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新奥能源(2688.HK):上半年经营偏弱 目前私有化进展顺利
Ge Long Hui· 2025-08-30 03:15
Group 1 - The core profit of the company slightly decreased by 1% year-on-year to 3.2 billion RMB, in line with market expectations [1] - Retail gas sales increased by 1.9% year-on-year, with commercial and residential gas sales growing by 2.4% and 1.3% respectively, while the retail gas gross margin remained stable at 10.2% [1] - The total installed capacity and operational capacity of the company's diversified energy business reached 15 GW and 13.9 GW, representing year-on-year growth of 9.2% and 8.5% respectively [1] Group 2 - The company expects a slight recovery in heating demand in the second half of 2025, predicting a 2.2% year-on-year increase in retail gas volume for the entire year [2] - The gross margin for the retail gas segment is anticipated to be around 10%, with new residential connections expected to decline by 8% to 1.49 million households [2] - The company has adjusted its earnings forecast for 2025 and 2026 down by 0.1% and 1.8% respectively, with a compound annual growth rate of approximately 4% from 2024 to 2027 [2]
新奥能源(02688.HK):国内业务稳增 私有化顺利推进
Ge Long Hui· 2025-08-30 03:15
Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, but a decline in net profit, primarily due to decreased overseas LNG sales profits, while domestic business showed steady growth [1] Financial Performance - In H1 2025, the company achieved revenue of 55.67 billion yuan, a year-on-year increase of 2.0%, while net profit attributable to shareholders was 2.43 billion yuan, down 5.6% [1] - Core profit for H1 2025 was 3.22 billion yuan, a decrease of 1.2% year-on-year, aligning with market expectations [1] - The company maintained a dividend of 0.65 HKD per share, unchanged from the previous year, with a core profit payout ratio of 21% [1] Business Segments - Domestic business showed steady growth with core profit of 3.10 billion yuan, up 0.7% year-on-year, while overseas LNG sales profit fell to 120 million yuan, down 33.8% [1] - Natural gas retail segment reported a gross profit of 3.092 billion yuan, a decrease of 1.5% year-on-year, with gas volume increasing by 1.9% to 12.95 billion cubic meters [1] - Connection business gross profit was 820 million yuan, down 0.5%, with new residential connections decreasing by 10.7% to 692,000 households [1] - The energy business reported a gross profit of 1.09 billion yuan, up 2.1%, with installed capacity increasing by 8.5% to 13.9 GW [1] - Smart home business gross profit was 1.47 billion yuan, an increase of 4.9%, with the average customer price rising to 649 yuan per household [1] Privatization and Valuation - The privatization of the company is progressing smoothly, with a transaction price of 59.924 billion HKD, corresponding to a 12x PE ratio based on 2024 core profit [1] - The implied price per share is 80 HKD, indicating a 27% upside from the closing price on the valuation date [1] - The major asset restructuring has been filed with the National Development and Reform Commission [1] Earnings Forecast and Investment Rating - The earnings forecast for 2025-2027 has been revised down to 7.09 billion, 7.42 billion, and 7.80 billion yuan, reflecting a year-on-year growth of 18.4%, 4.6%, and 5.2% respectively [1] - The current PE ratios are 9.2, 8.8, and 8.4 times for the respective years [1] - The privatization pricing reflects a revaluation opportunity, maintaining a "buy" rating [1]
新奥能源(02688):国内业务稳增,私有化顺利推进
Soochow Securities· 2025-08-29 06:03
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's domestic business is steadily growing, while the privatization process is progressing smoothly [1] - The core profit for the first half of 2025 is reported at 3.22 billion, a year-on-year decrease of 1.2%, primarily due to a decline in overseas LNG sales profits [1] - The privatization pricing reflects a significant value reassessment opportunity, with an implied share price of 80 HKD, indicating a 27% upside from the current closing price [1] Financial Performance Summary - Total revenue for 2023 is projected at 114.18 billion, with a year-on-year growth of 3.46% [1] - The net profit attributable to shareholders for 2023 is estimated at 6.82 billion, reflecting a year-on-year increase of 16.21% [1] - The earnings per share (EPS) for 2023 is expected to be 6.03, with a price-to-earnings (P/E) ratio of 9.58 [1] Business Segment Analysis - Domestic natural gas retail shows a gross profit of 3.092 billion, with a slight