公司名稱: 港燈電力投資與港燈電力投資有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 10,0 ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2025, but costs exceeded expectations, leading to a lower-than-expected net profit. The company maintains a positive outlook on future capital expenditures and net profit growth due to ongoing projects and regulatory agreements [1][3]. Financial Performance - Revenue for 2025 reached HKD 12.125 billion, a year-on-year increase of 0.56% - Net profit attributable to shareholders was HKD 3.149 billion, a year-on-year increase of 1.22%, slightly below the expected HKD 3.342 billion due to higher-than-expected cost increases [1] - The dividend per share (DPS) remained stable at HKD 0.3203, with a dividend yield of 4.7% [1] Capital Expenditure and Growth Plans - Capital expenditure for 2025 increased by 14% to HKD 4.153 billion, with a total capital expenditure plan of HKD 22 billion for 2024-2028 [3] - The average annual capital expenditure for 2026-2028 is projected to be HKD 4.729 billion, a 14% increase compared to 2025 [3] - The company is committed to increasing natural gas generation capacity, with a target of 69% by 2025, and plans to phase out coal-fired units [2] Profit Forecast and Valuation - The company expects net profits for 2026-2028 to be HKD 3.207 billion, HKD 3.279 billion, and HKD 3.368 billion, respectively [3] - The estimated price-to-book (PB) ratio for 2026 is set at 1.40x, with a target price of HKD 7.84, reflecting a positive outlook on future capital expenditures and net profit growth [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.84, up from the previous target of HKD 7.32 [6][4]. Core Insights - The company reported a revenue of HKD 12.125 billion for 2025, a year-on-year increase of 0.56%, and a net profit attributable to shareholders of HKD 3.149 billion, up 1.22% year-on-year, slightly below expectations due to higher-than-expected cost increases [1][4]. - The company plans to increase its capital expenditure significantly, with an average of HKD 4.729 billion per year from 2026 to 2028, representing a 14% increase compared to 2025 [3][4]. - The company is transitioning to natural gas power generation, aiming for a 69% share by 2025, with plans to phase out coal-fired units in line with Hong Kong's carbon reduction goals [2][3]. Summary by Sections Financial Performance - For 2025, the company expects a revenue of HKD 12.125 billion and a net profit of HKD 3.149 billion, with projections for 2026-2028 net profits of HKD 3.207 billion, HKD 3.279 billion, and HKD 3.368 billion respectively [10][4]. - The earnings per share (EPS) for 2026 is projected at HKD 0.36, with a dividend per share (DPS) of HKD 0.3203, maintaining a dividend payout ratio of 100% of distributable income [1][10]. Capital Expenditure and Growth Plans - The company’s capital expenditure for 2025 is projected to be HKD 4.153 billion, a 14% increase from the previous year, with a total capital expenditure plan of HKD 22 billion from 2024 to 2028 [3][4]. - The company is advancing its development plan, including the construction of a 380MW gas combined cycle power unit, expected to be operational by early 2029, which will further increase the share of natural gas in its energy mix to approximately 80% [2][3]. Valuation Metrics - The report estimates a price-to-book (PB) ratio of 1.40x for 2026, reflecting the anticipated increase in capital expenditures and the company's ability to convert these into fixed assets, thereby enhancing net profits [4][10]. - The company’s historical average PB ratio is noted at 0.95x, indicating potential for valuation upside based on future growth and capital investments [4][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.84, up from the previous target of HKD 7.32 [6][4]. Core Insights - The company reported a revenue of HKD 12.125 billion for 2025, a year-on-year increase of 0.56%, and a net profit attributable to shareholders of HKD 3.149 billion, up 1.22% year-on-year, slightly below expectations due to higher-than-expected cost increases [1][4]. - The company plans to increase its capital expenditure, with an average of HKD 4.729 billion per year from 2026 to 2028, representing a 14% increase compared to 2025, which is expected to support steady growth in net profit [3][4]. - The company aims to phase out coal-fired units and increase natural gas generation capacity, targeting a natural gas generation ratio of 69% by 2025, with further increases expected as new projects come online [2][3]. Summary by Sections Financial Performance - For 2025, the company expects a revenue of HKD 12.125 billion and a net profit of HKD 3.149 billion, with projected earnings per share (EPS) of HKD 0.36 [10][4]. - The company’s dividend per share (DPS) is expected to remain stable at HKD 0.3203, resulting in a dividend payout ratio of 90% of net profit [1][4]. Capital Expenditure and Growth Plans - The total capital expenditure for 2024-2028 is projected to reach HKD 22 billion, with a focus on maintaining high levels of investment to support future growth [3][4]. - The company is advancing its development plan, including the construction of a 380MW gas combined cycle unit, expected to be operational by early 2029, which will further enhance its natural gas generation capacity [2][3]. Profitability and Valuation - The report forecasts net profits for 2026-2028 to be HKD 3.207 billion, HKD 3.279 billion, and HKD 3.368 billion respectively, with corresponding EPS estimates of HKD 0.36, HKD 0.37, and HKD 0.38 [10][4]. - The valuation is based on a price-to-book (PB) ratio of 1.40x for 2026, reflecting confidence in the company's ability to convert capital expenditures into fixed assets and profit growth [4][10].

