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华润燃气(01193):经营数据不及预期,DPS同增20%
Soochow Securities· 2025-09-01 14:05
Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's H1 2025 operating data fell short of expectations, with a revenue of HKD 49.79 billion, down 4.4% year-on-year, and a net profit of HKD 2.40 billion, down 30.5% year-on-year. The proposed interim dividend is HKD 0.30 per share, an increase of 20% year-on-year, with a payout ratio of 29% [7] - The decline in performance is attributed to a decrease in retail gas volume and a drop in income from comprehensive services and connections. The company anticipates low single-digit growth in retail gas volume for the full year 2025, with a slight increase in gross margin [7] - The company is managing capital expenditures and enhancing shareholder returns, with operating cash flow of HKD 3.01 billion in H1 2025 and a commitment to maintain or increase dividend payouts [7] Financial Summary - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are HKD 101.27 billion, HKD 102.68 billion, HKD 92.87 billion, HKD 95.67 billion, and HKD 99.04 billion respectively, with a year-on-year change of 7.35%, 1.39%, -9.55%, 3.01%, and 3.53% [1] - The net profit forecasts for the same years are HKD 5.22 billion, HKD 4.09 billion, HKD 3.73 billion, HKD 3.97 billion, and HKD 4.29 billion, reflecting year-on-year changes of 10.36%, -21.74%, -8.82%, 6.59%, and 7.91% [1] - The latest diluted EPS for 2025E is projected at HKD 1.61, with corresponding P/E ratios of 12.35, 11.59, and 10.74 for 2025E, 2026E, and 2027E respectively [1][8]
深圳燃气(601139):管道气业务稳步发展,燃气资源收入大幅增长
Dongguan Securities· 2025-09-01 12:54
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [9]. Core Insights - The company's revenue for H1 2025 reached 15.432 billion yuan, a year-on-year increase of 11.99%, while the net profit attributable to shareholders was 638 million yuan, a decline of 13.61% [1][7]. - The significant growth in gas resource revenue, which increased by 123.88% year-on-year to 3.406 billion yuan, is attributed to the historical high in key operational metrics [7]. - The company has seen a steady development in its pipeline gas business, with a total of 8.62 million users by the end of June 2025, reflecting a net increase of 210,000 users [7]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 15.432 billion yuan, up 11.99% year-on-year, while net profit decreased by 13.61% to 638 million yuan, primarily due to reduced profits from the smart services segment [1][7]. - The smart services segment's revenue fell by 68.76% to 319 million yuan, with a gross profit decline of 68.96% to 177 million yuan, largely due to decreased sales from gas equipment following the completion of the "bottle-to-pipe" project in Shenzhen [7]. Gas Resource Revenue - The gas resource revenue surged to 3.406 billion yuan, marking a 123.88% increase year-on-year, with natural gas wholesale volume reaching 758 million cubic meters, a growth of 205.65% [7]. Pipeline Gas Business - The company had 8.62 million pipeline gas users by June 2025, with a net increase of 210,000 users, including 5.88 million in the Greater Bay Area [7]. - Pipeline natural gas sales volume for H1 2025 was 2.630 billion cubic meters, reflecting a year-on-year increase of 5.71% [7]. Power Generation - The company successfully commissioned the second 9F unit of its deep-burning thermal power plant, with a total installed capacity of 1,300 megawatts. Power generation for H1 2025 was 931 million kWh, up 113.54% year-on-year [7]. Market Expansion - The company is actively expanding its market presence in the Greater Bay Area for city gas, power plants, and integrated energy, having signed a strategic cooperation agreement with the government of Shanwei City [7]. - In H1 2025, the company successfully expanded its customer base by adding two new power plant users in the Greater Bay Area [7]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.51 yuan, 0.52 yuan, and 0.53 yuan for 2025, 2026, and 2027 respectively, with a corresponding price-to-earnings (PE) ratio of 13 times [7][8].
