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中金:维持中国燃气(00384)跑赢行业评级 目标价10港元
智通财经网· 2025-12-01 01:25
Group 1 - The core viewpoint of the article indicates that China Gas (00384) is expected to maintain stable cash flow and dividend distribution, with a proposed interim dividend of HKD 0.15 per share for 1HFY26, unchanged year-on-year [1] - The company reported a revenue of HKD 34.5 billion and a net profit attributable to shareholders of HKD 1.33 billion for 1HFY26, with natural gas retail volume reaching 9.19 billion cubic meters [2] - The company achieved a free cash flow of HKD 2.6 billion in 1HFY26, an increase of HKD 0.38 billion year-on-year, primarily due to the disposal of some inefficient assets [2] Group 2 - Looking ahead, the company anticipates a marginal improvement in gas volume growth for 2HFY26, with a full-year gas volume growth expected to recover to a range of +0-2% [3] - The company maintains its guidance for an annual gross margin of HKD 0.55 per cubic meter, reflecting a year-on-year increase of HKD 0.01 per cubic meter [3]