Core Viewpoint - The report maintains a "Buy" rating for Binhai Investment (02886), highlighting an attractive dividend yield and setting a target price of HKD 1.36 based on a 2025 P/E of 7.8x [1] Group 1: Gas Sales and Profit Margins - The company achieved a total gas sales volume of 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline natural gas sales at 1.714 billion cubic meters (yoy +6.5%) and gas transmission at 0.801 billion cubic meters (yoy +32%) [2] - The overall gross margin for 2024 was HKD 0.41 per cubic meter, a decrease of HKD 0.06 per cubic meter, but the gross margin for urban gas significantly recovered in the second half, reaching HKD 0.58 per cubic meter [2] - The company expects total gas sales volume to reach 2.7 billion cubic meters in 2025, a year-on-year increase of 9%, with pipeline sales also projected to grow by 9% [2] Group 2: Connection and Value-Added Services - In 2024, the company added 70,000 new connections, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3] - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a year-on-year increase of 9.6%, with a compound annual growth rate of approximately 42% over the past four years [3] - The company anticipates continued double-digit growth in gross profit from value-added services in 2025, driven by the promotion of its proprietary brand, Taiyuejia [3] Group 3: Debt Management and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [4] - In 2025, the company plans to further optimize its debt structure, expecting a reduction in financing costs by HKD 20 million [4] - The company is committed to returning value to shareholders, planning to increase dividends by no less than 10% annually from a base of HKD 0.076 per share for the years 2025-2027, with a current dividend yield of 7% [4]
国证国际：维持滨海投资(02886)“买入”评级 目标价1.36港元