Core Viewpoint - Tianfu Asset Management's Chief Investment Officer Yang Dehua commented on Binhai Investment's (02886) strong resilience demonstrated in its latest 2025 interim results, despite a challenging industry environment [1] Financial Performance - For the first half of 2025, the company reported revenue of approximately HKD 2.931 billion, a year-on-year decline of 17%, primarily due to a decrease in gas sales volume [1] - Gross profit was around HKD 310 million, down 10%, but gross margin improved by 0.9 percentage points to 10.6%, indicating effective cost control and price optimization [1] - The net profit attributable to shareholders reached HKD 173 million, a year-on-year increase of 3%, with basic earnings per share at HKD 0.1254, up 1% [1] Gas Sales and Market Dynamics - The pipeline natural gas sales business accounted for 94% of total revenue, with total gas sales volume declining by 14% to 1.14 billion cubic meters due to a warm winter; however, the second quarter saw a 13% year-on-year recovery in gas sales volume, indicating strong demand recovery [1] - The company anticipates a 2% year-on-year increase in total gas sales volume for the full year, with a 9% growth in pipeline gas sales volume, aligning with industry recovery trends [1] Connection Business and User Growth - The connection business showed signs of recovery, with engineering construction and natural gas pipeline installation service revenue at approximately HKD 125 million, down 25% year-on-year, mainly due to slow recovery in the real estate market [2] - The company added 28,600 new users, with a total user base of 2.47 million, achieving 40% of the annual target, reflecting steady market penetration in Tianjin Binhai New Area and other regions [2] Margin Improvement - The average gross margin for urban gas reached RMB 0.50 per cubic meter, an increase of RMB 0.07 year-on-year, driven by optimized upstream gas source structure and cost savings of over RMB 9 million [2] - The company expects the annual urban gross margin to reach RMB 0.52, a year-on-year increase of RMB 0.04, which will directly enhance gross profit performance [2] Financial Management and Cost Reduction - The company improved profitability through debt repayment and restructuring, reducing the overall financing rate to 4.67%, down 82 basis points year-on-year, saving HKD 29.14 million in financing costs [3] - The interest coverage ratio increased to 3.2 times, indicating a healthy financial position [3] Market Position and Valuation - The company demonstrated resilience during the industry's low point, with a high probability of meeting annual performance targets and expected recovery in net profit attributable to shareholders [3] - The current valuation is at a historical low, with a price-to-earnings ratio of approximately 8 times, compared to the industry average of 10-12 times, indicating potential upside [3]
滨海投资(02886)接驳见底毛差修复 全年业绩可期