year-on-year decrease of 1.5% [1] - The connection business has a gross profit of 820 million, with new residential connections down by 10.7% [1] - The energy business reports a gross profit of 1.09 billion, with installed capacity increasing by 8.5% year-on-year [1] - The smart home business has a gross profit of 1.47 billion, with an increase in average customer spending [1] Privatization Details - The privatization plan involves a total transaction value of 59.924 billion HKD, with a share payment of 41.572 billion HKD and cash payment of 18.352 billion HKD [1] - The transaction is expected to complete with New Hope Holdings becoming the sole owner of the company [1]
新奥股份(600803):私有化进展顺利,核心利润稳健增长
Xinda Securities· 2025-08-28 01:16
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 新奥股份 (600803.SH) | | --- | | 投资评级 买入 | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号:S1500522070001 联系电话:010-83326723 邮 箱:lichunchi@cindasc.com 唐婵玉 电力公用分析师 执业编号:S1500525050001 邮 箱:tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编:100031 [Table_Title] 私有化进展顺利,核心利润稳健增长 [Table_S 事件:8ummar 月 27y]日晚,公司发布 2025 年上半年业绩公告,2025H1 公司实现 营业收入 659.91 亿元,同比减少 1.47%;实现归母净利润 24.08 亿元,同比 减少 4.82%;实现扣非后归母净利润 24.14 亿元,同比增长 21.13%;实现核 心利润 27.36 亿元, ...
新奥能源发布中期业绩 股东应占溢利24.29亿元 同比减少5.6%
Zhi Tong Cai Jing· 2025-08-27 08:53
Core Insights - The company reported a revenue of 55.673 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 1.99% [1] - Shareholder profit decreased by 5.6% to 2.429 billion RMB, with basic earnings per share at 2.19 RMB and an interim dividend of 0.65 HKD per share proposed [1] Group Performance - The company is focused on becoming a service provider based on natural gas, aiming to create multi-value for customers through smart innovation [1] - Natural gas retail volume reached 12.953 billion cubic meters, up 1.9% year-on-year [1] - The gross profit from the diversified energy business grew by 2.1%, while the smart home business gross profit increased by 4.9% [1] - The gross profit margin from diversified energy and smart home businesses rose by 1.4% to 39.6% [1] Customer Development - The company implemented differentiated development strategies to grow its customer base, focusing on cost reduction and stable gas supply for industrial clients [2] - New gas volume for industrial clients increased by 4.682 million cubic meters per day, while commercial clients added 1.604 million cubic meters per day [2] - The company developed 174,000 existing residential customers to counteract the decline in the new housing market, achieving a total of 692,000 residential installations [2] Resource Optimization - The company enhanced its resource structure, with resource volume increasing by 1.3 billion cubic meters year-on-year [3] - The company secured long-term resources from Sinopec, improving resource assurance capabilities [3] - To mitigate procurement foreign exchange risks, the company signed forward foreign exchange contracts, with a hedged amount of 624 million USD and a hedging ratio of 25.6% [3]
新奥能源(02688)发布中期业绩 股东应占溢利24.29亿元 同比减少5.6%
智通财经网· 2025-08-27 08:48
Core Viewpoint - New Horizon Energy reported a revenue of 55.673 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year increase of 1.99%, while shareholder profit decreased by 5.6% to 2.429 billion RMB [1] Group 1: Financial Performance - Revenue for the first half of the year was 55.673 billion RMB, up 1.99% year-on-year [1] - Shareholder profit was 2.429 billion RMB, down 5.6% year-on-year, with basic earnings per share at 2.19 RMB [1] - The company proposed an interim dividend of 0.65 HKD per share [1] Group 2: Business Strategy and Growth - The company is focused on becoming a service provider based on natural gas, aiming to create multi-value for customers through smart innovation [1] - Natural gas retail volume reached 12.953 billion cubic meters, a year-on-year increase of 1.9% [1] - The company capitalized on power reform opportunities, achieving a 2.1% year-on-year growth in its diversified energy business gross profit [1] - The gross profit of the smart home business increased by 4.9% [1] Group 3: Customer Development - The company implemented differentiated development strategies to grow its customer base, adding 4.682 million cubic meters per day from industrial clients [2] - For commercial clients, the company added 1.604 million cubic meters per day by optimizing processes and leveraging government policies [2] - The company developed 174,000 existing residential customers to counteract the decline in the new housing market, with a total of 692,000 residential installations [2] Group 4: Resource Optimization and Risk Management - The company enhanced its resource structure, with a 1.3 billion cubic meter increase in resource volume year-on-year [3] - The company secured long-term resources from Sinopec, improving resource assurance capabilities [3] - To mitigate procurement foreign exchange risks, the company signed forward foreign exchange contracts, with a hedged amount of 624 million USD and a hedging ratio of 25.6% [3]
