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. Despite a slight downward revision in profit forecasts due to industry demand concerns, the company is expected to benefit from cost reduction and efficiency improvements [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. The net profit attributable to shareholders was HKD 173 million, an increase of 3% year-on-year. The decline in revenue and gross profit was primarily due to reduced gas volume from a warm winter 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 at 830 million cubic meters (down 13%) and pipeline transmission gas at 310 million cubic meters (down 18%). However, Q2 saw a recovery with pipeline gas sales volume increasing by 17% year-on-year [2] Group 2: Business Segments - The impact of connection business has diminished, with 28,600 new connections made in the first half, affected by the downturn in the real estate market. The contribution of connection business to overall revenue is decreasing [3] - The value-added services segment achieved revenue of HKD 37.67 million, up 6.9% year-on-year, with gross profit of HKD 25.40 million, also up 6.9% year-on-year, indicating the company's focus on this area [3] Group 3: Financing and Dividend Policy - The company significantly reduced financing costs to HKD 45.49 million, a decrease of 39% year-on-year, by actively repaying high-interest debt and optimizing its debt structure [4] - The company plans to increase dividends by at least 10% annually from a base of HKD 0.076 per share for the years 2025-2027, 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：滨海投资降本成效显著 股息率吸引 评级买入 目标价1.36港元