机构：长江证券 公司发布2025 年中期业绩：2025 年上半年公司实现营业收入975.43 亿元，同比增长4.97%；股东应占 溢利31.61 亿元，同比减少4.36%；中期派息0.1660 元/股，同比提升0.0019 元/股。 事件评论 2、国际油气价格大幅波动风险。 天然气销量保持高增速，多重因素压制业绩表现。2025 年上半年，在全国天然气表观消费量同比下降 0.9%的形势下，公司天然气销量保持较高增速，公司天然气销售总量290.95 亿立方米，同比增长 10.0%，行业头部地位更加稳固。其中，天然气零售气量166.66亿立方米，同比增长2.2%，分销与贸易 气量124.29 亿立方米，同比增长22.6%。天然气销售量的优异表现主要得益于：1）公司城燃主业持续 扩张，2025 年上半年公司新增5个城燃项目，主要分布于内蒙古、山东及贵州3 个省份；2）公司零售气 量结构以工业用户为主，2025 年上半年公司工业气量占比74.8%，同比提升3.9 个百分点，上半年工业 气量124.71 亿立方米，同比增长8.0%。进销价差方面，2025 年上半年公司天然气平均销气价格2.77 元/ 立方米，平均购气价格 ...

Core Viewpoint - Ping An Electric (001359.SZ) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 570 million yuan, representing a year-on-year growth of 16.24% [1] - The net profit attributable to shareholders was 135 million yuan, showing a year-on-year increase of 29.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 129 million yuan, reflecting a year-on-year growth of 31.52% [1] - Basic earnings per share were reported at 0.7281 yuan [1]

丨证券研究报告丨 联合研究丨港股公司点评丨昆仑能源（0135.HK） [Table_Title] 气量高增缓解毛差压力，多重因素扰动业绩表现 报告要点 [Table_Summary] 2025 年上半年公司天然气销量保持较高增速，公司天然气销售总量同比增长 10.05%；加权平 均进销价差 0.44 元/立方米，同比减少 0.01 元/立方米。公司天然气销售收入 800.78 亿元，同 比增长 6.1%，实现税前利润 44.77 亿元，同比减少 10.6%。2025 年上半年 LNG 接收站平均 负荷率 86.8%，同比增长 1.4 个百分点，实现税前利润 17.01 亿元，同比增长 5.4%。LNG 工 厂平均加工负荷率 57.1%，同比减少 1.3 个百分点，实现税前利润 1.35 亿元，同比增长 289%。 根据派息计划，按照 2025 年预期业绩计算当前股价对应股息率 4.92%，凸显稳健投资价值。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 张韦华 魏凯 司旗 宋尚骞 王岭峰 SAC：S04905170 ...

售气价差回落&补贴确认减少导致业绩承压。25H1 公司税前利润67.37亿元，同比-7.1%；归母净利润 31.6 亿元，同比-4.4%，低于我们预期，原因主要为：1）天然气销售业务毛利同比-4.1 亿元，系批发气 价格调整单方利润回落、加气站业务模式调整零售价差缩窄所致；2）其他收益净额3.81 亿元（24H1 7.46 亿元），主要受老旧管网改造等政府补贴项目实施、验收、结算进度等因素影响。2025H1 分业务 来看：1）天然气销售：收入/税前利润同比+6.1%/-10.5%至800.78/44.77 亿元，税前利润占比同比-2.6pct 至66.4% 。零售气/ 批发气量同比+2.2%/+22.6% 至166.66/124.29 亿方，工业/商业（公服）/居民/加气站 零售气量分别为124.71/16.93/20.14/4.88 亿方，同比+8.0%/-1.5%/-3.6%/-48.5%，零售气进销价差同 比-0.01 元/方至0.44 元/方，主要系高价差的加气站业务盈利模式从自营调整至租赁模式，气量占比同 比-2.8pct 至2.9%所致。2）勘探与生产：收入/税前利润同比-16.3%/-64.9% ...

