中外运输EquityResearchEquityResearchReportCompanyReport股票研究公司报告证券研究报告清洁能源行业-天然气CleanEnergySector-NaturalGas华润燃气ChinaResourcesGas(01193HK)SeethelastpagCompa公司报告：20172017年中�The2conserevenunetpro�RevisenaturaNation“coal-tcombin�Revisecompeexpect2017-2�MaintaCompa2017,�Revise�由于销售入同比增�上调公司面的环保�由于工业机制下公�维持接驳持平。�上调公司YearEnd年结12/312015A2016A2017F2018F2019FSharesinissuMarketcap.(H3monthavera52WeekshighSource:theCompgefordisclaimernyReport华润燃气(01193Interim中期业绩超出2017interimrensusandoureueoftheCompaofitattributableteupnaturalgalgasofChinanalpoliciesonto-gas”projectsnedtostimulateedowngasdetitionintheitthegasdollar2019undernewainconnectioanyplanstocowhichisgeneraeupTPtoHK$售了更多天然气，增长14.8%至港币司天然气销量假设保政策，地方政府业领域更激烈的竞公司2017-2019年驳业务收入假设不司目标价至38.40TurnoverN收入(HK$m)31,09632,91636,59142,17347,518e(m)总股数(m)HK$m)市值(HKagevol.3个月平均h/low(HK$)52周pany,GuotaiJunanInrt:ChinaR3HK)mResul出市场预期，esultsoftheexpectation,manyincreasedbtoshareholdersgassalesassaResourcesGenvironmentalsforlocalgoveegasconsumptdollarmarginndustrialsectormarginofthewpricingmechanservicerevonnectabout2allyflatcompare$38.40andma公司2017年中期币176.9亿元，股东设，预计华润燃气2加快执行“煤改气竞争以及输气服务，年的销气价差将保持不变。公司计划20港元，维持“买入NetProfit股东净利(HK$m)2,8383,2894,1784,5565,106)$m)均成交股数(‘000)高/低nternational.ResourcestsBeat，维持“买入Companywemainlyduetohiby14.8%yoytosincreased8.0%sumptionsandGastoincreaseprotection,acernmentsandtion.assumptionsorandgastraCompanytoreanisms.venueassump2.6millionnewedto2016.aintain“Buy”.期业绩高于市场一致东净利同比增长8.2017年的天然气销气”以及充足的供应小幅下调销气价差持在一个稳定的水17年接驳260万入”评级。EPS每股净利每股(HK$)1.3001.5101.9202.0942.34631.8sGas(011tExpec入”评级rehigherthaighersalesofgHK$17.69billio%yoytoHK$2.dexpecttotalebyabout20%cceleratedexesufficientgasslightlyduensporti...
