国证国际港股晨报-20250709

Group 1: Market Overview - The Hong Kong stock market rebounded after three consecutive days of decline, with the Hang Seng Index closing at 24,148 points, up 260 points or 1.09% [2] - The trading volume increased to 213.3 billion HKD, a rise of 10.1% compared to the previous day [2] - Northbound trading recorded a slight net inflow of 387 million HKD, a decrease of 96.8% from the previous day [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 7 sectors rose while 5 fell, with the leading sectors being Consumer Discretionary, Materials, and Information Technology, which increased by 1.77% to 1.31% [3] - The lagging sectors included Utilities, Real Estate & Construction, and Consumer Discretionary, with increases ranging from 0.47% to 0.32% [3] Group 3: Company Analysis - Tianlun Gas (1600.HK) - Tianlun Gas has a strong position in the industrial and commercial user segment, particularly in Gansu province, where demand for natural gas is growing rapidly due to industrial transfers from the eastern regions [8][9] - The company’s gas sales volume in Gansu is expected to grow significantly, with the sales volume in Baiyin and Jingyuan projected to account for 3.5% of total sales by 2024 [9] - The company’s financial indicators show a projected retail gas sales growth of 4%-5% for the year, with a slight recovery in gross margin expected [10][11] Group 4: Financial Health - As of the end of 2024, the company’s total liabilities are projected to be 9.648 billion RMB, with a debt-to-asset ratio of 60.6% and an average financing cost of 5.5% [10] - The company has secured a green loan of 125 million USD from the Asian Development Bank at an interest rate of approximately 3.8%, which will help optimize its debt structure [10] - The dividend payout is expected to increase, with a target core payout ratio of 35% for the year, resulting in an attractive dividend yield of around 5% [11]