郭思治: 中国气体工业投资(01940.HK)享京津冀长期发展 可考虑认购
香港股票分析师协会副主席郭思治称,中国气体工业投资(CGII HLDGS)(01940.HK)正在招股,其中之一大股东是河北钢铁(000709.SZ)。公司的主要产品为空气分离装置生产的管道工业气体,同时亦向非现场独立终端客户生产及供应液化工业气体。截至2020年6月30日止半年,公司收入约5.98亿元人民币,管道及液化工业气体分别占75.6%及17%。基於行业模式,河钢集团既是客户也是供应商,在确保建设、耗材及节省运输成本的前提下,公司会选择在客户厂房附近兴建设置,把气体直接以管道输送以作交付。
在近水楼台效应下,行业壁垒非常高。由於其最大客户河钢集团提供大部分为15至30年长期保底销售合约,所以在建立新客户关系上,已再无空间给新参与者。此外,行业技术知识非常专业,属於资本密集型,团队均拥有丰富的行业经验及技术知识,可确保交付及安全上无误。钢铁公司选的服务商一般需有国企经验,欠缺相关经验的话,都排除在外,所以行业门槛非常高。公司收入和现金流稳定带增长,公司董事目前有意建议在可见将来分派予股东的股息不少於公司纯利的40%,具有投资价值。
公司最大的投资亮点,莫过於京津冀区域及雄安的规划发展,至少未来10年,区内对钢铁等基础设施需求甚殷,作为区内第二大工业气体供应商的CGII HLDGS,正享受规划红利及政策利好影响,盈收稳中向上。为提高效率及成本效益,国企倾向把工业气体外判给外包商,从收益过去五年上升约80%可见,像CGII HLDGS具备行业资格及历史的企业,未来业务增长可期。(da/)
(笔者为证监会持牌人)~
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