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以2018年为参考,公司2022年ROA降幅仅次于中国燃气
以2018年为参考,公司2022年ROA降幅仅次于中国燃气
行业数据
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所属报告:
佛燃能源-公司研究报告-大湾区城燃明珠盈利向上拐点将至-230704(24页).pdf
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安徽省主要银行ROA(单位:%)
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行业数据
2026-04-10
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安徽主要城商行ROA(单位:%)
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行业数据
2026-04-10
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美国原油出口规模仅次于沙特、俄罗斯
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市场规模
2026-03-31
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二级权益投资下跌1%时,投资业绩ROA/ROE下降幅度(使用2025年数据估算)
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行业数据
2026-03-31
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益生菌减脂方向规模仅次于基础肠胃健康,2025年销售额增长超40%
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市场规模
2026-03-30
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图4、2025面部精华品类GMV达381.12亿元,是面部护理领域仅次于护肤
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行业数据
2026-03-24
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山东省主要银行ROA(单位:%)
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行业数据
2026-03-18
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山东主要农商行ROA(单位:%)
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行业数据
2026-03-18
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山东主要城商行ROA(单位:%)
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行业数据
2026-03-18
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行业数据
2026-03-05
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佛燃能源盈利能力有望触底反弹 毛差与 ROA 或已触底。我们以城燃公司的 ROA 去近似拟合准许收益率,由于未剔除接驳/增值服务/综合能源等业务利润、也没有剔除配气业务以外的资产,ROA 与准许收益率有一 定差异、且 通常 ROA 高于准许收益率。2015-2022 年佛 燃能源毛差由 0.96 元/方降至 0.26元/方(华泰测算、公司未披露),相应的 ROA 从 10.7%降至 4.5%,主要是由于:1)2015-21年佛山市发改委持续压降工商业气价、降幅超过气源成本的降幅;2)而 21-22 年气源成本大幅攀升之后,限价上调时间相对滞后且幅度不足。以 2018 年为参考点(配气价格政策发布后第一个完整财年),公司 2022 年 ROA 下降 4.1pp,仅次于中国燃气。
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佛燃能源-公司研究报告-大湾区城燃明珠盈利向上拐点将至-230704(24页).pdf
佛燃能源:2017-2022年固定资产比例与资产周转率
佛燃能源:2017-2022年毛利率与净利率
2016-2022年工业气量占比基本维持在60%以上
2016-2021年公司天然气销量高速增长,2022年受疫情影响
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