share_log

昆仑能源(0135.HK):盈利分红稳步提升 中长期投资价值显现

Kunlun Energy (0135.HK): Profit dividends are steadily increasing, showing medium- to long-term investment value

Guoyuan International ·  Dec 23, 2024 16:00

Key investment points

The core gas sales business has maintained steady growth:

In 1993, CNPC acquired and restructured, and Kunlun Energy became its first red-chip listed company.

After many business mergers, acquisitions and restructuring, the company finally transformed and positioned itself as the operation management platform for China's petroleum and gas terminal retail business. Currently, the company has 4 main business segments: natural gas sales, LPG sales, LNG processing, storage and transportation, exploration and production. As of 2024630, the company has 284 urban gas projects covering 31 provinces, autonomous regions and municipalities in China, with more than 16 million users. 2024H1 achieved sales of 26.438 billion cubic meters of natural gas, up 10.55% year on year, of which retail gas volume was 16.302 billion cubic meters, up 10.25% year on year.

The profit trend of LNG processing, storage and transportation business is improving:

2024H1, the company's LNG processing and storage business achieved revenue of RMB 5.662 billion, an increase of 9.14% over the previous year; profit before income tax was RMB 1.648 billion, an increase of 22.89% over the previous year. Among them, the profit of the LNG factory before tax was 0.035 billion yuan, which achieved a historic reversal of losses. The average production load rate of the company's 14 continuously operating plants in the first half of the year was 58.4%, an increase of 19.5 percentage points over the previous year. It achieved self-production and self-sales of 0.466 billion cubic meters, and achieved a contract processing volume of 1.307 billion cubic meters, an increase of 11.48% and 92.49%, respectively, over the previous year. The company aims for an annual LNG terminal load rate of 90%, and the overall profit trend of the LNG industry chain is expected to improve.

Profit dividends have increased steadily, and medium- to long-term investment value has shown:

The company announced a three-year dividend distribution plan for 2023-2025, and the annual dividend ratio will gradually increase to 45%; 2024H1 paid an interim dividend of 16.41 points for the first time, with a dividend ratio of 43%. The company's profits are growing steadily, there is a lot of room for improvement in future dividends, and medium- to long-term investment value is evident.

Update the company's target price to HK$10.6 and give it a buy rating:

We updated the company's target price of HK$10.6, which is equivalent to 13.5 times and 12 times PE in 2024 and 2025. There is room for a 30% increase in the target price compared to the current price, giving it a buy rating.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Comment Comment · Views 317

Recommended

Write a comment

Statement

This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.