Investment Rating - The report assigns a "Buy" rating for several key companies in the public utility sector, including China Resources Power, Guodian Power, and Inner Mongolia Huadian [28]. Core Insights - The public utility sector is crucial for achieving national "dual carbon" goals, with a strong emphasis on environmental and social issues in the ESG evaluation framework [5][4]. - The ESG evaluation system for public utilities includes four categories of positive indicators and one category of negative indicators, focusing on objective assessment metrics [8][23]. - Recent policies from various government departments emphasize the need for green transformation, pollution prevention, and social welfare in the public utility sector [5][4]. Summary by Sections 1. ESG Policy in Public Utilities - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transformation essential for national goals [5]. - Key policies include the "14th Five-Year" energy conservation and emission reduction plan, which outlines specific requirements for green transformation and public service stability [5][4]. 2. ESG Evaluation System Construction - The ESG evaluation system consists of four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, with a total of 18 primary indicators and 35 secondary indicators [8][23]. - The negative category focuses on violations and penalties, with specific metrics for environmental, social, and governance aspects [23]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [10][9]. 4. Environmental Indicators - Environmental indicators are based on energy conservation, low carbon, and circular economy principles, with a total of four primary indicators focusing on emissions management, ecological compliance, resource utilization, and climate strategy [11][12]. 5. Social Indicators - Social indicators highlight the public utility sector's role in community development and social stability, with six primary indicators covering community contributions, employee development, innovation, supply chain responsibility, product safety, and core operational responsibilities [15][16][17]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance and decision-making, with five primary indicators focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [19][20][21]. 7. Negative Indicators - The negative indicators focus on compliance issues, with penalties for violations in environmental, social, and governance areas, deducting points for each violation [23][25].

行 业 及 产 业 公用事业 2025 年 10 月 30 日 公用事业行业央企 ESG 评价体系： 绿色安全+能源转型是核心 社会责 任担当是基石 看好 ——公用事业行业央企 ESG 评价体系 证 券 研 究 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 傅浩玮 A0230522010001 fuhw@swsresearch.com 联系人 傅浩玮 (8621)23297818× fuhw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 报 告 相关研究 业 研 究 / 行 业 点 评 - ⚫ 在政策方面，公用事业行业对于 ESG 评价体系的建立基于 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 22.528 billion yuan for the first nine months of 2025, reflecting an 8.63% year-on-year increase, while the net profit attributable to shareholders decreased by 13.08% to 918 million yuan, aligning with expectations [6][8]. - Natural gas sales volume reached 5.030 billion cubic meters, marking an 18.49% increase year-on-year, with city gas sales in the Greater Bay Area growing by 4.98% [6][8]. - The decline in gas sales to power plants is attributed to changes in pricing regulations and supply-demand dynamics in Guangdong province, although recent adjustments in capacity pricing are expected to provide compensation [6][8]. - The company has achieved a full industry chain integration in natural gas, with significant growth in wholesale gas volumes, which are projected to contribute positively to profits [6][8]. - The photovoltaic film business has seen a 48% increase in shipments year-on-year, while the impact of the smart service business on overall performance has diminished [6][8]. - Profit forecasts for 2025-2027 have been adjusted downwards to 1.419 billion, 1.771 billion, and 1.910 billion yuan respectively, with corresponding price-to-earnings ratios of 14, 11, and 10 times [6][8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 31.750 billion yuan, with a year-on-year growth rate of 12.0% [3][8]. - The net profit attributable to shareholders is forecasted to be 1.419 billion yuan for 2025, reflecting a decrease of 2.6% compared to the previous year [3][8]. - Earnings per share are expected to be 0.49 yuan in 2025, with a gross margin of 15.3% [3][8]. - The return on equity (ROE) is projected