星展:降新奥能源目标价至64.5港元 维持“持有”评级
Zhi Tong Cai Jing· 2025-09-01 10:16
Core Viewpoint - DBS released a report indicating that New Oriental Energy (02688) experienced a domestic profit growth of less than 1% in the first half of the year, which was below expectations, while maintaining an interim dividend of HKD 0.65 per share [1] Group 1: Financial Performance - The overall growth outlook for the group is slowing, leading to a downgrade in the target price from HKD 68 to HKD 64.5 [1] - The revenue growth forecasts for the Industrial Engineering (IE) and smart home businesses have been reduced by 11 percentage points and 10 percentage points, respectively [1] Group 2: Profit Forecast Adjustments - Domestic profit forecasts for 2025 and 2026 have been lowered by 4% and 8%, respectively [1]
星展:降华润燃气目标价至20.5港元 维持“持有”评级
Zhi Tong Cai Jing· 2025-09-01 10:16
Core Viewpoint - DBS reported that China Resources Gas (01193) experienced a 30.5% year-on-year decline in net profit for the first half of the year, falling short of expectations, primarily due to weak new connection volumes and sluggish comprehensive service operations [1] Financial Performance - The company's net profit dropped by 30.5% year-on-year, indicating significant underperformance against market expectations [1] - The forecast for comprehensive service revenue is expected to show negative growth as the company adjusts its development strategy [1] Market Conditions - The ongoing sluggish real estate market continues to suppress new connection demand, impacting overall performance [1] Earnings Forecast - Earnings forecasts for 2025 and 2026 have been revised downwards by 6% and 12% respectively, reflecting a cautious outlook [1] Investment Rating - Based on a prudent outlook, the rating is maintained at "Hold," with the target price adjusted from HKD 24.3 to HKD 20.5 [1] - The stock is still considered to offer an attractive dividend yield of over 5% [1]
星展:降华润燃气(01193)目标价至20.5港元 维持“持有”评级
Zhi Tong Cai Jing· 2025-09-01 10:06
Core Viewpoint - DBS reported that China Resources Gas (01193) experienced a 30.5% year-on-year decline in net profit for the first half of the year, falling short of expectations, primarily due to weak new connection volumes and comprehensive service business [1] Financial Performance - The company's net profit decreased by 30.5% year-on-year, which was below market expectations [1] - The forecast for comprehensive service revenue is expected to show negative growth due to a strategic adjustment by the company and ongoing weakness in the real estate market, which continues to suppress new connection demand [1] Earnings Forecast - DBS has revised down its earnings forecasts for 2025 and 2026 by 6% and 12% respectively [1] Investment Rating - Based on a cautious outlook, DBS maintains a "Hold" rating and has lowered the target price from HKD 24.3 to HKD 20.5 [1] - The stock is still considered to provide an attractive dividend yield of over 5% [1]
中金:维持北京控股跑赢行业评级 目标价35港元
Zhi Tong Cai Jing· 2025-09-01 04:03
南港LNG代加工协议落地,北京燃气盈利稳定性有望提升 中金发布研报称,维持北京控股(00392)2025年和2026年盈利预测不变。当前股价对应2025/2026年6.8 倍/6.7倍市盈率。维持跑赢行业评级和35港元目标价,对应7.4倍2025年市盈率和7.2倍2026年市盈率, 较当前股价有8.2%的上行空间。公司公布1H25业绩,收入445亿元,同比+5.2%;归母净利润34.4亿元, 同比+8.1%,经营性股东应占利润32.8亿元,同比+4.1%,符合该行预期;公司拟派发中期股息0.85港元/ 股,同比持平。 中金主要观点如下: 1H25业绩 1H25北京燃气天然气总销量125.1亿方,YoY+5.5%,其中北京市内管道气销量91.9亿方,YoY-1.7%,天 然气分销与贸易业务税前利润9.7亿元,YoY+13.2%。合营/联营公司方面,1H25公司确认国家管网北京 管道/VCNG/中国燃气/北控水务投资收益12.6/3.3/3.1/3.7亿元,总体保持稳定。 2025年派息稳健,且中长期仍有提升空间 1H25公司维持中期股息0.85港元/股不变,且管理层于业绩会上承诺全年派息将在1.62港元/股(对 ...
中金:维持北京控股(00392)跑赢行业评级 目标价35港元
智通财经网· 2025-09-01 04:00
智通财经APP获悉,中金发布研报称,维持北京控股(00392)2025年和2026年盈利预测不变。当前股价对 应2025/2026年6.8倍/6.7倍市盈率。维持跑赢行业评级和35港元目标价,对应7.4倍2025年市盈率和7.2倍 2026年市盈率,较当前股价有8.2%的上行空间。公司公布1H25业绩,收入445亿元,同比+5.2%;归母净 利润34.4亿元,同比+8.1%,经营性股东应占利润32.8亿元,同比+4.1%,符合该行预期;公司拟派发中 期股息0.85港元/股,同比持平。 中金主要观点如下: 受益于国内融资利率降低及公司将部分外币有息债务调整为人民币债务,1H25公司总部财务费用同比 降低超过1亿元,向前看,该行认为随着子公司分红的进一步增加,公司有息负债规模或也有一定下降 空间。 2025年派息稳健,且中长期仍有提升空间 1H25公司维持中期股息0.85港元/股不变,且管理层于业绩会上承诺全年派息将在1.62港元/股(对应末期 股息分配0.77港元/股)及2025年经营性利润35%两者间取高值进行分配。向前看,基于公司稳健的公用 事业属性及北京燃气的资本开支周期基本接近尾声,该行判断公司中长期派 ...
