Asia Value & Moat Stocks is a research service for value investors seeking Asia-listed stocks with a huge gap between price and intrinsic value, leaning towards deep value balance sheet bargains (i.e., buying assets at a discount e.g., net cash stocks, net-nets, low P/B stocks, sum-of-the-parts discounts) and wide moat stocks (i.e., buying earnings power at a discount in great companies like "Magic Formula" stocks, high-quality businesses, hidden champions and wide moat compounders). Sign up here to get sta ...

摩根士丹利发布研报称，略微下调昆仑能源(7.88,0.13,1.68%)(00135)目标价2.2%，从9.1港元降至8.9港 元，评级"增持"。大摩更新对该公司的新模型，纳入2024年业绩，并引入2027年的预测。下调对该公司的盈 利预测，以反映对整体产业增长更保守态度，并降低天然气销售量增长预测。大摩认为，鉴于对宏观环境的担 忧日益加剧，认为市场将更加重视该股的防御性，导致该股估值存有轻微溢价。 昆仑能源(00135):略下调目标价至8.9港元,评级"增持" 摩根士丹利 ...

昆仑能源 20250522 摘要 昆仑能源作为中石油控股的天然气终端公司，拥有稳定低成本气源的核 心优势，受益于国内天然气需求增长，聚焦主业，巩固西部市场，积极 拓展工商业客户，有效修复毛差，LNG 业务提供利润和现金流，分红预 期提升估值。 公司营收稳步增长，2014-2024 年均增长 17.3%。2024 年营收 1,870 亿元，同比增长 5.5%；息税前利润 125 亿元，同比下降 1.6%；归母净利润 60 亿元，同比增长 4.9%。经营现金流充沛，2024 年经营现金流 126 亿元，自由现金流 70 亿元。资本开支集中于天然气 终端零售业务。 天然气销售是主要业务，2016-2024 年营收平均增长 13.7%，税前利 润平均增长 15.7%。受暖冬影响销量放缓，但税前利润保持稳定。工业 用户占比高，2018-2024 年工业用气销售量平均增速达 24.35%，受 益于工业向西部转移。 昆仑能源在中西部地区城燃项目布局较多，占比 28%，与中石油终端范 围相近，利于协同。2018-2024 年工业用户数量增速 22.54%，购气 成本低于同行，2022 年气价波动时成本控制优势明显。 Q&A ...

Investment Rating - The report assigns an "Accumulate" rating to the company, Kunlun Energy (0135.HK) [6]. Core Views - Kunlun Energy, as a subsidiary of China National Petroleum Corporation, is positioned to benefit from the high-quality development of its natural gas terminal business, with a projected net profit of 6 billion yuan in 2024, representing a year-on-year growth of 4.9% [1][4]. - The company aims to increase its dividend payout ratio to 45% by 2024, reflecting a commitment to returning value to shareholders [1][46]. - The natural gas sales business is expected to maintain strong growth, with a compound annual growth rate (CAGR) of 13.7% in revenue from 2016 to 2024, supported by a stable supply of high-quality gas from its parent company [2][53]. Summary by Sections 1. Company Overview - Kunlun Energy is the largest natural gas terminal utilization enterprise in China, focusing on natural gas sales and comprehensive utilization, with operations covering 28 provinces and municipalities by the end of 2024 [17][26]. - The company achieved a natural gas sales volume of 54.2 billion cubic meters in 2024, marking a year-on-year increase of 9.9% [17][26]. 2. Business Development - The natural gas sales business is expanding, with a significant focus on industrial gas sales, which is projected to grow at a CAGR of 24.35% from 2018 to 2024 [2][58]. - The company has established two LNG receiving stations with a total unloading capacity of 13 million tons per year, contributing a pre-tax profit of 3.577 billion yuan in 2024, with a profit margin of 75% [3][72]. 3. Financial Projections and Valuation - The company forecasts net profits of 6.649 billion yuan, 7.124 billion yuan, and 7.598 billion yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.77 yuan, 0.82 yuan, and 0.88 yuan [4][5]. - The report highlights a stable financial structure with a projected revenue of 187.046 billion yuan in 2024, reflecting a growth rate of 5.46% [5][28]. 4. Market Position and Competitive Advantage - Kunlun Energy benefits from a strong resource supply from its parent company, which allows it to maintain a competitive edge in purchasing costs compared to other gas companies [2][64]. - The company is gradually transitioning from upstream oil exploration to focus on natural gas terminal utilization, reducing its cyclical exposure [3][89].