to be 8.7% in 2025 [3][8]. Market Data - The closing price of the stock is reported at 6.77 yuan, with a price-to-book ratio of 1.2 and a dividend yield of 2.36% [4][6]. - The company's net asset per share is 5.49 yuan, with a debt-to-asset ratio of 59.94% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a total revenue of 22.53 billion yuan for the first nine months of 2025, representing an 8.63% year-on-year increase, while the net profit attributable to the parent company was 918 million yuan, a decrease of 13.08% year-on-year, which is in line with expectations [7] - Natural gas sales volume for the first nine months reached 5.03 billion cubic meters, an increase of 18.49% year-on-year, with city gas sales in the Greater Bay Area growing by 4.98% [7] - The decline in gas sales to power plants is attributed to changes in cost compensation and electricity pricing regulations in Guangdong province, but recent adjustments in capacity pricing are expected to provide significant compensation to the company's gas power business [7] - The company's wholesale natural gas business has seen rapid growth, with sales volume increasing by 167% year-on-year, and is expected to contribute significantly to profits [7] - The photovoltaic film business has improved, with a 48% increase in shipments year-on-year, while the impact of the smart service business on overall profits has weakened [7] - Profit forecasts for 2025-2027 have been adjusted to 1.42 billion, 1.77 billion, and 1.91 billion yuan respectively, with corresponding price-to-earnings ratios of 14, 11, and 10 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 31.75 billion yuan, with a year-on-year growth rate of 12.0% [3] - Net profit attributable to the parent company for 2025 is forecasted at 1.42 billion yuan, with a year-on-year decrease of 2.6% [3] - Earnings per share for 2025 is projected to be 0.49 yuan [3] - The gross profit margin is expected to be 15.3% for 2025 [3] - Return on equity (ROE) is projected to be 8.7% for 2025 [3] Market Data - The closing price of the stock is 6.77 yuan, with a market capitalization of 19.48 billion yuan [4] - The stock has a price-to-book ratio of 1.2 and a dividend yield of 2.36% [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.70 [2]. Core Insights - The company reported Q3 revenue of RMB 7.097 billion, a year-on-year increase of 2% but a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was RMB 280 million, down 12% year-on-year and 31% quarter-on-quarter. For the first three quarters of 2025, the company achieved revenue of RMB 22.528 billion, an 8.6% year-on-year increase, while net profit decreased by 13% year-on-year [5][6]. - Natural gas sales and wholesale volumes saw significant growth, with total natural gas sales reaching 5.030 billion cubic meters, an 18.5% year-on-year increase. The wholesale volume surged by 167% year-on-year, becoming a core growth driver. The company optimized gas source procurement to support stable business growth [6][7]. - The smart services segment negatively impacted overall performance, while the photovoltaic film and integrated energy businesses showed strong results. R&D investment increased by 26.6% year-on-year, focusing on technology upgrades and product innovation [7][8]. Financial Forecasts and Valuation - Revenue forecasts for the company are as follows: RMB 28.348 billion in 2024, RMB 30.152 billion in 2025, RMB 30.982 billion in 2026, and RMB 33.804 billion in 2027. The net profit attributable to the parent company is projected to be RMB 1.457 billion in 2024, RMB 1.579 billion in 2025, RMB 1.918 billion in 2027, reflecting a compound annual growth rate (CAGR) of 9.6% from 2025 to 2027 [4][9]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 13.33 in 2024 to 10.13 in 2027, indicating a more attractive valuation over time [4][9]. Business Developments - The company completed the issuance of its third phase of technology innovation bonds, raising RMB 1.5 billion to support business development. Additionally, it plans to participate in the expansion of the Yuan Zhi Xing Chen Fund, which focuses on sectors like semiconductors and new materials, aligning with the company's strategic direction towards new productive forces [8][9]. - The company has adjusted its profit forecasts for 2025-2027, reducing net profit estimates by 5.3%, 8.0%, and 7.7% respectively, due to the impact of the completion of the "bottle-to-pipe" project and a downward revision of smart service revenues [9][22].

