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郭思治: 中國氣體工業投資(01940.HK)享京津冀長期發展 可考慮認購
阿思達克 10-29 09:27
香港股票分析師協會副主席郭思治稱,中國氣體工業投資(CGII HLDGS)(01940.HK)正在招股,其中之一大股東是河北鋼鐵(000709.SZ)。公司的主要產品為空氣分離裝置生產的管道工業氣體,同時亦向非現場獨立終端客戶生產及供應液化工業氣體。截至2020年6月30日止半年,公司收入約5.98億元人民幣,管道及液化工業氣體分別佔75.6%及17%。基於行業模式,河鋼集團既是客戶也是供應商,在確保建設、耗材及節省運輸成本的前提下,公司會選擇在客戶廠房附近興建設置,把氣體直接以管道輸送以作交付。

在近水樓台效應下,行業壁壘非常高。由於其最大客戶河鋼集團提供大部分為15至30年長期保底銷售合約,所以在建立新客戶關係上,已再無空間給新參與者。此外,行業技術知識非常專業,屬於資本密集型,團隊均擁有豐富的行業經驗及技術知識,可確保交付及安全上無誤。鋼鐵公司選的服務商一般需有國企經驗,欠缺相關經驗的話,都排除在外,所以行業門檻非常高。公司收入和現金流穩定帶增長,公司董事目前有意建議在可見將來分派予股東的股息不少於公司純利的40%,具有投資價值。

公司最大的投資亮點,莫過於京津冀區域及雄安的規劃發展,至少未來10年,區內對鋼鐵等基礎設施需求甚殷,作為區內第二大工業氣體供應商的CGII HLDGS,正享受規劃紅利及政策利好影響,盈收穩中向上。為提高效率及成本效益,國企傾向把工業氣體外判給外包商,從收益過去五年上升約80%可見,像CGII HLDGS具備行業資格及歷史的企業,未來業務增長可期。(da/)

(筆者為證監會持牌人)~

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