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 187,046 million, an increase of 5.8% compared to RMB 177,354 million in 2023[24] - Profit attributable to shareholders for the year was RMB 5,960 million, up from RMB 5,682 million in 2023, reflecting a growth of 4.9%[24] - Core profit before income tax expense was RMB 13,259 million, compared to RMB 13,101 million in 2023, indicating a year-on-year increase of 1.2%[24] - EBITDA for the year was RMB 17,640 million, slightly down from RMB 17,675 million in 2023[24] - The company reported a profit before income tax expense of RMB 12,635 million, a marginal increase from RMB 12,593 million in the previous year[24] - Net profit margin for 2024 is 5.08%, a decrease of 0.14% from 2023[28] - Return on total assets (ROA) improved to 6.63% in 2024, up from 6.55% in 2023[28] - Earnings per share (Basic) increased to 68.83 RMB cents in 2024, compared to 65.62 RMB cents in 2023[28] - Other net gains for the year were approximately RMB 1,520 million, up from RMB 903 million in 2023, primarily due to integration of gas stations and reduced exchange losses[98] Sales and Operations - Total natural gas sales volume was 54,170 million cubic meters, contributing to revenue of RMB 152,090 million from the natural gas sales business[6] - The company added 849,900 new users, bringing the cumulative total to 16,453,800 users across the country[6] - Sales volume of city gas reached 421 million cubic meters in 2024, an increase of 8.8% from 387 million cubic meters in 2023[33] - Total sales volume of natural gas reached 542 million cubic meters in 2024, a 9.9% increase from 493 million cubic meters in 2023[33] - The total number of city gas users exceeded 16.45 million, with retail volume increasing by 8.1% year-on-year and sales totaling 54.17 billion cubic meters[55] - Retail gas volumes in the northwestern and southwestern regions increased by 12% and 19.2%, respectively[59] - The total refueling volume for LNG ship refueling-at-sea business was 110,000 tonnes for the year, representing a year-on-year increase of 470%[59] Assets and Liabilities - Non-current assets totaled RMB 86,153 million, while current assets were RMB 57,237 million as of December 31, 2024[24] - The company’s net assets increased to RMB 88,835 million, up from RMB 85,783 million in 2023[24] - Total assets as of December 31, 2024, were approximately RMB 143,390 million, a decrease of RMB 129 million or 0.1% from RMB 143,519 million as of December 31, 2023[115] - The Group had total borrowings of RMB 23,462 million as of December 31, 2024, with significant repayments due within one year increasing to RMB 9,133 million from RMB 5,464 million last year[123] Cost Management - Average finance cost decreased to 2.90% in 2024 from 3.33% in 2023, reflecting improved financing conditions[28] - Employee compensation costs for the year were approximately RMB 5,830 million, a decrease of 2.4% from RMB 5,970 million last year, with employee compensation accounting for 3.12% of operating revenue[102] - Depreciation, depletion, and amortization for the year were approximately RMB 5,160 million, representing an increase of 3.4% compared to RMB 4,992 million last year[103] - Other selling, general, and administrative expenses for the year were approximately RMB 3,491 million, a decrease of 4.5% from RMB 3,656 million last year, due to strict cost control measures[104] - Interest expenses for the year were approximately RMB 803 million, representing a decrease of 16.4% compared to RMB 960 million last year, attributed to a reduction in average financing costs to 2.9% from 3.3%[111] Strategic Initiatives - In 2025, the company aims to enhance marketing strategies and focus on green and low-carbon development to seize opportunities presented