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研報掘金丨致富證券:濱海投資鞏固上游資源利開拓下游客户 毛差有望提升
格隆匯 05-13 18:35
致富證券研報指出,2023年,濱海投資(2886.HK)總收入上升5%至64.1億港元,淨利潤2.6億港元,毛利率維持在11.7%。銷氣量實現9.4%的同比增長,超越全國平均水平,其中工商用户銷售佔比顯著提升至83.6%,領先於行業。為鞏固上游資源,集團與新天綠色能源等企業簽訂天然氣購銷合同,不僅拓寬了氣源渠道,還通過利用天津周邊的LNG接收站降低了採購成本,增強盈利能力。隨着美國能源信息署預測2024年天然氣價格將下降12%,加之國內天然氣價格聯動機制的推進,集團已有70%民用氣量完成調價,2023年毛差增至0.47元人民幣,預示着2024年毛差有望進一步擴大,得益於成本降低和售價上調的雙重利好。展望未來,集團設定2024年銷氣量增長目標為15%,達到25億立方米,並着重提及增值服務業務板塊的快速增長,2019至2023年間毛利複合增長率高達62%,預示該領域將繼續作為重要的增長動力,在2024年保持強勁增長態勢,整體展現出公司在優化成本結構、拓展市場與業務多元化方面的積極進展與樂觀前景。
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