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致富研究:新項目陸續增量+氣價成本下降,濱海投資未來盈利有望穩定增長
格隆匯 09-04 11:40
濱海投資(2886.HK)此前公佈業績顯示,2024年上半年收入同比增長12%,歸母淨利潤同比微增1%。總售氣量為13.27億立方米,同比增加23.2%,遠超同期全國天然氣表觀消費量約10%的增幅。致富集團研究部發布報吿稱,濱海投資管網已與天津和河北四大LNG接收站互聯互通,另外,上半年,集團與北京燃氣、河北新天、大唐煤制氣、永和國新簽訂了天然氣購銷合同,大大提升了氣源保障能力,進一步降低採購成本,也對集團開拓新客户提供有力支持。上半年,包括小型安裝、燃氣保險銷售、燃氣具銷售、非居有償維保的增值服務收入及毛利均增長31%,整體綜合毛利率達67%。上半年,集團因籌備推出自主品牌“泰悦佳”,而需要清理原有代理燃氣設備的庫存,導致毛利增幅受到影響,隨着自主品牌的推出,增值服務的毛利貢獻有望進一步提升。因國內樓市低迷,整個燃氣行業的接駁費收入大減,燃氣公司普遍出現盈利倒退,在此大環境下,集團屬少數能保持淨利潤增長的公司,主要得益於集團過往在拓展上下游資源的投入,以及兩大股東的支持。隨着新項目陸續增量,加上氣價成本下降,集團盈利未來有望穩定增長。
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