春城熱力(1853.HK)首日上市低開8.51% 成本受制於煤炭價格
格隆匯10月24日丨吉林省最大供熱服務提供商春城熱力(1853.HK)首日上市低開8.51%,報2.15港元,盤前成交4070萬港元,最新總市值10億港元。該股IPO定價為2.35港元,認購倍數98.25倍。春城熱力按2018年供熱服務面積計是吉林省最大的供熱服務提供商,供熱是該公司的核心業務,在長春市有超過20年的經營歷史。2016-2018財年,公司分別實現收益8.48億元、11.08億元及14.4億元,年複合增長率30.3%,淨利潤分別為7279.4萬元、8583.2萬元及1.03億元,年複合增長率18.8%。於2019年第一季度實現收入為人民幣5.49億元,淨利潤約1.29億元。不過有業內人士指出,2017年以來,煤炭價格走高,春城熱力的購熱成本隨之走高,同時春城熱力的供熱價格是由政府決定的,最近兩年並無變化,存在成本上升不能及時提價風險,長期來看會降低公司的毛利率。
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