Core Viewpoint - The company's FY25 earnings fell below expectations, with a revenue of HKD 79.3 billion, a year-on-year decrease of 3%, and a net profit of HKD 3.25 billion, a year-on-year increase of 2% [1] Financial Performance - FY25 revenue was HKD 79.3 billion, down 3% year-on-year - FY25 net profit was HKD 3.25 billion, up 2% year-on-year, but below expectations - The decline in performance was primarily due to underperformance in joint venture earnings, which fell 37% year-on-year to HKD 441 million, and a 31% increase in income tax expenses to HKD 993 million due to reduced tax refunds [1] - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the same level as the previous year, with a total annual dividend of HKD 0.50 per share [1] Sales and Margins - FY25 urban gas sales were 23.52 billion cubic meters, remaining stable year-on-year - Residential gas sales decreased by 2.1%, while commercial and industrial gas sales increased by 3.7% and 1.0%, respectively - The gross margin was HKD 0.537 per cubic meter, an increase of HKD 0.036 year-on-year - The company added 1.4 million residential connections, a decrease of 16.5% year-on-year [1] Cash Flow and Investments - FY25 investment cash outflow was HKD 1.78 billion, down 74.8% year-on-year, mainly due to the recovery of loans from joint ventures and a reduction in capital expenditures by approximately HKD 1.4 billion [1] Future Outlook - The trend of improving gross margins is expected to continue until FY27 - For FY26, the company anticipates a 2% year-on-year increase in urban gas sales and a gross margin of HKD 0.55 per cubic meter, driven by an increase in residential pricing ratios [1] Debt and Financial Management - As of the end of FY25, the company's net debt (excluding trade-related financing) was approximately HKD 47.8 billion, showing a slight decrease from FY24 - The company is expected to maintain control over capital expenditures, indicating that the debt level has likely peaked [2] - FY25 saw an increase in receivables provision of HKD 568 million, with ongoing pressure expected in FY26 due to uncertainties in the real estate sector [2] Dividend and Valuation - The company maintained a dividend payout ratio of 83.3% in 2024, with expectations for stable dividends of HKD 0.50 per share over the next 2-3 years, translating to a dividend yield of approximately 6.8% based on the closing price on June 27 [2] - Earnings forecasts for FY26 have been revised down by 32% to HKD 3.285 billion, with FY27 earnings projected at HKD 3.449 billion [2] - The current stock price corresponds to a P/E ratio of 12.2x for FY26 and 11.6x for FY27, with a target price adjustment of 9.1% down to HKD 8, indicating an upside potential of 8.8% [2]

中金主要观点如下： 公司公布FY25业绩 智通财经APP获悉，中金发布研报称，考虑到中国燃气(00384)股息率相对较高，维持跑赢行业评级，目 标价为8港元，对应FY26/FY27 13.3x/12.6x P/E，有8.8%的上行空间，引入FY27盈利预测34.49亿港元。 当前股价对应FY26/FY27 12.2x /11.6x P/E。 FY25公司城镇燃气销量235.2亿方，同比基本持平，其中商业气量同比+3.7%，工业气量同比+1.0%，毛 差0.537元/方，同比+0.036元/方;新增居民接驳140万户，增值业务经营性利润17.5亿港元，同比+10%。 毛差改善趋势有望延续至FY27 风险提示：应收账款减值风险，天然气价格大幅上涨。 展望FY26，公司预计城镇燃气销量同比+2%/售气毛差0.55元/方(YoY+0.014元/方)，该行认为目前工商 业气量需求仍受高气价的压制，需求改善仍取决于宏观经济修复情况;此外，受益于居民顺价比例的提 升，该行认为毛差修复趋势或有望延续至FY27。 有息负债规模基本见顶 2024年公司派息率达83.3%，基于公司盈利增长前景和有息负债情况，该行认为公司未来2-3 ...

认真开展排查摸底，掌握了全市城镇燃气压力管道底数，全市城镇燃气压力管道使用单位10家， 准确掌握在用燃气管道分布、数量及检验情况，梳理燃气压力管道1415条，共计1248公里，建 立了完善、清晰、准确的压力管道台账。督促管道使用单位依法履行燃气压力管道法定检验义 务，及时发现和消除安全隐患。 严格实施新建及更新改造燃气压力管道施工告知和安装监督检验，督促企业严格落实新建燃气压 力管道安装告知责任和报检责任，梳理台账、补齐资料，全力做好管道检验工作，严防新建管道 未经检验合格便埋地投运的安全隐患。今年全市受理的燃气压力管道安装告知12份，共计委托燃 气管道定期检验208.33公里，完成检验139.8公里，其余管道检验正在进行，新建燃气管道安装 监督检验16.458公里，目前监检正在有序进行。 为保障城镇燃气安全，维护人民群众生命财产安全和社会稳定，青海省海东市市场监管局立足职 能，积极推进城镇燃气专项整治，有效防范安全事故发生，确保人民群众生命财产安全。 结合全市实际，印发了《海东市市场监管系统开展城镇燃气安全专项整治实施方案》，明确整治 目标和整治内容。安排专人在市燃气整治工作专班集中开展整治工作，联合多部门 ...

世界燃气大会5月19日至今天在北京举行，记者了解到，自2020年我国主要油气管道实现并网运行以 来，天然气输送量突破1万亿立方米，日最高输气量突破11亿立方米。在加快国家主干管道建设的同 时，我国正推进城镇燃气管道更新改造及智能化升级工作，不断完善能源基础设施建设。计划到2025年 底前，基本完成城市燃气管道等老化更新改造任务。(央视新闻) ...

财政部：2024年安排中央预算内投资等资金超过4250亿元 支持地方开展城镇燃气管道更新改造等项目 智通财经5月20日电，财政部经济建设司司长郭方明在新闻发布会上表示，"十四五"以来，共安排中央 补助资金约1594亿元，支持城镇老旧小区改造。2023年以来安排中央补助资金153亿元，支持推进城中 村改造。"十四五"期间安排中央补助资金约600亿元，支持60个城市系统化全域推进海绵城市建设，带 动总投资1600亿元。2024年安排中央预算内投资、超长期特别国债、增发国债等资金超过4250亿元，支 持地方开展城镇燃气管道更新改造、城市排水防涝提升工程等项目。在加大资金投入的同时，财政部积 极落实好税费优惠政策，如企业所得税"三免三减半"，城镇土地使用税、城市基础设施配套费、教育费 附加减免等。下一步，将继续通过这些渠道持续发力。 ...