公司主营业务为煤气、燃气系统工程设备的生产及安装自产产品，所属申万行业为公用事业 - 燃气Ⅱ - 燃 气Ⅲ，概念板块涵盖天然气、国资改革、小盘核聚变、超导概念、核电。 经营业绩：营收行业21，净利润行业29 2025年三季度，水发燃气营业收入为18.07亿元，在行业31家公司中排名第21。行业第一名新奥股份营收 958.56亿元，第二名佛燃能源235.01亿元，行业平均数为75.75亿元，中位数为29.7亿元。主营业务构成 中，燃气运营6.52亿元占比54.84%，LNG业务3.6亿元占比30.28%，燃气设备1.05亿元占比8.84%，分布式 能源服务6833.97万元占比5.75%，其他(补充)351.1万元占比0.30%。当期净利润为 - 464.78万元，行业排名 29/31，行业第一名新奥股份70.57亿元，第二名九丰能源12.54亿元，行业平均数为4.66亿元，中位数为1.51 亿元。 资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度水发燃气资产负债率为58.26%，高于行业平均46.36%，去年同期为59.64%。 从盈利能力看，当期毛利率为14.28%，低于行业平均1 ...

Core Viewpoint - Hengtong Co., Ltd. has shown significant profit growth despite a decline in revenue, primarily driven by strategic adjustments in its LNG business and the operational launch of new port facilities [1][2][3] Financial Performance - In Q3 2025, the company reported revenue of 381 million yuan, a year-on-year decrease of 26.83%, while net profit reached 76.568 million yuan, an increase of 182.55% [1][2] - For the first three quarters, total revenue was 1.05 billion yuan, down 39.29% year-on-year, with net profit at 176 million yuan, up 78.33% [2] Business Strategy - The company has strategically shifted its LNG business from a trading-integrated model to a transportation-focused model, resulting in reduced revenue but increased profitability [2][3] - Hengtong has established long-term partnerships with upstream suppliers to ensure stable gas supply and is expanding its customer base across various sectors [3] Port Operations - The new port facilities at Yulong Port have commenced operations, significantly enhancing service capabilities and contributing to profit growth [2][3] - In 2024, revenue from port operations increased by 120.26%, accounting for 10.87% of total revenue, with a gross margin of 58.81% [1][2] Future Outlook - The company aims to optimize its industrial layout and enhance profitability by leveraging the production capacity of the Yulong Petrochemical Industrial Park and adapting to changes in the LNG market [3][4] - Hengtong is focused on a dual strategy of securing stable upstream resources and expanding its downstream user base to increase market share [3]

前三季度营收变动的主要原因是，受市场环境因素影响，公司LNG业务进行战略调整，实行轻资产运 营模式，自2024年下半年开始处置LNG车辆。同时，对LNG运贸业务进行结构调整，大幅减少运贸一 体业务，向承运业务转变，直接导致营业收入减少。净利润同比增长主要系主营业务中裕龙港务新建码 头投入运营，作业量逐步增加，导致利润增加。 人民财讯10月21日电，恒通股份（603223）10月21日发布2025年三季报，公司第三季度营业收入3.81亿 元，同比下降26.83%；净利润7656.8万元，同比增长182.55%。前三季度营业收入10.5亿元，同比下降 39.29%；净利润1.76亿元，同比增长78.33%；基本每股收益0.25元。 ...

从德龙汇能十大流通股东角度 10月21日，德龙汇能涨5.02%，截至发稿，报7.53元/股，成交7644.06万元，换手率2.92%，总市值27.00 亿元。 金元顺安元启灵活配置混合（004685）基金经理为缪玮彬。 资料显示，德龙汇能集团股份有限公司位于四川省成都市建设路55号，成立日期1994年1月1日，上市日 期1996年3月12日，公司主营业务涉及主要从事以天然气能源为主的清洁能源供应业务,具体包括三个主 要子业务,分别是城市燃气业务、LNG业务和分布式能源业务。主营业务收入构成为：燃气供应及其相 关收入94.70%，其他(补充)2.47%，节能服务收入1.66%，其他主营业务收入1.17%。 数据显示，金元顺安基金旗下1只基金位居德龙汇能十大流通股东。金元顺安元启灵活配置混合 （004685）二季度增持19.19万股，持有股数201.98万股，占流通股的比例为0.56%。根据测算，今日浮 盈赚取约72.71万元。 金元顺安元启灵活配置混合（004685）成立日期2017年11月14日，最新规模13.5亿。今年以来收益 32.78%，同类排名2104/8162；近一年收益42.06%，同类排名115 ...

Core Viewpoint - The company acknowledges that its LNG business has experienced fluctuations in profitability due to market price changes and demand conditions, but these fluctuations have had a limited impact on overall revenue [2]. Group 1: Business Strategy - The company plans to continue focusing on cost reduction through precise management and deep exploration of cost-saving opportunities [2]. - The company aims to strengthen cost and capital management by reducing costs in production and lowering non-production expenditures [2]. - The goal is to ensure a hard decline in costs and expenses, thereby continuously enhancing profitability [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has received approval for a private placement, which is expected to strengthen future freight rates [6] - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to lower tanker earnings, but the LNG segment has shown growth [8] - The outlook for VLCC (Very Large Crude Carrier) rates is positive due to OPEC+ production increases, which may lead to a stronger oil transportation market [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 11.642 billion yuan, a decrease of 2.55% year-on-year, and a net profit of 1.869 billion yuan, down 29.16% year-on-year [8] - The average daily earnings for the TD3C route were $40,370, down approximately 2% year-on-year, while the TC1 route saw a significant decline of about 47% [8] - The LNG segment contributed 424 million yuan to net profit, showing a year-on-year increase of 5.7% [8] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.034 billion yuan, 6.148 billion yuan, and 6.681 billion yuan, with year-on-year growth rates of 24.72%, 22.12%, and 8.68% respectively [8] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 10.08, 8.26, and 7.60 respectively [8]