Group 1 - Chuanfa Longmang's wholly-owned subsidiary plans to invest 660 million yuan to establish a joint venture for a 175,000 tons/year high-pressure lithium iron phosphate project in Sichuan Mianzhu, with a total investment of 1.961 billion yuan [1] - The joint venture will be co-owned by Jiangxi Shenghua New Materials (51%) and Deyang Chuanfa Longmang (49%) [1] - Chuanfa Longmang specializes in the production and sales of various phosphate products, including lithium iron phosphate [1] Group 2 - Sino Medical's COMETIU self-expanding intracranial drug-coated stent system registration application was not approved by the National Medical Products Administration [2] - Sino Medical focuses on the research, development, production, and sales of high-end interventional medical devices [3] Group 3 - Jincheng Pharmaceutical's subsidiaries have been selected for the 11th batch of national drug centralized procurement [3] - Jincheng Pharmaceutical is engaged in the research, development, production, and sales of pharmaceutical intermediates and formulations [3] Group 4 - Zhongke Lanyun reported a 4.29% increase in revenue to 1.302 billion yuan and a 2.17% increase in net profit to 211 million yuan for the first three quarters [4] - The company specializes in wireless audio SoC chip research, design, and sales [5] Group 5 - Dabo Medical achieved a 22.69% increase in revenue to 1.876 billion yuan and a 77.03% increase in net profit to 425 million yuan for the first three quarters [6] - Dabo Medical focuses on the production, research, and sales of high-value medical consumables [7] Group 6 - Dayang Electric reported a 3.81% increase in revenue to 9.180 billion yuan and a 25.95% increase in net profit to 845 million yuan for the first three quarters [8][9] - The company operates in the electric motor sector, focusing on building and home appliance motors and automotive components [9] Group 7 - Fudan Microelectronics reported a 12.70% increase in revenue to 3.024 billion yuan but a 22.69% decrease in net profit to 330 million yuan for the first three quarters [10][11] - The company specializes in the design, development, and testing of large-scale integrated circuits [11] Group 8 - Shaanxi Energy reported a 2.83% decrease in revenue to 16.359 billion yuan and a 3.23% decrease in net profit to 2.417 billion yuan for the first three quarters [12][13] - The company is involved in thermal power generation and coal production and sales [13] Group 9 - Runhe Software reported a 12.86% increase in revenue to 2.719 billion yuan but a 29.01% decrease in net profit to 78.57 million yuan for the first three quarters [14][15] - The company focuses on financial technology, smart IoT, and smart energy [15] Group 10 - Shenzhen Gas reported an 8.63% increase in revenue to 22.528 billion yuan but a 13.08% decrease in net profit to 918 million yuan for the first three quarters [16][17] - The company specializes in urban gas supply and comprehensive energy services [17] Group 11 - Light Media reported a 150.81% increase in revenue to 3.616 billion yuan and a 406.78% increase in net profit to 2.336 billion yuan for the first three quarters [18][19] - The company is engaged in the investment, production, and distribution of film projects [19] Group 12 - Dazhong Mining's subsidiary obtained a mining license for the Hunan Jijiao Mountain lithium mine, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [19] - The company specializes in iron ore mining and production [19] Group 13 - Yirui Technology reported a 14.22% increase in revenue to 1.549 billion yuan and a 20.61% increase in net profit to 471 million yuan for the first three quarters [20] - The company focuses on the research, production, and sales of digital X-ray detectors and related solutions [20] Group 14 - TCL Zhonghuan reported a 4.48% decrease in revenue to 121.572 billion yuan and a net loss of 5.777 billion yuan