债率(%) 54.03 销气量方面，2023年全国天然气表观消费量3945.3亿方，同比增长7.6%。 一 年内最高/最低(港元) 29.75/20.40 公司全年零售气量同比增长8.1%至387.8亿方，高于同年全国增速。销气 量结构方面，居民气量同比增长11.1%至94.4亿方；商业气量同比增长9% 作者 至82.1亿方，工业气量同比增长7. ...

交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年4月1日 港元24.95 港元22.90↓ -8.2% 华润燃气 (1193 HK) 2023 年费率高于预期及派息增长有限，维持中性评级  经营开支增长较快下盈利不及预期，末期息没有惊喜。华润燃气2023年 个股评级 盈利同比增长10%，低于我们/市场预期8%/7%。当中主要因为公司管理及 中性 行销开支高出我们预期10%/16%，这是在往年较少出现的情况。同时，联 营/合营盈利贡献亦低于我们预期34%/18%，我们相信是民用气顺价比率 1年股价表现 低于预期所致。期内公司零售气量增长8%，毛差为每方0.51人民币，合 乎预期。新增居民接驳337万户，略高于我们预期5%。值得留意的是公 1193 HK 恒生指数 5% 司派息比率只维持在50%，末期息只随盈利增长10%至每股1港元。 0% -5% -10%  新增接驳量的下降趋势将继续拖累公司盈利增长。管理层解释管理及行销 -15% 开支去年的上升主要因为合营项目并表所致，我们预期在售气量同比增长 -20% -25% 下，费率占收入比率将有所收窄。售气量方面，管理层表示今年1-2月份 -3 ...