Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

中國燃氣控股有限公司 (00384.HK)

Tuesday, September 22, 2020 Views3708

業務概要:集團是一家燃氣運營服務商,主要於中國從事投資、建設、經營城市與鄉鎮燃氣管道基礎設施,燃氣碼頭,儲運設施和燃氣物流系統,向居民和工商業用戶輸送天然氣和液化石油氣,建設和經營壓縮天然氣/液化天然氣加氣站,開發與應用天然氣、液化石油氣相關技術。

 

基本資料 :

現價: $21.6

市值: 1,127.21億

市盈率: 12.27倍

周息率: 2.32%

52週高/低: $34.95 /$20.5

10天/50天/250天平均價 : $21.775/ $22.824/ $27.678

 

業務回顧:

截至2020年3月31日止的全年業績,中國燃氣的收入按年微升0.3%至595.4億元港元; 純利增長11.7%至91.88億元港元,業績符合預期。主要因為接駁利潤率增長超過預期。

 

評論:

第一,公司與中移動簽署戰略合作框架協定,雙方將在落實深化NB(窄帶)物聯網表業務、網格化、能源互聯網共建、基礎通信服務、開放雙方業務通道、佈局「智慧廚房」、金融及分期服務、網路按需建設與優化等領域開展全面合作。

 

第二,繼主席劉明輝自29/6 起,連續5天增持近656.4萬股; 公司於17/9 及18/9 分別回購121.84萬股及221.8萬股,反映公司及其高管對業務發展與前景的信心。

 

第三,公司在年報提及,將積極發展家居生活相關的產品與服務,「中國燃氣• CHINA GAS」「中燃家+」「慧生活」等企業品牌,大力實施增值業務「新零售」戰略,加速發展中燃寶燃氣具、燃氣綜合保險、波紋管、報警器等燃氣相關銷售業務,推動燃氣鍋爐和節能設備銷售,以及鍋爐的燃氣改造和節能諮詢與改造服務,在擴大燃氣相關產品銷售渠道的基礎上,開發新的產品種類,推廣智能家電、中燃寶淨水器等產品逐步實現「中燃家+」商業產品生態圈戰略。

 

另外,依託「中燃慧生活」在線平台和中燃龐大的用戶資源,通過運用移動互聯網、消費大數據、AI等技術手段,對商品的生產、流通與銷售過程進行升級改造,並對線上服務、線下體驗以及現代物流進行深度融合,利用「新零售」平台覆蓋客戶服務(網格服務、會員服務、售後服務)和垂直社區電商銷售功能(商品展示、線上成交、社交傳播等),利用新零售平台持續開展各類線上線下融合的市場促銷活動。

 

 

第四,天然氣採購成本下降,對公司天然氣銷售的利潤率有上升空間。

 

第五,公司在年報提及,在液化石油氣業務方面繼續在縱向整合「垂直一體化」產業鏈的同時,加大與城市管道燃氣業務在市場和資源方面的「橫向協同」,繼續加大下游市場布局,開拓微管網業務,利用自身優勢打造「4G」能源網絡,實現天然氣板塊和液化石油氣板塊的雙輪協同發展。

 

 

買賣策略
買入價: $20.9

目標價: $30.25

止蝕價: $18.8

 

資料來源: 阿斯達克財經網,披露易,2020年年度業績公告,新浪財經

 

註:本人許偉龍為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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