for the first three quarters [21][22] - The company specializes in the research, production, and sales of photovoltaic silicon wafers, cells, and modules [22] Group 15 - Huangshan Tourism reported an 8.75% increase in revenue to 1.535 billion yuan but an 11.02% decrease in net profit to 253 million yuan for the first three quarters [23][24] - The company provides tourism and leisure services [24] Group 16 - Mountain Outside Mountain reported a 39.79% increase in revenue to 584 million yuan and a 68.68% increase in net profit to 105 million yuan for the first three quarters [25][26] - The company specializes in the research, production, and sales of blood purification equipment and services [26] Group 17 - Huajin Capital reported a 16.36% increase in revenue to 349 million yuan and a 185.62% increase in net profit to 104 million yuan for the first three quarters [27] - The company focuses on investment management and electronic device manufacturing [27] Group 18 - Datang Power reported a 1.82% decrease in revenue to 89.345 billion yuan but a 51.48% increase in net profit to 6.712 billion yuan for the first three quarters [28][29] - The company primarily engages in thermal power generation [29] Group 19 - Datang Power announced the acquisition of a 50% stake in Anhui Electric Power for 1 yuan, which will result in full ownership of Anhui Electric Power [30] - The company focuses on thermal power generation [30] Group 20 - Kairun Co. reported a 22.94% increase in revenue to 3.719 billion yuan but a 13.38% decrease in net profit to 278 million yuan for the first three quarters [31] - The company specializes in the research, design, production, and sales of leisure bags and related products [31] Group 21 - Dafu Technology reported a 1.95% increase in revenue to 1.764 billion yuan but a net loss of 170 million yuan for the first three quarters [32] - The company focuses on the research, production, and sales of RF products and automotive components [32] Group 22 - Dafu Technology plans to publicly transfer 49% of its stake in Dasheng Graphite [34] - The company specializes in the research, production, and sales of RF products and automotive components [34]

公司摊薄每股收益为0.32元，较去年同报告期摊薄每股收益减少0.05元，同比较去年同期下降13.51%。 公司最新总资产周转率为0.49次，较去年同期总资产周转率增加0.02次，同比较去年同期上涨4.59%。最新存货周转率为19.82次，较去年同期存货周转率增 加8.75次，实现2年连续上涨，同比较去年同期上涨79.06%。 公司股东户数为4.86万户，前十大股东持股数量为23.76亿股，占总股本比例为82.59%，前十大股东持股情况如下： 2025年10月29日，深圳燃气(601139.SH)发布2025年三季报。 公司营业总收入为225.28亿元，较去年同报告期营业总收入增加17.89亿元，同比较去年同期上涨8.63%。归母净利润为9.18亿元，较去年同报告期归母净利 润减少1.38亿元，同比较去年同期下降13.08%。经营活动现金净流入为15.75亿元，较去年同报告期经营活动现金净流入减少9.88亿元，同比较去年同期下降 38.55%。 公司最新资产负债率为59.94%，较上季度资产负债率减少0.34个百分点，较去年同期资产负债率增加0.27个百分点。 公司最新毛利率为15.40%，较上季度毛利率增加1 ...

Core Viewpoint - Shenzhen Gas (601139.SH) reported a total operating revenue of 22.528 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.63% [1] - The net profit attributable to shareholders decreased by 13.08% to 919 million yuan [1] - Basic earnings per share stood at 0.32 yuan [1] Financial Performance - Total operating revenue reached 22.528 billion yuan, marking an increase of 8.63% compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 919 million yuan, showing a decline of 13.08% year-on-year [1] - Basic earnings per share reported at 0.32 yuan [1]

人民财讯10月28日电，深圳燃气（601139）10月28日发布2025年三季报，公司第三季度营业收入70.97 亿元，同比增长1.97%；净利润2.8亿元，同比下降11.87%。2025年前三季度营业收入225.28亿元，同比 增长8.63%；净利润9.18亿元，同比下降13.08%。前三季度净利润下降主要是智慧服务业务利润减少。 ...

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：113067 | 转债简称：燃 转债 23 | | 深圳燃气关于继续使用部分闲置募集资金暂时补充流动 资金和进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 暂时补流募集资金金额：深圳市燃气集团股份有限公司（以下简称"公 司"或"深圳燃气"）拟继续使用总额不超过人民币 150,000.00 万元募集资金暂 时补充公司流动资金。 三、本次借用部分闲置募集资金暂时补充流动资金的计划 在确保不影响募集资金投资项目建设进度的前提下，为提高公司募集资金使 用效率及收益，公司拟继续使用总额不超过人民币 150,000.00 万元募集资金暂时 补充公司流动资金，用于主营业务相关的生产经营，使用时间自 2025 年 10 月 28 日董事会通过之日起不超过 12 个月。 为规范公司募集资金管理，根据《上市公司募集资金监管规则》《上海证券 交易所上市公司自律监管指引第 ...