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光大环境(0257.HK):分红稳步提升 释放乐观信号
Ge Long Hui· 2025-08-26 20:07
机构:国泰海通证券 参考可比公司估值(表1),给予公司2026 年8.3 倍PE,对应目标价5.64 港元,公司分红稳步提升逻辑 开始兑现,未来分红潜力持续释放可以预期,驱动公司价值重估。 业绩略超预期,建造收入大幅下降,运营稳健增长,供热量快速提升。1)2025H1 实现收入143.04 亿 HKD,同比下滑8%;归母净利润22.07 亿HKD,同比下滑10%;建造收入大幅下降以及汇兑损失导致业 绩下滑。2)分业务收入来看:①运营服务收入同比增加5%至99.43 亿HKD,其中环保能源、环保水 务、绿色环保运营服务收入分别同比增加6%、13%、1%至51.42、14.77、31.89 亿HKD;②建造服务收 入同比减少49%至18.44 亿HKD,建造服务收入占比下降至13%,其中环保能源、环保水务及绿色环保 建造服务收入分别同比下降70%、17%、74%至5.39、12.38、0.46 亿HKD。3)运营服务占比提升带动 综合毛利率同比提升5.53pct 至44.26%,净利润率同比改善0.84pct 至19.44%。资产负债率同比下降 0.97pct 至63.30%。4)经营数据方面:2025H1 公司 ...
昆仑能源(00135):业绩低于预期,分红比例持续提升
HTSC· 2025-08-20 10:06
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported lower-than-expected performance for the first half of 2025, with revenue of 97.5 billion yuan (up 5.0% year-on-year) and net profit attributable to shareholders of 3.16 billion yuan (down 4.4% year-on-year) [1][4] - The company plans to distribute an interim dividend of 0.166 yuan per share, representing a payout ratio of 45.5% [1] - The long-term value reassessment of the company is viewed positively, with expectations for dual growth in earnings and dividends [1] Summary by Sections Financial Performance - In 1H25, the company's natural gas retail volume increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial volume up 8.0% but commercial and residential volumes down by 1.5% and 3.6% respectively [2] - The average selling price difference for natural gas decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to declining distribution and connection gross margins [2] LNG Segment - The company's LNG receiving station average load factor was 86.8% (up 1.4 percentage points year-on-year) in 1H25, with expectations to maintain an average load factor of 90% from 2025 to 2027 [3] - The LNG segment achieved a tax pre-profit of 140 million yuan in 1H25, with expectations for a year-on-year profit increase of 5.6% in 2025 [3] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates reduced by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively [4] - The target price has been lowered to 8.58 HKD from a previous 9.21 HKD, based on an 11x PE for 2025E [4]
中国宏桥 (1378 HK) 2025年中期策略会速递—公司价值或迎来重估
HTSC· 2025-06-06 13:30
证券研究报告 中国宏桥 (1378 HK) 2025 年中期策略会速递— 公司价值或迎来重估 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 基本金属及加工 | 6 月 4 日中国宏桥(1378.HK)出席了我们组织的 2025 年中期策略会,会 上公司主要介绍了其控股公司宏创控股拟对宏拓实业收购和电解铝能源成 本下降等情况,并阐述了对铝价长期维持乐观。公司高分红属性突出,作为 铝行业龙头,我们维持买入评级。 旗下核心资产计划重组,公司价值有望迎来二次重估 根据公告,中国宏桥控股公司宏创控股拟向宏拓实业的九名股东发行股份以 购买宏拓实业 100%股权,交易对价约 635.18 亿元。宏拓实业为中国宏桥 旗下国内核心资产所属主体,其拥有电解铝年产能 646 万吨及氧化铝年核 准产能 1900 万吨。本次资产重组对中国宏桥持有宏拓实业股份有一定摊薄, 重组前后公司持有股权比例将从 95.30%下降至约 88.99%,但通过此次资 产重组,有利于提升公司资产证券化水平以及市场影响力,叠加公司 24 年 较大幅度提升 ...
中国宏桥(01378):2025年中期策略会速递:公司价值或迎来重估
HTSC· 2025-06-06 10:50
Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is optimistic about long-term aluminum prices and has a strong dividend profile, which supports the investment thesis [1][2] - The planned acquisition of 100% equity in Hongtuo Industrial by the holding company Hongchuang Holdings is expected to enhance the company's market influence and asset securitization level [2] - The decline in energy prices is anticipated to reduce costs, while the upcoming production of the Simandou iron ore project is expected to contribute positively to the company's performance [3] Summary by Sections Acquisition and Restructuring - Hongchuang Holdings plans to issue shares to acquire 100% of Hongtuo Industrial for approximately 635.18 billion RMB, which will slightly dilute the company's shareholding from 95.30% to about 88.99% [2] Cost and Production Outlook - The average coal price at Qinhuangdao Port for the first five months of 2025 was 703 RMB/ton, down from 872 RMB/ton in 2024, which is expected to lower electricity costs in Shandong [3] - The Simandou iron ore project is expected to commence production by the end of 2025, with a designed capacity of 60 million tons per year [3] Aluminum Price and Profitability - Short-term demand for electrolytic aluminum may face seasonal declines, but supply constraints and high demand in sectors like new energy vehicles are expected to keep prices stable [4] - The company forecasts a gradual increase in aluminum prices from 2025 to 2026, with a projected net profit of 161.29 billion RMB in 2025 [5] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 161.29 billion RMB, 177.51 billion RMB, and 212.85 billion RMB respectively [5] - The target price is set at 15.37 HKD, with a historical average PE ratio of 7.03X since 2017 [5][9]