KUNLUN ENERGY(KLYCY)

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昆仑能源(00135):气量高增缓解毛差压力,多重因素扰动业绩表现
Changjiang Securities· 2025-08-25 09:17
Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a natural gas sales volume of 29.095 billion cubic meters in the first half of 2025, representing a year-on-year growth of 10.0%, despite a 0.9% decline in national natural gas consumption [9]. - The company's natural gas sales revenue reached 80.078 billion yuan, an increase of 6.1% year-on-year, while the pre-tax profit was 4.477 billion yuan, a decrease of 10.6% [2][5]. - The average load factor of LNG receiving stations was 86.8%, up 1.4 percentage points year-on-year, with a pre-tax profit of 1.701 billion yuan, reflecting a 5.4% increase [2][9]. - The company plans to distribute an interim dividend of 0.1660 yuan per share, indicating a steady increase in shareholder returns [5][9]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.73 yuan, 0.79 yuan, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 9.15, 8.51, and 7.90 [9]. Summary by Sections Company Performance - In the first half of 2025, the company reported operating revenue of 97.543 billion yuan, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 3.161 billion yuan, down 4.36% year-on-year [5]. - The average selling price of natural gas was 2.77 yuan per cubic meter, while the average purchase price was 2.33 yuan per cubic meter, resulting in a weighted average price difference of 0.44 yuan per cubic meter, a slight decrease from the previous year [9]. LNG and LPG Business - The LNG receiving station processed 7.899 billion cubic meters, with a revenue of 2.382 billion yuan, while the LNG factory's processing volume was 1.752 billion cubic meters, generating a revenue of 1.989 billion yuan [9]. - LPG sales volume reached 3.0684 million tons, with a revenue of 13.020 billion yuan, reflecting a year-on-year increase of 1.0% [9]. Dividend and Investment Value - The company’s dividend payout ratio is expected to reach 45% for the year, with a current dividend yield of 4.92%, highlighting its stable investment value [2][9].
平安电工(001359)8月25日主力资金净流入3378.80万元
Sou Hu Cai Jing· 2025-08-25 08:16
Group 1 - The core viewpoint of the news is that Ping An Electric (001359) has shown significant stock performance with a 10% increase in share price, indicating strong market interest and potential investor confidence [1] - As of August 25, 2025, Ping An Electric's stock closed at 56.55 yuan, with a trading volume of 10.89 million shares and a transaction amount of 581 million yuan [1] - The company reported a total operating revenue of 259 million yuan for Q1 2025, reflecting an 18% year-on-year growth, and a net profit attributable to shareholders of 52.37 million yuan, which is a 22.69% increase compared to the previous year [1] Group 2 - Ping An Electric has a current liquidity ratio of 5.637 and a quick ratio of 4.466, indicating strong short-term financial health [1] - The company has a low debt-to-asset ratio of 15.18%, suggesting a conservative approach to leveraging and financial stability [1] - Established in 2015, Ping An Electric is primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of approximately 1.855 billion yuan [1][2]
昆仑能源(00135.HK):售气价差回落&补贴确认减少导致业绩承压 DPS提升
Ge Long Hui· 2025-08-23 12:00
Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue of 97.543 billion yuan, a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 4.4% to 3.161 billion yuan, with a dividend of 0.166 yuan per share, reflecting a payout ratio of 45.5% [1] Group 1: Financial Performance - In H1 2025, the company's pre-tax profit was 6.737 billion yuan, a decrease of 7.1% year-on-year, and the net profit attributable to shareholders was 3.161 billion yuan, down 4.4%, which was below expectations [2] - The natural gas sales business saw a gross profit decline of 410 million yuan year-on-year, attributed to wholesale gas price adjustments and a narrowing price difference in the gas station business model [2] - Other income decreased to 381 million yuan from 746 million yuan in H1 2024, impacted by the progress of government subsidy projects [2] Group 2: Business Segmentation - Natural gas sales revenue increased by 6.1% to 80.078 billion yuan, but pre-tax profit fell by 10.5% to 4.477 billion yuan, with pre-tax profit accounting for 66.4% of total profit, down 2.6 percentage points year-on-year [2] - Exploration and production revenue and pre-tax profit decreased by 16.3% and 64.9% respectively, with crude oil sales volume at 4.12 million barrels, a year-on-year increase of 1.9%, but average selling price down by 7.2% to 62.9 USD per barrel [2] - LNG processing and storage revenue decreased by 1.6% to 4.371 billion yuan, while pre-tax profit increased by 11.4% to 1.836 billion yuan, with total processing volume up by 1.7% to 7.9 billion cubic meters [2] Group 3: Strategic Positioning - The company benefits from strong backing by PetroChina, which holds 56.05% of its shares, providing resource security for its city gas and LPG sales businesses [3] - The company is strategically positioned to capitalize on the transfer of manufacturing industries to the central and northeastern regions of China, achieving a year-on-year increase of 2.2% in retail gas volume in H1 2025 [3] - The company has adjusted its retail gas volume growth guidance for 2025 from 8% to 5%, leading to a downward revision of net profit forecasts for 2025-2027 [3]
建银国际:微降昆仑能源目标价至8.5港元 股息具韧性
Zhi Tong Cai Jing· 2025-08-22 06:28
Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales base, accelerated contributions from new gas projects, and potentially favorable weather conditions [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in natural gas sales structure and weak overall procurement costs, along with continuous improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]
建银国际:微降昆仑能源(00135)目标价至8.5港元 股息具韧性
智通财经网· 2025-08-22 06:25
Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales and contributions from new gas projects [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in the natural gas sales structure and weak overall procurement costs, along with continued improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]
昆仑能源(00135):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
Soochow Securities· 2025-08-22 03:25
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 ...
昆仑能源(00135.HK):25H1总销气量双位数增长 加工储运表现较好
Ge Long Hui· 2025-08-21 19:59
Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but declines in profit metrics, alongside a notable increase in natural gas sales volume and stable LNG processing performance [1][2][3]. Revenue and Profitability - The company's revenue for H1 2025 was RMB 97.543 billion, an increase of RMB 4.621 billion or 4.97% year-on-year [1] - Profit before tax was RMB 6.737 billion, a decrease of RMB 0.512 billion or 7.06% year-on-year [1] - Net profit attributable to shareholders was RMB 3.161 billion, down RMB 0.144 billion or 4.36% year-on-year [1] - 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] Natural Gas Sales Performance - The company achieved a natural gas sales volume of 29.095 billion cubic meters, a year-on-year increase of 10.05% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.23% year-on-year [1] - The average natural gas sales price was RMB 2.77 per cubic meter, a decrease of RMB 0.1 per cubic meter year-on-year [1] LNG Processing and Storage - The LNG processing and storage segment generated revenue of