Shenwan Hongyuan Securities·2025-12-01 12:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to market performance [6]. Core Insights - The company reported a decline in revenue and net profit for the first half of FY2025/26, with revenue at 34.481 billion HKD, down 1.8% year-on-year, and net profit at 1.334 billion HKD, down 24.2% [6]. - Free cash flow reached a record high of 2.6 billion HKD, reflecting a 17.2% increase year-on-year [6]. - The company aims to maintain a gas margin target of 0.55 HKD/m³ for the full fiscal year, with potential for a 0.01 HKD/m³ increase compared to FY2024/25 [6]. - The company’s value-added and comprehensive energy businesses showed steady growth, contributing positively to overall performance [6]. Financial Data and Profit Forecast - Revenue projections for the upcoming fiscal years are as follows: - FY2023/24: 81.410 billion HKD - FY2024/25: 79.258 billion HKD - FY2025/26: 76.368 billion HKD - FY2026/27: 72.404 billion HKD - FY2027/28: 72.595 billion HKD [5][7] - Net profit forecasts are as follows: - FY2023/24: 3.185 billion HKD - FY2024/25: 3.252 billion HKD - FY2025/26: 3.264 billion HKD - FY2026/27: 3.770 billion HKD - FY2027/28: 4.192 billion HKD [5][7] - Earnings per share (EPS) are projected to be: - FY2023/24: 0.59 HKD - FY2024/25: 0.60 HKD - FY2025/26: 0.60 HKD - FY2026/27: 0.69 HKD - FY2027/28: 0.77 HKD [5][7].