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]

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]

Core Viewpoint - The company reported a slight increase in profit and maintained its dividend distribution for the fiscal year ending December 31, 2025, indicating stable financial performance and shareholder returns. Financial Performance - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year was HKD 8.749 billion, compared to HKD 8.719 billion in 2024 [1] - The profit attributable to unit holders was HKD 3.149 billion, up from HKD 3.111 billion in 2024 [1] Dividend Distribution - The company declared a final distribution of HKD 0.1609 per unit, consistent with the previous year [1] - Including the interim distribution of HKD 0.1594 per unit, the total annual distribution amounts to HKD 0.3203 per unit, unchanged from 2024 [1] Capital Expenditure - The capital expenditure for the year, excluding right-of-use assets but including the capital expenditure for the offshore liquefied natural gas receiving station, was HKD 4.193 billion, an increase from HKD 3.659 billion in 2024 [2] - The total external loans as of December 31, 2025, amounted to HKD 50.556 billion, slightly down from HKD 50.855 billion in 2024 [2] Credit Facilities - The company had undrawn committed credit facilities of HKD 7.1 billion as of December 31, 2025, compared to HKD 4.85 billion in 2024 [2] - The bank balances and cash were HKD 28 million, a decrease from HKD 30 million in 2024 [2]