Core Viewpoint - Binhai Investment (02886) is expected to see an increase in total gas sales volume and gross margin by 2025, presenting potential investment opportunities for investors to deploy in stages [1][4]. Financial Performance - For the fiscal year 2024, the company reported revenue of HKD 6.198 billion and a profit of HKD 209 million, with gross margin and annual profit margin at 9.2% and 3.4% respectively [1]. - Total gas sales volume reached 2.52 billion cubic meters, marking a year-on-year growth of 13%, with pipeline gas sales increasing by 6.5% and gas transmission volume soaring by 32% [1]. - The company's debt-to-asset ratio decreased by 3 percentage points to 70%, and total borrowings reduced by 15% to HKD 3.33 billion, leading to an 8.3% decline in financial costs to HKD 206 million [1]. Business Operations - The company has a strong shareholder background, with Tianjin TEDA Investment Holding Co., Ltd. holding 42.08% and Sinopec Great Wall Gas Investment Co., Ltd. holding 29.45% of shares, providing robust support for business operations [2]. - Binhai Investment actively expands gas source channels, achieving interconnectivity with four major LNG receiving stations in the North China region and signing multiple gas purchase contracts to diversify its gas source portfolio [2]. - The company has secured significant projects, including a gas supply agreement with Nanjing Yunhai Aluminum Co., Ltd., which will supply approximately 16 million cubic meters of natural gas annually for three years [2]. Growth Potential - The value-added services segment shows potential, with the proprietary brand "Taiyuejia" offering smart home solutions, and the segment's gross profit rising by approximately 10% year-on-year to HKD 54.67 million, with a compound annual growth rate of 42% over the past four years [3]. - The company is optimistic about total gas sales volume growth for 2025, expecting to maintain high single-digit growth driven by economic recovery and new projects gradually releasing capacity [3]. - The gross margin for urban gas is projected to improve, with a target of RMB 0.52 per unit for the entire year, an increase of 4 fen from 2024, enhancing overall profitability [3]. Investment Appeal - The company is seen as having a solid fundamental performance, with ongoing business development and financial optimization, making it attractive for long-term investors seeking stable returns [4]. - The expected dividend yield at the current price is around 8%, higher than the average of 5.3% over the past five years, and the forecasted price-to-earnings ratio is approximately 5 times, indicating potential for valuation recovery [4].
滨海投资(02886)2025年总销气量及毛差有望上升 投资者可分阶段作中长期部署