九丰能源 2025041720250416 摘要 • 九丰能源 2024 年营收 220.47 亿元，同比下降 17.01%，主要因清洁能 源产品价格回落，但通过天然气、LPG 及特种气体销售，总体销售量与去 年持平，特种气体销量大幅增长。 • 2024 年归母净利润 16.84 亿元，同比增长 28.93%，扣非归母净利润 13.5 亿元，同比增长 1.12%。经营活动现金流净额 20.47 亿元，期末货 币资金 58.62 亿元，盈利质量较高，资产负债率降至 36.56%。 • 公司执行 2024 年度分红规划，固定现金分红 7.5 亿元，特别现金分红 3,000 万元，全年总分红 7.8 亿元，每股约 1.23 元。2025 年度固定现金 分红计划为 8.5 亿元，并启动 2-3 亿元股份回购计划。 • 2025 年一季度营收 54.84 亿元，归母净利润 5.06 亿元，同比增长 5.4%，扣非净利润 4.68 亿元，同比增长 1.38%。LPG 业务表现出良好 韧性，能源物流服务和能源作业服务均稳健提升。 • 公司天然气业务聚焦交通燃料和发电领域，预计 2025 年销量在 270 至 300 万吨之 ...

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( ...

金融界4月17日消息，A股三大指数收盘涨跌不一，中证1000公用事业指数 (1000公用，H30448)报 3151.51点。 数据统计显示，中证1000公用事业指数近一个月下跌0.62%，近三个月上涨3.49%，年至今下跌3.66%。 从指数持仓来看，中证1000公用事业指数十大权重分别为：吉电股份（6.89%）、金开新能 （5.33%）、林洋能源（5.24%）、涪陵电力（5.23%）、宝新能源（5.16%）、皖能电力（5.11%）、九 丰能源（4.79%）、洪城环境（4.68%）、晶科科技（4.51%）、中山公用（4.51%）。 从中证1000公用事业指数持仓的市场板块来看，上海证券交易所占比55.26%、深圳证券交易所占比 44.74%。 从中证1000公用事业指数持仓样本的行业来看，电力及电网占比72.26%、燃气占比15.98%、水务占比 10.17%、供热及其他占比1.59%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算 ...

Core Viewpoint - The company reported a revenue of 8.227 billion yuan for 2024, reflecting a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.190 billion yuan, up 9.89% year-on-year, slightly exceeding expectations [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.584 billion yuan, representing a year-on-year increase of 10.64% and a quarter-on-quarter increase of 52.22% [1] - The net profit for Q4 was 268 million yuan, showing a year-on-year increase of 37.51% but a quarter-on-quarter decrease of 15.48% [1] - Operating cash flow increased by 14.19% year-on-year, reaching 1.974 billion yuan, with accounts receivable rising by 42.13% to 2.534 billion yuan [2] Business Segments - Water sales and sewage treatment showed steady growth, with water sales revenue increasing by 2.7% and sewage treatment revenue by 4.2% year-on-year [1] - Gas sales and gas engineering installation revenues declined by 0.8% and 10.4% year-on-year, respectively [1] - The company sold 416 million tons of water (up 5.07% year-on-year) and treated 1.253 billion tons of sewage (up 7.90% year-on-year) in 2024 [1] Dividend Policy - The company aims to maintain a dividend payout ratio of no less than 50% for eight consecutive years, with a dividend per share (DPS) of 0.464 yuan for 2024 [2] - The company has consistently maintained a dividend payout ratio above 50% since 2019, reflecting strong asset quality and commitment to shareholder returns [2] Valuation - The target price for the company is set at 14.90 yuan, maintaining a "buy" rating, with expected net profits for 2025-2027 projected at 1.253 billion, 1.315 billion, and 1.363 billion yuan, respectively [3] - The company is assigned a 15.2 times price-to-earnings (PE) ratio for 2025, reflecting a 20% premium over the average PE of comparable companies [3]

