中国燃气：补贴回收延迟致1HFY25业绩同比小幅下滑

中金公司12-01

业绩回顾1HFY25 业绩略低于我们预期公司公布1HFY25 业绩：收入351 亿港元，YoY-2.6%；归母净利润17.6亿港元，YoY-3.8%，略低于我们预期，主因部分城燃项目居民用气保供补贴延迟发放，导致1HFY25 应占合联营公司业绩同比下滑。公司拟派发1HFY25 中期股息0.15 港元/股，同比持平。1HFY25 公司天然气零售量93.3 亿方，YoY+1.4%，其中工业气量49.4...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2488668738?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-12-01 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2488668738","market":"hk","top_or_hot":-1,"title":"中国燃气：补贴回收延迟致1HFY25业绩同比小幅下滑","media":"中金公司","content":"<div>\n<p>业绩回顾1HFY25 业绩略低于我们预期公司公布1HFY25 业绩：收入351 亿港元，YoY-2.6%；归母净利润17.6亿港元，YoY-3.8%，略低于我们预期，主因部分城燃项目居民用气保供补贴延迟发放，导致1HFY25 应占合联营公司业绩同比下滑。公司拟派发1HFY25 中期股息0.15 港元/股，同比持平。1HFY25 公司天然气零售量93.3 亿方，YoY+1.4%，其中工业气量49.4...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241201202118a2639bff&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中国燃气：补贴回收延迟致1HFY25业绩同比小幅下滑</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中国燃气：补贴回收延迟致1HFY25业绩同比小幅下滑\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-01 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241201202118a2639bff&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>业绩回顾1HFY25 业绩略低于我们预期公司公布1HFY25 业绩：收入351 亿港元，YoY-2.6%；归母净利润17.6亿港元，YoY-3.8%，略低于我们预期，主因部分城燃项目居民用气保供补贴延迟发放，导致1HFY25 应占合联营公司业绩同比下滑。公司拟派发1HFY25 中期股息0.15 港元/股，同比持平。1HFY25 公司天然气零售量93.3 亿方，YoY+1.4%，其中工业气量49.4...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241201202118a2639bff&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1566","symbol_name":"燃气股","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241201202118a2639bff&s=b","article_id":"2488668738","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241201202118a2639bff&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2488668738","pubTimestamp":1732982400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"业绩回顾1HFY25 业绩略低于我们预期公司公布1HFY25 业绩：收入351 亿港元，YoY-2.6%；归母净利润17.6亿港元，YoY-3.8%，略低于我们预期，主因部分城燃项目居民用气保供补贴延迟发放，导致1HFY25 应占合联营公司业绩同比下滑。公司拟派发1HFY25 中期股息0.15 港元/股，同比持平。自由现金流方面，1HFY25 公司自由现金流22.2 亿港元，YoY-55%，主因合约资产/应收账款等营运资本规模提升导致1HFY25 经营性现金流同比-51%至36.8 亿港元。净负债规模或已基本触顶。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1566":"燃气股","BK1589":"北水核心资产","BK1500":"做空集合股","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","BK1221":"燃气公用事业","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","00384":"中国燃气"},"translate_title":"China Gas: Delayed subsidy recovery caused a slight year-on-year decline in 1HFY25 performance","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00384":1},"content_text":"业绩回顾1HFY25 业绩略低于我们预期公司公布1HFY25 业绩：收入351 亿港元，YoY-2.6%；归母净利润17.6亿港元，YoY-3.8%，略低于我们预期，主因部分城燃项目居民用气保供补贴延迟发放，导致1HFY25 应占合联营公司业绩同比下滑。公司拟派发1HFY25 中期股息0.15 港元/股，同比持平。1HFY25 公司天然气零售量93.3 亿方，YoY+1.4%，其中工业气量49.4 亿方，YoY+0.9%，商业气量15.9 亿方，YoY+4.9%，零售气毛差0.59 元/方，YoY+0.02 元/方；新增居民接驳90.4 万户，YoY-14.0%；增值业务经营性利润10 亿港元，YoY+15.4%。自由现金流方面，1HFY25 公司自由现金流22.2 亿港元，YoY-55%，主因合约资产/应收账款等营运资本规模提升导致1HFY25 经营性现金流同比-51%至36.8 亿港元。发展趋势气量增速复苏仍待市场化改革推进。基于1HFY25 顺价/工商业气量增速情况，公司维持FY25 毛差指引0.53 元/方不变，但将FY25 气量增速指引从5%下修至约2%，我们认为气量增速下修的核心原因在于目前相对较高的非居用气价格对工商业用气需求增长有一定抑制。向前看，考虑到中国天然气行业市场化改革有望逐步解决居民用户/非居用户间长期存在的交叉补贴问题，我们认为中期维度公司气量增速具备一定修复空间。净负债规模或已基本触顶。截至1HFY25，公司净负债规模（不含LPG 贸易融资）约500 亿港币，较FY24 末基本持平，向前看，考虑到公司严格控制资本开支规模（我们预计FY25E 资本开支35 亿港元），且现金流较好的天然气销售业务盈利能力有望逐步改善，我们判断公司净负债规模或已基本触顶，资产负债表具备一定修复空间。盈利预测与估值考虑到联营公司居民用气保供补贴有望于2HFY25 确认，我们基本维持FY25/FY26 盈利预测不变。当前股价对应FY25/FY26 8.1x/7.3x P/E。维持跑赢行业评级和8.80 港元目标价，对应FY25/FY 26 11.1x/10x P/E，较当前股价有36.7%的上行空间。风险天然气市场化改革进度低于预期，上游天然气价格大幅波动。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488668738"}