RMB 4.371 billion, a decrease of 1.58% year-on-year [2] - Profit before tax for the LNG segment was RMB 1.836 billion, an increase of 11.41% year-on-year [2] - The average production load rate for 14 operational plants was 57.1%, indicating stable high-load operations [2] Oil and LPG Sales - The average selling price of crude oil fell from USD 67.77 per barrel to USD 62.88 per barrel, leading to a revenue decline of 15.91% to RMB 0.74 billion [3] - LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion [3] Cost Management and Capital Expenditure - The company reduced other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% year-on-year [3] - Capital expenditure for H1 2025 was RMB 1.926 billion, a decrease of 31.6% year-on-year [3] Profit Forecast and Valuation - 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 [4]
昆仑能源(00135.HK):天然气销售量增利减LNG加工储运稳健增长
Ge Long Hui· 2025-08-21 19:59
Core Viewpoint - Kunlun Energy reported its mid-year performance for 2025, showing a slight increase in revenue but a decrease in net profit attributable to shareholders, leading to a proposed interim dividend of 0.1791 HKD per share [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 97.543 billion CNY, a year-on-year increase of 4.97%, while net profit attributable to shareholders was 3.161 billion CNY, a decrease of 4.36%, slightly below expectations [1] - The company's natural gas sales revenue reached 80.078 billion CNY, with a year-on-year growth of 6.06%, but the tax-pre profit from natural gas sales decreased by 10.55% to 4.477 billion CNY [2] - The company plans to increase its dividend payout ratio to 45% for 2025, with a current dividend yield of approximately 4.4% [4] Group 2: Natural Gas Sales - Total natural gas sales volume in the first half of 2025 was 29.095 billion m³, a year-on-year increase of 10.05%, with retail gas volume at 16.666 billion m³, up 2.23% [2] - The company added 5 new city gas projects and 398,800 new users, bringing the total user base to 16.8526 million by the end of the first half of 2025 [2] - The gross margin for natural gas sales was 0.44 CNY/m³, a decrease of 0.01 CNY/m³ year-on-year, attributed to a decline in sales volume from commercial and refueling stations [2] Group 3: LNG and LPG Performance - The average load factor of LNG receiving stations reached 86.8%, an increase of 1.4 percentage points year-on-year, with LNG loading volume increasing by 75.5% [3] - Tax-pre profit from LNG processing and storage grew by 11.4% to 1.836 billion CNY, with steady profit growth from both receiving stations and processing plants [3] - LPG sales volume increased by 4.9% to 3.0684 million tons, but tax-pre profit from LPG business decreased by 3.03% to 544 million CNY due to a decline in unit selling price [3]
昆仑能源(0135.HK):业绩低于预期 分红比例持续提升
Ge Long Hui· 2025-08-21 19:59
机构:华泰证券 公司在建福建LNG 接收站300 万吨/年,我们预计有望在2027 年后贡献利润增量、并协助公司拓展福建 的天然气终端市场;江苏LNG 接收站三期有望在2029 年新增接卸能力625 万吨/年。1H25 公司LNG 工 厂实现税前利润1.4 亿元、14 座持续运行工厂的平均加工负荷率57.1%(yoy-1.3pp);考虑到LNG工厂 利润释放,我们预计2025年LNG板块税前利润yoy+5.6%。 下调盈利预测,下调目标价至8.58 港币 下调零售气量增速和新增接驳、上调LNG 和LPG 利润,我们将昆仑能源2025-27 年归母( 核心) 净利 预测分别下调8.0%/10.4/13.2% 至61.5/64.9/68.4 亿元,对应EPS 0.71/0.75/0.79 元。目标价8.58 港币(前 值:9.21 港币,基于11x 2025E PE),基于11x 2025E PE 和港币兑人民币中间价0.91。目标PE 高于三年 平均7.6xPE(FTM 未来12 个月预期),派息扩张有望带来公司长期价值重估,但盈利增速低于我们此 前预期,故小幅下调PE 溢价率。 风险提示:内需增长放缓;并购交 ...
昆仑能源(00135.HK):补贴确认减少致1H25业绩略有下滑
Ge Long Hui· 2025-08-21 19:59
分销与贸易业务盈利能力仍存下行压力。剔除补贴减少影响外,我们测算公司天然气销售业务盈利仍有 所下降,我们认为主因1H25 LNG 现货价格走弱导致天然气分销与贸易业务的盈利能力出现下行,向前 看,考虑到2026 年起国际LNG 供需关系或趋于宽松,我们认为部分对LNG 现货价格敏感度较高的分销 与贸易气量的盈利能力或仍存下行压力。 机构:中金公司 研究员:严蓓娜/李唐懿/裘孝锋 1H25 业绩低于我们预期 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%,低于我们预期,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 工厂平均负荷率57.1%,YoY -1.3p ...