新奥股份赴港IPO收证监会反馈:需说明控股股东等人所持股份被质押的影响
Sou Hu Cai Jing· 2025-08-19 02:12
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested supplementary materials from Xin'ao Gas Co., Ltd. regarding its Hong Kong IPO, focusing on the impact of pledged shares by controlling shareholders and foreign investment compliance [1][4][5]. Company Overview - Xin'ao Gas is the largest private natural gas company in China, covering the entire natural gas industry chain, including sales, engineering, infrastructure, and energy production [5]. - The company provides a full range of services, including natural gas retail, platform trading, and wholesale [5]. Market Position - According to Frost & Sullivan, the Chinese natural gas industry is relatively concentrated, with the top five city gas companies collectively retailing approximately 135.5 billion cubic meters of gas in 2024, accounting for about 31.7% of the total market share [5]. - Among the top five city gas companies, Xin'ao Gas is the largest private enterprise and ranks third in retail gas volume with a market share of approximately 6.1% in 2024 [5]. Financial Performance - Xin'ao Gas reported revenues of RMB 150.02 billion, RMB 141.11 billion, and RMB 134.95 billion for the years 2022, 2023, and 2024, respectively [6]. - The annual profits for the same years were RMB 11.07 billion, RMB 12.53 billion, and RMB 9.94 billion [6]. - The gross profit margins for the years 2022, 2023, and 2024 were 13.6%, 13.1%, and 13.6%, respectively [6].
新奥能源:1季度受暖冬影响售气量,私有化方案稳步推进-20250429
BOCOM International· 2025-04-29 12:23
Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume showing a year-on-year increase of 0.3%, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations to seek shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% YoY growth) - 2026E: RMB 122,701 million - 2027E: RMB 129,239 million [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% YoY growth) - 2026E: RMB 7,782 million - 2027E: RMB 8,098 million [3][11]. - The company is expected to maintain moderate profit growth over the next three years, with a compound annual growth rate of approximately 5% from 2024 to 2027 [7][8]. Operational Performance - The company’s retail gas sales volume is projected to grow as follows: - 2023: 25,145 million cubic meters - 2024: 26,200 million cubic meters - 2025E: 26,782 million cubic meters (2.2% growth) - 2026E: 27,588 million cubic meters - 2027E: 28,421 million cubic meters [8]. - The company has also seen a 9.9% year-on-year increase in its diversified energy sales volume, reaching 100 billion kWh in the first quarter [7][8]. Market Position - The company’s market capitalization is approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].
新奥能源(02688):1季度受暖冬影响售气量,私有化方案稳步推进
BOCOM International· 2025-04-29 08:41
Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current closing price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume growing by 0.3% year-on-year, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations for shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% growth) - 2026E: RMB 122,701 million (5.3% growth) - 2027E: RMB 129,239 million (5.3% growth) [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% growth) - 2026E: RMB 7,782 million (8.5% growth) - 2027E: RMB 8,098 million (4.1% growth) [3][11]. - The company maintains a dividend yield of 4.6% in 2023, projected to increase to 7.0% by 2027 [3][11]. Operational Performance - The company expects retail gas volume and energy sales to grow by 2.2% and 12% respectively in 2025, despite the warm winter's impact [7][8]. - The number of new residential connections decreased by 16% year-on-year to 287,000, with a ratio of new to old homes at 3:1 [7][8]. - The energy business saw a sales volume increase of 9.9% year-on-year to 10 billion kWh, with 14 new projects becoming operational [7][8]. Market Position - The company's market capitalization stands at approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].