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1193 華潤燃氣 - 學標桿、保發展

Monday, December 21, 2020 Views3269
上半年業績
二零二零年上半年,新冠疫情對全球多個國家的經濟發展和社會活動產生了深遠影響,中國政府針對新冠疫情實施了卓有成效的防控措施,國內疫情二季度得到有效控制,絕大部分行業實現復工復產,國家發改委及各地政府在上半年陸續出台多項政策,推動城市天然氣門站價格下調,降低工商業用戶用氣成本,刺激天然氣消費。據發改委統計,2020年上半年全國天然氣表觀消費量1,556.1億立方米,同比增長4%。
 
上半年本集團經營區域內除居民用氣需求增長外,工商業、加氣站用氣需求普遍下滑。本集團總天然氣銷售量同比下降5.3%至132.53億立方米。期內上游天然氣價格下調,本集團及時開展終端用戶價格疏導,上半年營業額亦較去年同期下降19.9%至225.72億港元。本集團上半年通過優化氣源結構緩解成本負擔,整體毛利率同比上升2.0個百分點至27.0%。
 
上半年,本集團深入堅持「學標桿、保發展」的管理目標,對標優秀企業,持續優化經營管理舉措,保障經營基本盤穩定,持續努力恢復經營業績。
 
天然氣銷售
二零二零年上半年本集團共銷售132.53億立方米天然氣,本集團所在區域內工業用氣量持續恢復,工業銷氣量錄得59.26億立方米,同比下降5.6%,佔本集團總銷氣量的44.7%,受到新冠病毒傳播特性的影響,防控難度大導致商業復工復產緩慢,商業銷氣量錄得28.63億立方米,同比下降19.1%,佔本集團總銷氣量的21.6%, 受益於民眾居家時間增多,居民用氣大幅提升,民用銷氣量錄得38.85億立方米,同比增長13.5%,佔本集團總銷氣量的29.3%。
 
新用戶開發
疫情期間各地採取隔離措施,上半年接駁工程延期開工,期間新增接駁用戶100.40萬 戶, 其 中 包 括 居 民 新 房 接 駁79.08萬戶,新增工商業用戶1.24萬戶,舊房接駁19.40萬戶,農村居民煤改氣0.68萬戶。截至二零二零年中期,本集團經營區域內居民燃氣滲透率由去年同期的51.6%上升至53.8%。
 
新項目拓展
本集團持續專注城市燃氣核心業務發展,憑藉強大的市場開拓能力與良好的企業品牌,二零二零年上半年集團和公司完成簽約項目14個,完成註冊子公司7個,項目分佈於江蘇、浙江、四川、湖南、廣東等多省,拓展經營面積1.4萬平方公里,預計增加用戶131萬戶,增加銷氣量15億方╱年。
 
截至二零二零年六月三十日,本集團城市燃氣項目數目已達到252個,遍佈全國22個省、3個直轄市、74個地級市。不斷擴大的經營區域及項目優越的地理位置,為本集團核心業務的持續快速增長奠定了堅實基礎。
 
每股基本盈利
為1.09港元,較去年同期下降18.7%。
 
中期股息
每股15港仙(二零一九年:每股15港)
 
建議時股價$40.9
目標價$47.13
止蝕$39.65
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