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6 中外运输Equity Research Equity Research Report 证券研究报告Company Report 股票研究公司报告证券研究报告[Tab le_I nfo1 ] 清洁能源行业-天然气Clean Energy Sector - Natural Gas [Tab le_I nfo2 ] 中华煤气HK and China Gas (00003 HK) [Table_Title] Company Report: HK and China Gas (00003 HK) Kevin Guo 郭勇 (86755)

2397 6671 公司报告:中华煤气 (00003 HK) kevin.

guo@gtjas.com

14 September

2017 [Table_Summary]

2017 Interim Results In Line, Maintain Buy 2017年中期业绩符合市场预期,维持 买入 评级 ? The

2017 interim results of the Company were generally in line with market consensus and our expectations. Total revenue of the Company increased 8.96% yoy to HK$ 15.43 billion, net profit attributable to shareholders increased 3.26% yoy to HK$ 4.47 billion. ? Maintain operating profit assumptions unchanged, contributed by Hong Kong gas business. The gas business of the Company in Hong Kong was rather stable and the sale of gas and cooking sets in Hong Kong in the first half of

2017 was generally in line with our estimation. ? Revise up natural gas sales assumptions. National policies on environmental protection, accelerated execution on coal-to-gas projects for local governments and sufficient gas supply all combined to stimulate gas consumption. ? Revise down gas dollar margin assumptions slightly due to more competition in the industrial sector and customer group mix change. We expect the gas dollar margin of the Company to remain at a steady level in 2017-2019 under new pricing mechanisms. ? Maintain the TP at HK$ 17.97 and maintain Buy . ? 公司

2017 年中期业绩基本符合市场一致预期和我们的估计.公司收入同比增加 8.96%至 港币 154.3 亿元,股东净利同比增长 3.26%至港币 44.7 亿元. ? 维持香港燃气业务贡献运营利润假设不变.公司在香港的燃气业务十分稳定,2017 年上 半年香港天然气和炉具的销量基本符合我们的估计. ? 上调公司天然气销量假设.国家层面的环保政策,地方政府加快执行 煤改气 以及充足 的供应都有利于促进天然气的消费. ? 由于工业领域更激烈的竞争和客户群体结构的变化,下调公司销气价差假设.我们预计在 新的价格机制下公司 2017-2019 年的销气价差将保持在一个稳定的水平. ? 维持目标价在 17.97 港元,维持 买入 评级. [Table_Rank] Rating: Buy Maintained 评级: 买入 (维持) [Table_Price] 6-18m TP 目标价: HK$17.97 Revised from 原目标价: HK$17.97 Share price 股价: HK$14.740 Stock performance 股价表现 [Table_QuotePic] [Table_PriceChange] Change in Share Price 股价变动

1 M

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1 年Abs. % 绝对变动 % (0.5) 1.0 12.8 Rel. % to HS Index 相对恒指变动 % (2.9) (6.8) (7.5) Avg. share price(HK$) 平均股价(港元) 14.8 14.8 13.9 Source: Bloomberg, Guotai Junan International. [Table_ Profit] Year End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (x) (HK$ 2015A 29,591 7,302 0.574 (15.1) 25.7 4.155 3.5 0.318 2.2 13.8 2016A 28,557 7,341 0.577 0.5 25.5 4.241 3.5 0.350 2.4 13.6 2017F 31,661 7,672 0.603 4.5 24.4 4.494 3.3 0.350 2.4 13.4 2018F 33,789 8,217 0.646 7.1 22.8 4.790 3.1 0.350 2.4 13.5 2019F 36,116 8,849 0.696 7.7 21.2 5.136 2.9 0.350 2.4 13.5 [Table_BaseData] Shares in issue (m) 总股数 (m) 12,717.0 Major shareholder 大股东 Lee Shau Kee 41.5% Market cap. (HK$ m) 市值 (HK$ m) 187,448.6 Free float (%) 自由流通比率 (%) 58.5