研報掘金丨國農證券:濱海投資23年度業績符預期,增值服務持續高速發展,予“增持”評級
國農證券研報指出,濱海投資(2886.HK)早前公佈2023年全年業績,業績合乎預期。本次追蹤報吿繼續看好濱海投資,給予濱海“增持”投資評級及目標價2港元。2024年截至五月底,公司已簽下4個大型工商户供氣項目。公司新籤大客户,如江蘇省重點項目雲海二期、北方玻璃、新天鋼冷軋板業等,客户結構持續優化,令公司銷氣量有機會繼續快速增長。公司管理層維持2024年銷氣總量雙位數增長目標。目前,公司上下游一體化資源結構基本配置已完成。打通上游,資源不斷優化整合;中游整合自有資源,建立濱海投資資源池,專注對接天然氣上下游產業,推動濱海投資能源供應鏈體系完善和發展;下游積極拓展,鎖定新區域、新客户。三管齊發,整體佈局有效降低成本,增加收入,提升毛差,以達到價量齊升。 公司增值服務持續高速發展,2023年該業務收入6930萬港元,按年增長5.4%,毛利增長44.4%至4990萬港元,綜合毛利率72%2021-23年毛利複合增長率達到62%。管理層期望增值服務於2024年實現15%以上的增長。 集團將進一步規模化整合增值業務板塊,實施獨立專業企業化運營模式,進一步壓縮成本,並計劃發展2B業務,預期整個業務未來三年仍會維持高速增長,收入、毛利及毛利率或再提升。
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