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交银国际:予昆仑能源“买入”评级 料今年核心盈利基本持平
Zhi Tong Cai Jing· 2025-08-21 09:13
Core Viewpoint - The report from CMB International indicates a downward revision of Kunlun Energy's (00135) profit forecasts for the next two years by 8% and 10% due to a decline in retail gas sales growth predictions [1] Financial Performance - Kunlun Energy's profit for the first half of the year decreased by 4.4% to 3.16 billion RMB, achieving only 45% of the original annual forecast [1] - The company's core profit is expected to remain stable at approximately 6.4 billion RMB this year, with projected year-on-year growth of 5.5% and 6.3% for 2026 and 2027 respectively [1] - The interim dividend increased by 1.2% year-on-year, with a payout ratio of 45.46%, slightly above the annual payout guidance [1] Sales and Growth Projections - Despite low growth in retail gas volume, the company added five city gas projects in the first half and expects to acquire another five projects in the second half, which will enhance annual gas volume contributions [1] - The company anticipates that the retail gas volume growth rate in the second half will be higher than that of the first half, with an expected year-on-year increase of 4.5% for the year, compared to the company's guidance of 5% [1] - The expected gross margin for gas sales is projected to remain at 0.44 RMB per cubic meter, while LNG processing volume is expected to increase by 1.6% year-on-year [1] Profitability of LNG Segment - The tax-pre profit for the LNG segment is projected to double to 260 million RMB this year, with a year-on-year increase of 8.9% [1]
中银国际:维持昆仑能源“买入”评级 目标价下调至9.6港元
Zhi Tong Cai Jing· 2025-08-21 09:13
中银国际发布研报称,昆仑能源(00135)上半年净利润同比下跌4%至31.61亿元人民币,较该行预测低 7%,主要由于自天然气销售业务零售销量、单位毛利及其他收益均低于预期。由于下半年通常有较高 销售及行政开支入帐,中银国际预期昆仑能源下半年盈利较上半年再下跌17%,另将2025至2027年每立 方米单位毛利预测下调0.03元人民币,相应将2025至2027年盈利预测下调9%至13%,并将目标价从 10.08港元下调至9.6港元,维持"买入"评级。 ...
中银国际:维持昆仑能源(00135)“买入”评级 目标价下调至9.6港元
智通财经网· 2025-08-21 09:06
智通财经APP获悉,中银国际发布研报称,昆仑能源(00135)上半年净利润同比下跌4%至31.61亿元人民 币,较该行预测低7%,主要由于自天然气销售业务零售销量、单位毛利及其他收益均低于预期。由于 下半年通常有较高销售及行政开支入帐,中银国际预期昆仑能源下半年盈利较上半年再下跌17%,另将 2025至2027年每立方米单位毛利预测下调0.03元人民币,相应将2025至2027年盈利预测下调9%至13%, 并将目标价从10.08港元下调至9.6港元,维持"买入"评级。 ...
交银国际:予昆仑能源(00135)“买入”评级 料今年核心盈利基本持平
智通财经网· 2025-08-21 09:06
报告中称,昆仑能源上半年盈利同比跌4.4%至31.6亿元人民币,仅达到该行原预期今年全年的45%,相 信期内燃气销售业务的税前盈利降10.6%是业绩低于预期的主因。不过,公司中期息同比增1.2%,派息 比率45.46%,则略高于全年派息指引。 该行表示,虽然昆仑能源的零售气量增长偏低,但上半年已新增5个城燃项目,预计下半年仍有另外5个 新收购项目,新项目年气量贡献将会提升,加上预期今年暖冬情况不会出现,管理层预计下半年零售气 量同比增速将较上半年高。该行预计,今年公司零售气销量将同比增加4.5%,对比公司指引则为增长 5%;预期售气毛差维持在上半年水平的每方0.44元人民币。另外,预期LNG加工量同比增1.6%,今年分 部税前利润增2倍至2.6亿元人民币,LNG分部税前利润同比增8.9%。 智通财经APP获悉,交银国际发布研报称,下调昆仑能源(00135)今明两年的盈利预测8%和10%,以反 映对零售气销售增长预测下降。另预期今年核心盈利将大致持平约64亿元人民币,而2026及27年则分别 同比升5.5%和6.3%。该行将公司目标价由9.02港元下调至8.85港元,但认为股息率水平仍然吸引,续 予"买入"评级 ...
大行评级|美银:下调昆仑能源目标价至8.3港元 指其增长空间有限
Ge Long Hui· 2025-08-21 07:30
Core Viewpoint - Bank of America Securities reports that Kunlun Energy's after-tax net profit for the first half of the year decreased by 4% year-on-year to 3.2 billion, which is largely in line with expectations but may disappoint some investors who anticipated flat year-on-year results [1] Financial Performance - The interim dividend increased by 1% year-on-year, with a payout ratio of 45%, meeting expectations [1] - The pre-tax profits from natural gas and liquefied petroleum gas (LPG) sales fell by 10% and 3% year-on-year, respectively, primarily due to a decline in unit gross margins and weak retail gas volume growth [1] Forecast Adjustments - The company has revised its retail gas volume growth forecast for the year from 8% to 5% and has lowered its natural gas profit forecasts for the period [1] - The after-tax profit forecasts for the fiscal years 2025 to 2027 have been reduced by 6% to 7% [1] - The target price has been adjusted down from HKD 8.7 to HKD 8.3, maintaining a "neutral" rating due to limited growth potential [1]
大行评级|花旗:下调昆仑能源目标价至8.4港元 维持“买入”评级
Ge Long Hui· 2025-08-21 06:58
Core Viewpoint - Citigroup has revised down its net profit forecasts for Kunlun Energy for the years 2025 to 2027 by 6.2%, 7.3%, and 9% respectively, due to slowing retail natural gas sales growth and a slowdown in LNG processing, which cannot be fully offset by the increase in LPG sales [1] Summary by Category Company Analysis - The target price for Kunlun Energy has been reduced from HKD 8.7 to HKD 8.4 while maintaining a "Buy" rating [1] - The negative impact on Kunlun Energy's performance is attributed to the slowdown in retail natural gas sales and LNG processing [1] Industry Insights - Citigroup's preferred choice in the industry is New Hope Energy, highlighting the potential upside from its privatization [1]
中金:维持昆仑能源跑赢行业评级 降目标价至8港元
Zhi Tong Cai Jing· 2025-08-21 04:08
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2025/202610.5x/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工厂平均负荷率57.1%,YoY-1 ...
中金:维持昆仑能源(00135)跑赢行业评级 降目标价至8港元
智通财经网· 2025-08-21 03:59
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 ...
昆仑能源(00135):天然气销售量增利减LNG加工储运稳健增长
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]
昆仑能源(00135):业绩低于预期,分红比例持续提升
HTSC· 2025-08-20 10:06
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]