Core Viewpoint - Citigroup maintains a "Neutral" rating on Hong Kong Electric Holdings (02638), forecasting a sustainable dividend yield of 4.7% from 2026 to 2028, which is only 0.5 percentage points above the yield of the US 10-year Treasury, indicating a narrowing spread [1] Group 1: Financial Performance - The forecasted net profit attributable to Hong Kong Electric's shareholders for 2025 is expected to grow by 1.2% year-on-year to HKD 31.49 billion, which is 3.4% lower than market expectations [1] - The slight miss in earnings expectations is attributed to a 7.9% year-on-year increase in direct costs, reaching HKD 60.41 billion, which exceeded expectations [1] - Citigroup has lowered its net profit forecasts for 2025 and 2026 by 1.7% to 4.8% due to rising direct costs [1] Group 2: Dividend and Target Price - The final dividend remains flat year-on-year at HKD 0.1609 per share, aligning with Citigroup's expectations [1] - The target price for Hong Kong Electric has been raised from HKD 6.6 to HKD 7.0 [1] Group 3: Industry Comparison - In the Hong Kong utility sector, Citigroup prefers China Resources Power (00270), which has a forecasted dividend yield of 6.1% for 2026 [1]

智通财经APP获悉，花旗发布研报称，维持对港灯-SS(02638)的"中性"评级，基于受规管资产回报率保 证，2026至2028年预测每年可持续股息率为4.7%。惟4.7%的股息率看来不太吸引，仅较美国10年期国 债收益率高出0.5个百分点，息差收窄。基于直接成本增加，该行下调2025至2026年预测纯利1.7%至 4.8%，目标价由6.6港元上调至7港元。 港灯2025年股份合订单位持有人应占溢利同比增长1.2%至31.49亿港元，较市场预测低3.4%。该行将盈 利轻微逊预期归因于直接成本同比增长7.9%至60.41亿港元，增幅高于预期。长期而言，基于受规管资 产基础扩大，盈利应温和增长，从而带来监管保证的8%资产回报率。其末期股息同比持平于每股16.09 港仙，符合该行预期。在香港公用事业板块中，该行偏好粤海投资(00270)，其2026年预测股息率高达 6.1%。 ...

Group 1 - The core viewpoint of the report indicates that Hongkong Electric's profit attributable to unit holders is expected to grow by 1.2% year-on-year to HKD 3.149 billion in 2025, which is 3.4% lower than market expectations [1] - The slight miss in earnings expectations is attributed to a 7.9% year-on-year increase in direct costs, reaching HKD 6.041 billion, which exceeded forecasts [1] - Long-term profitability is expected to grow moderately due to the expansion of regulated asset base, leading to a regulated return on assets of 8% [1] Group 2 - The final dividend remains flat year-on-year at HKD 0.1609 per share, aligning with the bank's expectations [1] - The bank maintains a "neutral" rating on Hongkong Electric, forecasting a sustainable dividend yield of 4.7% from 2026 to 2028 [1] - The 4.7% dividend yield appears less attractive, being only 0.5 percentage points higher than the yield on 10-year U.S. Treasury bonds, indicating a narrowing spread [1] Group 3 - Due to increased direct costs, the bank has lowered its forecast for net profit in 2025 and 2026 by 1.7% to 4.8% [1] - The target price for Hongkong Electric has been adjusted from HKD 6.6 to HKD 7 [1]

Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

Core Viewpoint - The company reported a slight increase in revenue and profit for the fiscal year 2025, while continuing to focus on sustainable development and reducing carbon emissions through ongoing projects [1] Financial Performance - Revenue for the year reached HKD 12.125 billion, representing a year-on-year growth of 0.6% [1] - Profit attributable to shareholders was HKD 3.149 billion, an increase of 1.2% year-on-year [1] - Earnings per share stood at HKD 0.3564 [1] Development Projects - The company is advancing its development plan for 2024-2028, which includes the construction of a new gas combined cycle generator unit L13 and three new single-cycle fuel oil units [1] - These projects aim to enhance power generation safety, ensure system reliability, and further reduce carbon emissions [1] - The installation of smart meters for all customers has been largely completed [1] Future Outlook - Affordable electricity prices remain a key concern for customers [1] - The company plans to reduce net electricity tariffs by 2.2% to HKD 1.633 per kWh starting January 2026, primarily due to a decrease in fuel adjustment fees [1] - Despite an increase in basic electricity fees due to ongoing capital investments, the net electricity fee will still see a reduction [1] - The company is committed to balancing electricity affordability, reliability of supply, and long-term sustainability [1]

Core Viewpoint - The company reported a slight increase in revenue and profit for the fiscal year 2025, while continuing to focus on sustainable development and cost management in electricity pricing [1] Financial Performance - Revenue for the year reached HKD 12.125 billion, representing a year-on-year growth of 0.6% [1] - Profit attributable to shareholders was HKD 3.149 billion, an increase of 1.2% compared to the previous year [1] - Earnings per share stood at HKD 0.3564 [1] Development Projects - The company is advancing its development plan for 2024-2028, which includes the construction of a new gas combined cycle generator unit L13 and three new single-cycle fuel oil units [1] - These projects aim to enhance power generation safety, ensure system reliability, and further reduce carbon emissions [1] - The installation of smart meters for all customers has been largely completed [1] Future Outlook - Affordable electricity pricing remains a key concern for customers [1] - The company plans to reduce net electricity charges by 2.2% to HKD 1.633 per kWh starting January 2026, primarily due to a decrease in fuel adjustment fees [1] - Despite an increase in basic electricity fees due to ongoing capital investments, the company is committed to managing electricity pricing to balance affordability, reliability, and long-term sustainability [1]