中泰国际报告中提到，天伦燃气立足河南，并加强注重二三线地市地区，包括陕西、甘肃、青海、四 川、云南、吉林等，照顾当地基础及战略性产业例如稀土、化工、金属、建材对天然气的刚性需求。此 外公司减少对于居民用户接驳业务的依赖，降低房地产市场波动对盈利的影响。该机构预计，天然气零 售收入将由FY24的50.4亿元(人民币，下同)上升至FY27的63.4亿元，期内CAGR为7.9%。 增值业务上，天伦燃气把握城市更新机会，积极发展增值业务，例如智慧厨房改造、燃气具销售、及相 关保险。FY24增值业务收入为4.2亿元，同比快速增长14.3%，而毛利率更高达约49%，高于公司总毛率 17.2%。与此同时，中泰国际提到，公司推动高分红政策。全年核心利润分红比率由FY23的30.0%上升 至FY24的33.0%。公司目标FY25可提升至35.0%。 此外，公司顺价机制(指销售价格与采购成本的及时联动)逐渐有效运行，例如FY24综合销气价差为0.47 元/方，与FY23的0.48元/方相若。顺价机制有效运行，叠加上述工业供气的扩展，预计毛利益将由FY24 的17.2%下跌至FY25的16.9%，但其后回升至FY27的17.2%。 ...

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight decline in total revenue and net profit, while core profit experienced a marginal increase, indicating performance slightly below expectations [1]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 33.74 billion yuan, a year-on-year decrease of 1.44% [1]. - The net profit attributable to shareholders was 976 million yuan, down 9.64% year-on-year [1]. - Core profit reached 1.08 billion yuan, reflecting a slight increase of 0.1% year-on-year, indicating resilience in core operations [1]. Group 2: Gas Sales and Market Dynamics - The company’s gas sales volume in Q1 2025 was 10.544 billion cubic meters, up 5.4% year-on-year, driven by a 34.5% increase in wholesale gas sales [2]. - Retail gas sales volume was 7.258 billion cubic meters, a slight increase of 0.3% year-on-year, with residential gas sales growing by 1.1% [2]. - The company’s platform trading gas sales volume was 1.196 billion cubic meters, showing a minor decline of 1.4% year-on-year, while international trade volume increased by 1.21 billion cubic meters [2]. Group 3: LNG Processing and Energy Sales - The LNG processing volume at the Zhoushan receiving station reached 551,700 tons in Q1 2025, a year-on-year increase of 28.6% [3]. - The company’s comprehensive energy sales volume was 10.039 billion kilowatt-hours, reflecting a year-on-year growth of 9.9% [3]. - The company has 367 operational comprehensive energy projects with a total installed capacity of 6.25 GW, and 73 projects under construction with a capacity of 1.18 GW [3]. Group 4: Strategic Developments - The privatization of New World Energy is progressing steadily, with asset restructuring expected to enhance shareholder returns [4]. - The company has updated financial data and is advancing through regulatory approvals for the privatization process [4]. - Profit forecasts for 2025-2027 have been adjusted downward due to delays in long-term resource availability and the impact of a warm winter on retail gas growth [4].

以下文章来源于智谷趋势Trend ，作者鹿鹭 申公豹 智谷趋势Trend . 新中产的首席财富顾问 作者： 鹿鹭 申公豹 来源：智谷趋势Trend（lD：yuanfangguanchaju） 涨价潮又来了，但这次不一样。 2025，一场史无前例的成本大挪移正在到来。 很难有人置身事外。 01 全国最有钱的城市深圳，最近打算让自来水涨价13.05%。 目前听证会还没开，不过方案一和方案二， 综合价格涨幅是一模一样的 。 就像成语里的猴 子，"朝三暮四"和"朝四暮三"的区别，或许就在于有没有让你选。 | 现行价格 | | | | 拟调整价格 | | | --- | --- | --- | --- | --- | --- | | | 目前 | 方案一 | | 方案二 | | | 用水类别 | 价格 | 拟调 | 调增额 | 拟调 | 调增额 | | | | 价格 | | 价格 | | | 1.居民生活用水 | | | | | | | (1)家庭户(m3/户 · 月) | | | | | | | 0-22(含) m3 | 2. 67 | 2. 67 | 0. 00 | 2. 94 | 0. 27 | | 22-30( ...