Binhai Investment - Stock Analyst Research

Target Price*HKD 2.20
Recommendation BUY
Market Cap*2B
Publication Date13 Sep 2023

*At the time of publication

濱海投資 (02886.HK) 下半年氣源價回落.料帶動全年財務表現

濱海投資主要從事銷售管道天然氣、提供工程施工及天然氣管道安裝服務、天然氣管
輸服務及罐裝燃氣銷售。公司燃氣業務分佈於全國七省二市,共擁有 40 家燃氣項目公
司,已經成為全國性的清潔能源供應商。現時,濱海投資第一大股東為天津泰達投資
控股有限公司,持有股權 40.00%,第二大股東為中國石化(00386)全資子公司中石
化長城燃氣投資有限公司,持有股權 29.99%。
去年業績受累於天然氣採購成本上升,1HFY2023 毛利率仍承壓
FY2022,公司錄得收入 61.02 億(港元.下同)(FY2021:48.43 億元),同比上升
26.0%;股東應佔溢利 3.26 億元(FY2021:4.00 億元),同比下降約 18.5%;如扣除
計入損益的淨匯兌損失(FY2022:-8400 萬元),經調整股東應佔溢利約為 4.10 億
元,同比增加 9%。燃氣工程施工與安裝常規戶數新增 106 千戶,同比下降 35%,累
計用戶達 2299 千戶。管道燃氣銷量 20.3 億立方米,同比增長 3%,其中管道氣銷量
14.4 億立方米,同比增長 15%,全年實現管輸天然氣 5.9 億立方米,同比下降 17%。
期內,毛利約為 7.27 億元(FY2021:8.55 億元);受累於天然氣採購成本的上升,毛
利率降至 11.9%(FY2021:17.7%)。

About the author

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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