by the central government[76] - The company plans to increase the proportion of retail gas volume to 73% or above and aims to put 10 new projects into production[81] - The company will accelerate the transformation of the "Natural Gas+" intelligent integrated energy service model, focusing on low-carbon and zero-carbon initiatives[82] - The company aims to achieve a target of over 15% for low-carbon and zero-carbon stations in its operations[84] - The company continues to focus on five major strategies: innovation, green, market, capital, and low cost, to enhance operational efficiency and market competitiveness[86] Governance and Management - The Company has complied with all code provisions in Part 2 of the Corporate Governance Code during the year, except for the absence of certain independent non-executive directors at meetings[159] - The Board is collectively responsible for promoting the success of the Company by directing and supervising its affairs[165] - The day-to-day management and operation of the Company are delegated to the Chief Executive Officer and senior management, with periodic reviews of delegated functions[168] - The Company has established clear directions regarding the powers of management and the circumstances under which management must report back to the Board[174] - The Board has a necessary balance of skills and experience appropriate to the business requirements, ensuring effective independent judgment[176] Workforce and Diversity - The Group employed 24,809 employees globally as of December 31, 2024, a decrease from 27,138 employees in the previous year[132] - As of December 31, 2024, the total number of employees was 24,809, with male employees constituting 68.3% and female employees 31.7%[198] - The Board consists of six male Directors and one female Director, indicating a gender diversity ratio of approximately 14.3% female representation[189] - The Company has adopted a Board Diversity Policy to ensure a balanced representation of skills, experience, and gender among Board members[190] - The Company maintains a commitment to gender diversity in its workforce, opposing any form of discrimination[200]

昆仑能源和新奥能源的更新与推荐 20250414 摘要 Q&A 您对科技能源和生物能源的看法是什么？ 我们目前非常看好科技能源和生物能源这两家公司。过去我对昆仑能源的关注 并不多，但这是我第一次转变观点，开始推荐昆仑能源。 • 华润燃气受益于经济增长、天然气成本下降及居民顺价带来的价差改善， 同时积极拓展居民和工商业客户，实现业绩增长。若该逻辑受阻，则推荐 选择保底性更强的昆仑能源。 • 昆仑能源作为中石油的天然气终端销售和管理平台，拥有强大的股东背景 和全产业链布局优势，尤其是在资源成本方面，其成员企业成本价在 2017-2024 年间相对较低，且深耕中西部地区，增长稳健。 • 昆仑能源 2024 年营收和归母净利润分别同比增长 5%和 4.9%，预计未来几 年净利润增速在 5-6%之间，派息率稳定在 45%左右。按当前股价计算， 2025 年对应 PE 约为 9 倍多，PB 为 0.8 倍左右，股息率约为 5%。 • 新奥能源维持技术推荐，智家及综合服务和泛能业务增长迅速，毛利占比 显著提升，弥补了主营业务的不确定性，预计 2025-2026 年经济利润表现 将同比增长 6-7 个百分点。 • 新奥能源 ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Kunlun Energy (KLYCY) as a strong value stock based on its financial metrics and Zacks Rank [1][2][6]. Group 1: Company Overview - Kunlun Energy (KLYCY) currently holds a Zacks Rank of 2 (Buy) and has an "A" grade in the Value category, indicating strong potential for value investors [4]. - The stock is trading at a P/E ratio of 10.57, which is lower than the industry average P/E of 13.08, suggesting it may be undervalued [4]. - Over the past 52 weeks, KLYCY's Forward P/E has fluctuated between a high of 10.74 and a low of 6.76, with a median of 8.87 [4]. Group 2: Valuation Metrics - KLYCY has a P/B ratio of 0.79, which is attractive compared to the industry average P/B of 1.32, indicating a favorable valuation [5]. - The P/B ratio for KLYCY has ranged from a high of 0.84 to a low of 0.59 over the past year, with a median of 0.70 [5]. - These valuation metrics suggest that Kunlun Energy is likely being undervalued, making it an appealing option for value investors [6].

