Core Viewpoint - The report from Guozheng International highlights the attractive dividend yield of Binhai Investment (02886), maintaining a "Buy" rating with a target price of HKD 1.36, based on a 2025 P/E of 7.9x. The company's cost reduction and efficiency improvements have significantly lowered financial expenses, and while gross margin has shown recovery, the earnings forecast has been slightly adjusted due to industry demand concerns [1]. Group 1: Financial Performance - In the first half of the year, the company reported revenue of HKD 2.931 billion, a decrease of 17% year-on-year, with gross profit of HKD 310 million, down 10% year-on-year, and a net profit attributable to shareholders of HKD 173 million, an increase of 3% year-on-year. The decline in revenue and gross profit was primarily due to a warm winter in Q1, which led to reduced gas sales and weak connections [1]. - The total gas sales volume for the first half was 1.14 billion cubic meters, down 14% year-on-year, with pipeline gas sales of 830 million cubic meters (down 13%) and transmission gas of 310 million cubic meters (down 18%). However, Q2 saw a strong recovery in pipeline gas sales, which increased by 17% year-on-year [2]. Group 2: Business Segments - The impact of connection business has diminished, with the company adding 28,600 new connections in the first half, primarily affected by the downturn in the real estate market. The proportion of connection business in the overall structure is decreasing [3]. - The value-added services segment achieved revenue of HKD 37.67 million, up 6.9% year-on-year, with a gross profit of HKD 25.40 million, also up 6.9% year-on-year, indicating the company's focus and optimism towards this segment [3]. Group 3: Financing and Dividend Policy - The company's financing costs significantly decreased by 39% year-on-year to HKD 45.49 million, attributed to proactive repayment of high-interest debt and rational adjustment of the debt structure [4]. - The company plans to increase dividends by no less than 10% annually over the next three years, starting from a base of HKD 0.076 per share for 2025-2027. This strategy aims to ensure a stable absolute value of dividends for shareholders, with a projected dividend per share of HKD 0.0836 this year, resulting in an attractive dividend yield of 7.4% [4].
国证国际：滨海投资(02886)降本成效显著 股息率吸引 评级买入 目标价1.36港元