一图读懂天伦燃气(01600)2025中期业绩
智通财经网· 2025-09-01 03:07
Core Viewpoint - Tianlun Gas reported a strong performance in the first half of 2025, with significant increases in revenue and gas sales, indicating a positive growth trajectory in the gas distribution sector [6][8][14]. Performance Summary - The company achieved an operating revenue of 4.242 billion RMB, reflecting a growth of 10.6% [8]. - Sales gas revenue reached 3.640 billion RMB, with a year-on-year increase of 12.8%, while value-added business revenue was 231 million RMB, up by 27.6% [9][21]. - The total gas sales volume was 1.268 billion cubic meters, marking a 15.3% increase [11][14]. - Retail gas volume stood at 880 million cubic meters [10]. Income Structure Optimization - The income structure has shown continuous improvement, with sales gas business contributing 86% of total revenue, while engineering installation and value-added services accounted for the remaining [13]. User Growth - Cumulative urban gas user count reached 3.97 million, with an addition of 96,000 new users in the first half of 2025 [17][18]. - The total number of connected users, including rural users, was reported at 5.93 million [21]. Value-Added Business Growth - Revenue from value-added services increased by 28% year-on-year, with significant growth in the beautification business, which saw a 44% increase [21][23]. - The gross profit from value-added services rose by 41% [22]. Shareholder Returns - Since initiating dividends in 2016, the company has distributed a total of 1.605 billion RMB in dividends, with a projected core profit payout ratio of 35% for mid-2025 [25][26][27]. Performance Guidance - The company anticipates a retail gas volume growth of 1% to 2%, with a gas margin of 0.47-0.50 RMB per cubic meter [28]. - The forecast includes adding 18,000 to 20,000 new residential gas users and a growth of over 25% in value-added business revenue [28].
交银国际每日晨报-20250901
BOCOM International· 2025-09-01 02:13
交银国际研究 每日晨报 2025 年 9 月 1 日 今日焦点 每月金股 九月研选-宏观环境趋稳+流动性宽松,港股有望 延续向好态势 交银国际研究团队 宏观不确定性持续消退,全球风险偏好明显回升。8 月以来海外宏观环境的 不确定性延续降温态势,美国与主要经济体就贸易框架达成初步共识,同时 宣布将对华关税措施延迟 90 天实施并继续推进双边谈判。与此同时,欧洲 地缘冲突相关谈判有所转机,整体局势边际缓解。 "反内卷"政策效应持续释放,流动性波动对交投活跃度形成扰动。"反内卷" 政策持续推进,相关预期继续推动传统周期行业及部分新兴产业龙头企业的 估值修复进程。 海内外流动性宽松周期下,港股有望延续向好势头。当前我国流动性延续宽 松,A 股市场情绪活跃,亦有望提振港股交易氛围。南向资金对港股科技等 板块的配置需求保持旺盛,资金净流入态势有望延续。海外方面,美联储主 席鲍威尔杰克逊霍尔释放 9 月降息大门敞开的信号,港股有望受益于外资流 入的增加。 九月研选 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 25, ...
燃气安全线守护百姓“生命线”
Hang Zhou Ri Bao· 2025-09-01 02:01
燃气安全事关千家万户,是城市运行的重要生命线。近日,随着桂花城小区燃气地下管网更新改造 完成并投运,杭州2025年第一批小区地下老旧燃气管道改造任务已基本完成,进一步消除了安全隐患, 提升了燃气管网本质安全水平。 2024年10月,杭州确定2025年共计40个小区庭院管更新改造项目,目前已基本完成;今年6月,杭 州又增补了23个小区庭院管更新改造项目,截至目前基本实现任务过半,杭天公司正持续推进中。 老旧燃气管网改造在实施过程中常面临老旧小区道路狭窄、人口密集、施工要求高等挑战。杭天公 司坚持"政府牵头、多方联动",积极协同城管、交警、街道、社区和物业等单位,系统制定施工方案, 重点管控噪声与路面修复,最大限度降低对居民生活的影响。 "今后将持续引进新技术、新手段,高标准、高质量推进老旧燃气管网更新改造这项重大安全工 程、民生工程,全力消除安全隐患,不断向建设安全可靠的韧性城市迈进,为构建杭州特色的燃气安全 治理体系夯实基础。"杭天公司相关负责人表示。 "自2023年以来,杭州市能源集团、燃气集团积极贯彻落实省市关于城市安全与民生保障的决策部 署,将老旧燃气管道改造作为首要安全工程和民生工程,全力推进实施。" ...