新华社北京4月16日电（记者周圆、魏弘毅）应急管理部安全生产综合协调司司长汪崇鲜16日说，安全 生产治本攻坚三年行动自去年初开展以来，取得了显著成效。截至目前，全国累计排查重大事故隐患 67.2万项，整改率达98.2%。 汪崇鲜在当日举行的应急管理部例行新闻发布会上说，行动开展以来，重大事故隐患排查整治质效显著 提升，每千次检查发现的重大事故隐患数从行动开展之初的4.9项上升到31.4项。各方大力开展全民素质 提升行动，累计开展安全宣讲48万场，覆盖2.3亿人次。全国受理各类生产安全事故隐患的举报52.7万 件，发放奖励约3585万元。 行动聚焦与人民群众生活密切相关的燃气、电动自行车、消防等重点行业领域，标本兼治推进安全治 理，累计更新改造老旧燃气管道7.55万公里，查处电动自行车非法改装"黑作坊"约4000处、新增充电设 施2400万个，加固经营性自建房51.2万栋，消除电梯隐患6.1万项，清理占堵消防通道出口517.8万处。 汪崇鲜介绍，下一步，国务院安委会办公室将扎实推进治本攻坚重点任务，组织实施好中央安全生产考 核巡查；动态更新全国重大事故隐患数据库，督促逐条闭环整改到位；持续开展燃气、电动自行车、 ...

2025年一季度，全国规模以上工业产能利用率为74.1%，比上年同期上升0.5个百分点。 分三大门类看，2025年一季度，采矿业产能利用率为74.6%，比上年同期下降0.4个百分点；制造业产能利用率为74.1%，上升0.3个百分点；电力、热力、燃 气及水生产和供应业产能利用率为73.6%，上升2.4个百分点。 分主要行业看，2025年一季度，煤炭开采和洗选业产能利用率为71.9%，食品制造业为69.3%，纺织业为77.8%，化学原料和化学制品制造业为73.5%，非金 属矿物制品业为60.9%，黑色金属冶炼和压延加工业为79.3%，有色金属冶炼和压延加工业为77.5%，通用设备制造业为78.1%，专用设备制造业为75.6%，汽 车制造业为71.9%，电气机械和器材制造业为71.7%，计算机、通信和其他电子设备制造业为74.7%。 | 2025年一季度规模以上工业产能利用率 | | --- | 产能利用率：是指实际产出与生产能力（均以价值量计量）的比率。 企业的实际产出是指企业报告期内的工业总产值；企业的生产能力是指报告期内，在劳动力、原材料、燃料、运输等保证供给的情况下，生产设备（机械） 保持正常运行，企业可实 ...

各位投资者大家晚上好我是袁李那么今天关于信奥股份私有化信奥能源的分析邀请到了燃气行业的分析师谷月老师来给大家讲一讲其实就是昨天晚上这个方案披露的时候很多的客户和投资人也跟我们说你们推荐的很好前期有反复的在推荐然后重组方案体现了价值重估看上去是一个意外之喜 但是我通过就是比如说星耀能源整个的发展历程还有整个星耀集团的发展以及就是今天市场的股价表现我们有几个思考第一就是首先从直观上面来看大家并没有在今天直接体现出比如说完整化价格从固到位那么从收盘前的这个价格60港币不到 股价今天是有所上涨的但没有涨到私有化方案中间给新欧能源的估值每股80港币其实没有涨到这是一个什么原因其实我认为本质上面就是因为市场的投资人对新欧能源和新欧股份的价值认同呢他就是有分歧的 这也是投资机会所在所以这是第一个关键点就是我们其实在前提是完全基于公开信息和对行业的判断提出了燃气行业在海气降本的大趋势上面会有一个降本放量的逻辑所以在年度策略里面重点推有海气弹性的标的 那麼中間就重點提到了消耗能源同時也認為呢消耗能源它在港股市場上面十倍不到的估值相較於字地類似的行業其他龍頭比如說華潤有明顯的一個折價那麼今天呢我認為這個股價表現所帶來的後續的進一 ...

