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信誠證券:看高濱海投資至1.98港元,2024天然氣銷售量價齊升,或帶動全年業績
格隆匯 04-09 08:39
信誠證券今日發佈研究報吿稱,濱海投資2023年收入64.07億港元,按年上升5.0%;毛利7.49億港元,按年上升3.0%。顯示公司業務增長迅速。股東應占溢利2.57億港元,按年下跌21.2%,主要受累於年內SOFR持續上升,導致美元銀團借款的融資成本增加。若分拆半年看,20231H股東應占溢利約1.66億港元,按年跌35.5%,推算出20232H股東應占溢利約9018萬港元,較20222H股東應占溢利約6771萬港元,按年升33.2%,顯示公司在20232H最壞時間已過,業績重拾高速發展動力。信誠證券稱,集團2023年總銷氣量達到22.17億立方米,按年增加9.4%,當中管道氣銷量按年增加12.3%至16.10億立方米,與20231H分別增加0.91%及7.2%相比,兩者增速皆大幅提高。中國經濟在疫後正在復甦,全國天然氣表觀消費量3945.3億立方米,同比增長7.6%,但濱海投資管道氣增速優於宏觀市場,彰顯集團開拓客户決心及能力。信誠證券指,濱海投資業務紮根天津,並輻射全國,現時公司跟天津四大LNG碼頭都有合作,上游氣源資源得到充分保障,預料相比同業往後發展更有優勢。公司在2023年簽下多個大型工業客户及項目,包括耀華玻璃項目、雲海項目二期、軍糧城發電廠等,以及新開展的氣源貿易業務,氣量提升將會在2024年業績體現,預期總體銷量同比增長約15%。氣價方面,若公司已調價民用氣量進一步上升至90%,購氣成本沒有大幅波動情況下,公司毛差有機會再提升0.05元人民幣。因此預期公司天然氣銷售價量齊升下,有機會帶動收入,毛利進一步提升。而兩大股東天津泰達及中石化給予公司重大支持,也為公司持續發展業務及轉型綜合能源供應商提供相當大的助力。宏觀經濟方面,中國經濟持續復甦,將對能源需求有所提升,而在雙碳政策原則下,對清潔能源需求將會進一步提升。因此公司或繼續受惠行業發展。信誠證券給予濱海投資“買入”評級,目標價1.98港元,較4月5日的收盤價1.18港元有67.8%的潛在升幅。
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