Core Viewpoint - Hengtong Logistics Co., Ltd. reported significant growth in its half-year results for 2025, driven primarily by its port business, which has seen explosive growth in recent years [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 669 million yuan and a net profit attributable to shareholders of 99.36 million yuan, representing a year-on-year increase of 38.86% [1]. - The basic earnings per share reached 0.16 yuan, marking a 60% increase compared to the previous year [1]. Group 2: Business Operations - The port business, primarily executed through the subsidiary Shandong Yulong Port Co., Ltd., has become the main growth driver for the company's performance [1]. - The port operations are supported by the newly constructed seven production berths and associated storage areas in the Yantai Port Longkou Port Area, providing services such as ship docking, cargo handling, and storage for enterprises in the Shandong Yulong Petrochemical Industrial Park [1]. Group 3: Strategic Projects - The Yulong Island Refining and Chemical Integration Project is a key national project under the "14th Five-Year Plan" and is the largest single investment industrial project in Shandong Province [2]. - The project aims to integrate local refining capacity and extend the high-end chemical new materials industry chain, promoting the petrochemical industry towards high-end and clean transformation [2]. - As production capacity in the Shandong Yulong Petrochemical Industrial Park is gradually released, it is expected to significantly boost the throughput and revenue of Yulong Port, providing a strong demand for port services [2]. Group 4: Future Outlook - The company is dynamically adjusting its business layout in response to market conditions, particularly in its LNG business, which is shifting towards a light asset operation model to mitigate risks associated with increasing competition in the LNG trade market [2]. - Future opportunities are anticipated from the gradual release of production capacity in the Shandong Yulong Petrochemical Industrial Park and changes in the LNG market, which will enhance the company's profitability and support its transformation and upgrade efforts [2].

Core Viewpoint - Hengtong Co., Ltd. reported a significant decline in revenue for the first half of 2025, primarily due to strategic adjustments in its LNG business, while net profit showed growth [1] Financial Performance - The company achieved an operating income of 669 million yuan, a year-on-year decrease of 44.66% [1] - The net profit attributable to shareholders was 99.36 million yuan, reflecting a year-on-year increase of 38.86% [1] - Basic earnings per share were reported at 0.16 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.45 yuan (including tax) for every 10 shares to all shareholders [1] Business Strategy - The decline in operating income is attributed to market environment factors, leading to a strategic shift in the LNG business towards a light asset operation model [1] - Starting from the second half of 2024, the company will begin disposing of LNG vehicles [1] - There will be a structural adjustment in the LNG trading and transportation business, significantly reducing integrated transportation operations and transitioning remaining vehicles to contracted transportation services, directly impacting revenue [1]

Group 1 - The company achieved an operating income of 889 million yuan in the first half of 2025, representing a year-on-year growth of 4.49%, with a net profit attributable to shareholders of 24.71 million yuan [1] - The company aims to become a leading clean energy supply service enterprise by integrating traditional gas business with new energy initiatives [1] - The main revenue source during the reporting period was from urban gas business, with efforts focused on expanding downstream markets and enhancing service quality [1] Group 2 - The company is actively developing LNG and integrated energy businesses, enhancing competitiveness by acquiring quality resources and aligning with market demands [2] - In the integrated energy sector, the company plans to deepen cooperation with users and accelerate the layout of multi-energy complementary businesses [2] - The company is exploring the transformation and upgrade of traditional CNG refueling stations to a comprehensive energy station model, with steady progress in preliminary work for related projects [2]

Investment Rating - The report maintains a "Recommendation" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4 billion CNY in 2024, representing a year-on-year increase of 19% [1] - The oil transportation market is anticipated to improve in the medium term, with attention to variables such as sanctions and production increases [7] Financial Performance Summary - **2024 Financial Results**: - Revenue: 23.2 billion CNY, up 2% year-on-year - Net Profit: 4.04 billion CNY, up 19.4% year-on-year - Non-recurring Net Profit: 3.98 billion CNY, down 3.8% year-on-year - Q4 Revenue: 6.1 billion CNY, down 1.6% year-on-year - Q4 Net Profit: 620 million CNY, returning to profit [1][2] - **Business Segment Performance**: - Foreign trade oil transportation: Gross profit of 3.59 billion CNY, down 13.6% - Domestic trade oil transportation: Gross profit of 1.48 billion CNY, down 0.9%, with a gross margin of 25% - LNG business: Contributed a net profit of 810 million CNY, up 2.7% - LPG and chemical business: Gross profit of 52 million CNY and 53 million CNY, down 8.7% and up 47.9% respectively [1][2] Future Financial Projections - **Revenue Forecast**: - 2025E: 26.03 billion CNY, growth of 12% - 2026E: 27.77 billion CNY, growth of 6.7% - 2027E: 29.67 billion CNY, growth of 6.8% [3] - **Net Profit Forecast**: - 2025E: 5.04 billion CNY, growth of 24.9% - 2026E: 6.03 billion CNY, growth of 19.7% - 2027E: 6.89 billion CNY, growth of 14.2% [3] - **Earnings Per Share (EPS)**: - 2025E: 1.06 CNY - 2026E: 1.26 CNY - 2027E: 1.44 CNY [3] Valuation - The target price for the stock is set at 13.8 CNY, with a current price of 11.27 CNY, indicating a potential upside of 22% [3][7]