该行认为，昆仑能源上半年净利润跌4.4%至32亿元人民币，主要受天然气销量同比减少10.5%，以及液 化石油气(LPG)销售税前利润同比跌3%所拖累，抵销了液化天然气接收站及加工业务税前利润增长11% 的影响。虽然盈利下跌，中期息仍同比微升1.2%至0.166元人民币，派息率由去年的43%升至今年上半 年的45.5%。 报告指，暖冬及向母公司出租加气站等因素，导致昆仑能源的零售天然气销量由去年增长8.1%放缓至 今年上半年的增长2.2%。考虑到下半年车用天然气销量基数正常化、新建燃气项目贡献将于下半年加 速，以及天气条件可能转趋有利，公司目标全年零售天然气销量同比增长5%，即下半年同比增长 7.7%。 建银国际发布研报称，将昆仑能源(00135)2025至2027年核心盈利预测下调5%，并将目标价由8.7港元微 降至8.5港元，维持"跑赢大市"评级。 该行预期公司下半年单位毛利将持平，基于天然气销售结构回稳及整体采购成本疲弱，又料LNG加工 厂的利润持续改善，有助抵销全年燃气销售利润疲软的影响。 ...

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 2025 年中报点评：售气价差回落&补贴确认 减少导致业绩承压，DPS 提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 177,726 | 187,046 | 194,158 | 206,079 | 217,252 | | 同比(%) | 3.16 | 5.24 | 3.80 | 6.14 | 5.42 | | 归母净利润（百万元） | 5,682 | 5,960 | 6,061 | 6,341 | 6,635 | | 同比(%) | 8.68 | 4.89 | 1.70 | 4.61 | 4.63 | | EPS-最新摊薄（元/股） | 0.66 | 0.69 | 0.70 | 0.73 | 0.77 | | P/E（现价&最新摊薄） | 10.29 | 9.81 | 9.65 | 9.22 | 8.81 | [Table_Ta ...

智通财经APP获悉，中金发布研报称，由于昆仑能源(00135)分销与贸易板块盈利存不确定性，下调 2025/2026净利润9.9%/10.1%至60.19亿元/62.05亿元。当前股价对应2025/2026年10.1x/9.6x P/E。维持跑 赢行业评级，综合考虑盈利预测调整及公司中长期派息潜力，该行下调目标价5.9%至8.00港元，对应 2025/2026 10.5x/10.1x P/E，较当前股价有4.6%的上行空间。 中金主要观点如下： 1H25业绩低于该行预期 公司公布1H25业绩：收入975.4亿元，YoY+5%;归母净利润31.6亿元，YoY-4%，低于该行预期，主因部 分老旧管网改造已于2024年结束，应确认补贴减少导致1H25其他收益净额同比减少49%至3.8亿元。 1H25公司天然气销售量同比+10%至291亿方，其中分销与贸易气量同比+22.6%至124亿方，零售天然气 量同比+2.2%至167亿方(工业气量+8.0% YoY)，零售气价差0.44元/方，YoY-0.01元/方，新增用户39.9万 户，YoY-11.2%，接收站平均负荷率86.8%，YoY+1.4ppt; LNG工厂平均 ...

Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [2][7][17] Core Views - The company reported a revenue of 97.543 billion RMB for the first half of 2025, a year-on-year increase of 4.97%, while the net profit attributable to shareholders decreased by 4.36% to 3.161 billion RMB, slightly below expectations [7] - Natural gas sales volume increased by 10.05% to 29.095 billion m³, driven by a significant rise in industrial gas consumption [7] - The average load rate of LNG receiving stations improved to 86.8%, with a substantial increase in LNG loading volume by 75.5% [7] - The company plans to increase the dividend payout ratio to 45% for 2025, with a current dividend yield of approximately 4.4% [7] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 177.354 billion RMB (2023), 187.046 billion RMB (2024), 193.901 billion RMB (2025E), 204.563 billion RMB (2026E), and 213.881 billion RMB (2027E) [6][8] - Net profit attributable to shareholders is forecasted to be 5.682 billion RMB (2023), 5.960 billion RMB (2024), 5.980 billion RMB (2025E), 6.254 billion RMB (2026E), and 6.573 billion RMB (2027E) [6][8] - Earnings per share (EPS) is projected to be 0.66 RMB (2023), 0.69 RMB (2024), 0.69 RMB (2025E), 0.72 RMB (2026E), and 0.76 RMB (2027E) [6][8] - The price-to-earnings (PE) ratio for 2025-2027 is estimated at 10.2, 9.8, and 9.3 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported lower-than-expected performance for the first half of 2025, with revenue of 97.5 billion yuan (up 5.0% year-on-year) and net profit attributable to shareholders of 3.16 billion yuan (down 4.4% year-on-year) [1][4] - The company plans to distribute an interim dividend of 0.166 yuan per share, representing a payout ratio of 45.5% [1] - The long-term value reassessment of the company is viewed positively, with expectations for dual growth in earnings and dividends [1] Summary by Sections Financial Performance - In 1H25, the company's natural gas retail volume increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial volume up 8.0% but commercial and residential volumes down by 1.5% and 3.6% respectively [2] - The average selling price difference for natural gas decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to declining distribution and connection gross margins [2] LNG Segment - The company's LNG receiving station average load factor was 86.8% (up 1.4 percentage points year-on-year) in 1H25, with expectations to maintain an average load factor of 90% from 2025 to 2027 [3] - The LNG segment achieved a tax pre-profit of 140 million yuan in 1H25, with expectations for a year-on-year profit increase of 5.6% in 2025 [3] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates reduced by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively [4] - The target price has been lowered to 8.58 HKD from a previous 9.21 HKD, based on an 11x PE for 2025E [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of over 20% relative return within the next six months [6][15]. Core Insights - The company reported a revenue of RMB 97.543 billion for the first half of 2025, an increase of RMB 4.621 billion or 4.97% year-on-year. However, the profit before tax decreased by RMB 5.12 billion or 7.06% to RMB 6.737 billion, and the profit attributable to shareholders fell by RMB 1.44 billion or 4.36% to RMB 3.161 billion. The interim dividend was set at RMB 0.166 per share, slightly up from RMB 0.164 per share in the same period last year [1]. Sales Performance - The total natural gas sales volume reached 29.095 billion cubic meters, reflecting a year-on-year growth of 10.05%. Retail gas volume was 16.666 billion cubic meters, up 2.23%. The breakdown shows industrial gas volume at 12.47 billion cubic meters (+8%), commercial gas at 1.693 billion cubic meters (-1.5%), residential gas at 2.014 billion cubic meters (-3.6%), and gas station sales at 0.488 billion cubic meters (-48.5%). Distribution and trade saw a significant increase of 22.6% to 12.429 billion cubic meters. The average sales price of natural gas was RMB 2.77 per cubic meter, down RMB 0.1 from the previous year [2]. Processing and Transportation Performance - The LNG processing and transportation segment generated revenue of RMB 4.371 billion, a slight decrease of 1.58%. However, profit before tax increased by 11.41% to RMB 1.836 billion. The LNG plants achieved a record profit of RMB 140 million, with a 25% reduction in maintenance cycles. The total LNG gasification and loading volume at the receiving stations reached 7.899 billion cubic meters, a year-on-year increase of 1.66% [3]. Oil and LPG Sales - The average selling price of crude oil decreased from USD 67.77 per barrel to USD 62.88 per barrel, leading to a 15.91% drop in crude oil sales revenue to RMB 0.74 billion. LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion. The profit before tax for the LPG segment decreased by 3.03% to RMB 544 million [4]. Cost Management and Capital Expenditure - The company effectively controlled costs, reducing other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% from RMB 1.230 billion in the previous year. Employee compensation costs also decreased by 10.07% to approximately RMB 2.850 billion. Capital expenditure for the first half of 2025 was RMB 1.926 billion, a significant decline of 31.6% [5]. Profit Forecast and Valuation - Due to a slowdown in natural gas demand growth and a decline in international oil prices, the profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 6.229 billion, RMB 6.696 billion, and RMB 7.213 billion, respectively, from previous estimates of RMB 6.414 billion, RMB 7.011 billion, and RMB 7.656 billion [6].