智通财经网·2026-03-23 07:42Core Viewpoint - UBS reports that Hong Kong and China Gas (00003) is expected to achieve a core operating profit of HKD 6 billion for the fiscal year 2025, representing a year-on-year growth of 4%, which is in line with the bank's and market expectations [1] Company Summary - The growth in profit is primarily driven by stable performance in Hong Kong's gas business and a decrease in financial expenses, partially offset by a 2% decline in profits from mainland city gas due to weak new connections [1] - UBS maintains a "Neutral" rating on the company with a target price of HKD 7 [1] - Profit from the mainland city gas business benefits from an increase in gross profit per cubic meter from HKD 0.52 to HKD 0.54, although this is offset by a decrease in new connections from 1.68 million to 1.45 million, with gas sales remaining relatively flat [1] - The green fuel business segment's losses have narrowed to HKD 158 million [1] Industry Summary - UBS anticipates a neutral to slightly negative outlook from investors regarding the company's performance [1] - The firm maintains a generally neutral stance on the industry, believing that growth in city gas sales will slow down, and upstream price fluctuations may exert short-term pressure on unit profits [1] - UBS holds a positive view on EcoCeres, noting that its capacity expansion is faster than expected, which may accelerate order absorption and attract strategic investors [1]