Summary of the Conference Call on the Gas Industry Industry Overview - The conference focused on the gas industry, particularly the performance and outlook of major gas companies in Hong Kong, referred to as the "five major members" [1][2][3]. Key Points and Arguments 1. **Market Dynamics**: The gas industry is experiencing a significant increase in market attention, particularly due to the recent pricing decisions by PetroChina, which have clarified market expectations [2]. 2. **Cost Trends**: There is a noted decrease in costs associated with gas production, which is expected to positively impact the overall pricing structure and profitability of gas companies [2][3]. 3. **Company Guidance**: Companies like Hong Kong Gas have provided optimistic guidance for 2025, indicating growth in gas volume and price margins, which has positively influenced stock performance [7][8]. 4. **Dividend Stability**: Hong Kong Gas is maintaining a stable dividend payout ratio of over 40%, with expectations for potential increases in the future as capital expenditures decrease [10][11]. 5. **Demand and Supply Factors**: The conference highlighted the importance of both domestic and international demand for gas, with specific attention to the impact of weather patterns on consumption [12][13][16]. 6. **Investment Recommendations**: Analysts recommend focusing on companies with strong cost management and those benefiting from favorable pricing structures, such as Kunlun Energy and Shenzhen Gas [6][21][22]. Additional Important Content - **Regulatory Environment**: The gas industry benefits from regulatory protections due to its status as a public utility, which helps stabilize profits despite market fluctuations [4]. - **Global Market Influences**: The conference discussed the impact of global gas supply dynamics, particularly the influence of U.S. LNG exports and European market conditions on local pricing [15][18]. - **Future Outlook**: The overall sentiment is cautiously optimistic, with expectations for continued improvements in cost structures and pricing strategies, which should support growth in the gas sector [20][24]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the gas industry.

Summary of Conference Call Industry and Company Overview - The conference call focused on the natural gas industry and a specific company, referred to as "Consumption Energy" [1][6] - The company has been involved in market research related to the natural gas sector since last year, emphasizing the importance of marketization in the industry [1] Key Points and Arguments - **Market Trends**: The natural gas sector is experiencing a bottoming out, with cost expectations stabilizing, which is favorable for the industry [1][5] - **Price Dynamics**: The company highlighted that stable price differences in the industrial sector could lead to lower terminal sales prices, enhancing the penetration of clean energy [2] - **Growth Potential**: There is significant potential for natural gas penetration, with estimates suggesting over 50% growth in energy proportion [3] - **Supply Factors**: Increased investment in natural gas supply facilities post the Ukraine conflict is seen as a critical factor for enhancing domestic gas penetration [3] - **Company Performance**: The company’s performance has exceeded expectations, particularly in Macau, and the pricing policies between China and Russia are evolving, which may benefit the company [4] Financial Insights - **Valuation Concerns**: Consumption Energy is currently undervalued compared to its peers, with a significant discount in its price-to-earnings (PE) ratio [8][9] - **Profit Structure**: The company’s core profits are expected to return to a growth trajectory by 2025, driven by improved business fundamentals [6][9] - **Dividend Plans**: The company plans to increase its dividend payout ratio to 44% in 2024, with a gradual increase in subsequent years, indicating a strong commitment to returning value to shareholders [10][26] Business Segments - **Revenue Composition**: The company’s revenue is primarily derived from natural gas retail, which constitutes 42% of its gross profit, followed by natural gas wholesale and engineering installation [15] - **International Operations**: The company has established a strong presence in overseas markets, particularly in Europe, which has contributed to its profitability amid geopolitical tensions [8][21] - **Installation Services**: The engineering installation segment is declining, but the company is managing this through diversification into other service areas [22][23] Additional Considerations - **User Base**: The company has a substantial user base of approximately 30 million residential users, which supports its product sales and service offerings [24] - **Cash Flow Management**: The company reported a strong operating cash flow of 9.61 billion yuan in 2023, indicating good financial health and capital expenditure alignment [12] - **Market Position**: As a private enterprise, the company holds a significant position in the natural gas market, with flexibility in its business structure compared to state-owned enterprises [11] Conclusion - The natural gas industry is poised for growth, with Consumption Energy positioned to benefit from market dynamics and internal strategies. The company’s focus on improving profitability, increasing dividends, and expanding its market presence underlines its potential as a strong investment opportunity moving forward [9][26]

百川能源（600681）公告，控股股东百川资管持有公司股份4.74亿股，占公司总股本的35.37%。本次质 押完成后，百川资管及一致行动人累计质押股份数量为4.77亿股，占其持有公司股份的68.71%。2025年 4月14日，百川资管质押1.63亿股，占其所持股份的34.37%，占公司总股本的12.16%，质押起始日为 2025年4月14日，质权人为兴业银行股份有限公司北京双井支行，质押融资资金用于补充流动资金。 ...