各位投资者大家晚上好我是东一针片今天是我们戴论燃气的第二场计划会还是一样我邀请到了负责生力研究的谷悦老师来给大家详细讲一讲风能能源整体的生态状况那么在当前的位置上我们仍然要重申坚定的对板块和对风能能源的推荐主要有三点第一就是立足于行业层面的剩价额 和长期成长逻辑昨天已经讲过我就不重复了总而言之就是类比火箭资产的话我们认为燃气同样具备一个从一律波动性向一律稳定性论价的一个政策驱动行情并且近期关于这点的事宜我们认为是不用担心的因为燃气成本端的压力从长期来看是会持续缓解而且最最重要的就是在成长性上 染气行业在工业端渗透力的提升是非常值得期待的尤其是气价随着供气平衡逐步回归合理之后渗透力的长期提升是非常确定的一个趋势了这也是为什么我们在染气资产中间反复强调空冷能源投资价值的原因那么这家公司是以工商业用户为主的选择用适量的占比达到了88%同时 对于通论而言它的区域覆盖在北部和西部区域的这些核心省份也长周期的受益于制造业的转移在当前时间节点上我们重申对它的推荐可能有三个方面的一个新增思考第一就是立足于现金流价值的思考我们可以看到公司去年的自由现金流是100亿而随着剔量的一个稳定增长 和未来接收站码头的产能的扩产在长周期兑 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to the animal environmental public utility sector, specifically focusing on the gas and agricultural energy industry [1] Core Points and Arguments - The call is structured to provide insights primarily for institutional investors and invited clients, emphasizing that the opinions expressed are personal and do not necessarily reflect the views of the organization [1] Other Important but Possibly Overlooked Content - The meeting begins with a disclaimer highlighting the nature of the information shared, indicating a focus on transparency and the importance of understanding the context of the opinions presented [1]

Summary of Kunlun Energy Conference Call Industry Overview - The gas industry is gaining attention due to its growth potential and investment opportunities, particularly with the ongoing marketization and price reforms [2][3] - The expected increase in capital expenditure and improved profitability are seen as dual benefits supporting long-term stock price growth [2][3] - Current operational efficiency in the gas industry needs improvement, but price reforms are crucial for ensuring returns on capital expenditure [2][3] Key Points on Kunlun Energy - Kunlun Energy benefits from stable gas supply from its major shareholder, China National Petroleum Corporation (CNPC), which holds a 54% stake [5][13] - The company has a significant market share in the Northwest and Northeast regions, accounting for over 50% of its total users, which helps it withstand market price fluctuations [5][13] - Industrial users are a key driver for Kunlun Energy's growth, with a compound annual growth rate (CAGR) of 26% over the past five years, surpassing the industry average [14][18] - The company has a strong financial position, with stable cash flow around 15 billion yuan and plans to increase dividend payouts [9][15] Financial Performance and Projections - Kunlun Energy's revenue is projected to grow from 190.4 billion yuan in 2024 to 210.6 billion yuan in 2026, with net profits expected to reach 13.3 billion yuan and 14.7 billion yuan respectively [21] - The natural gas sales business constitutes approximately 66% of total profits, with a CAGR of 16% over the past five years [18] - The company aims to increase its dividend payout ratio to 45% by 2025, with an annual dividend growth rate of around 10% [15][17] Strategic Initiatives - The company has undergone a strategic transformation since 2009, shifting focus from upstream oil and gas exploration to downstream operations, including LNG processing and storage [8] - Kunlun Energy's LPG sales account for about 3% of total profits, while LNG processing and storage contribute 30% [10][20] - The company plans to enhance its asset turnover and optimize its capital structure to improve return on equity (ROE), which is currently around 9% [8][14] Market Position and Valuation - Kunlun Energy is perceived to be undervalued compared to peers, with significant upside potential in its price-to-book (PB) ratio [13][14] - The company’s competitive advantages include stable gas supply from its major shareholder and alignment with national strategic initiatives [5][13] - The operational efficiency of its LNG receiving stations is notably higher than the industry average, contributing to its competitive edge [10][20] Conclusion - Overall, Kunlun Energy is positioned as a strong investment opportunity within the gas industry, with solid growth prospects, stable cash flow, and a commitment to increasing shareholder returns through dividends and strategic growth initiatives [2][5][21]