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华润集团所属企业中8家在香港上市，8家在内地上市（截至2023年12月31日）

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fCAyMDIz5bm0NA==

所属报告：

华润燃气-港股公司研究报告-顺价塑造盈利拐点评估城燃投资“气”机-250121（43页）.pdf

打包全文图表

表 1：全国性城燃公司的分红率、股息率对比 ..................................................... 15 表 2：2018-2022 年贡献天然气消费增量前十行业（单位：亿立方米） ............. 18 表 3：中石油管道气定价方案对比 ....................................................................... 22 表 4：公司多途径推动气源获取能力、优化气源成本 .......................................... 23 表 5：京津冀、长三角、粤港澳顺价政策 ............................................................ 24 表 6：全国性城燃公司的销气价格、购气价格、毛差对比 ................................... 26 表 7：全国性城燃公司 2023 年的收入构成、利润构成对比（亿港元、亿元） ... 27 表 8：2025 年城燃公司工商业气量增长带来的毛利润弹性 ................................. 30 表 9：2025 年城燃公司居民顺价带来的毛利润弹性 ............................................ 30 表 10：2025 年华润燃气新增居民接驳带来的收入弹性/亿港元 .......................... 31 表 11：公司燃气业务经营数据预测 ..................................................................... 37 表 12：公司主营业务收入拆分 ............................................................................ 38 表 13：华润燃气同业公司对比（最新收盘价日期：2025/01/20） ...................... 39 一、全国性城燃龙头企业，销气量全国前三（一）背靠华润集团，深耕城燃领域二十余年控股股东华润集团是我国四大驻港央企之一，截至23年末控股61.46%。2000年以来，经过两次“再造华润”，华润集团形成现有的业务格局，涵盖大消费、综合能源、城市建设运营、大健康、产业金融、科技及新兴产业六大领域。旗下子公司有8家在香港上市，8家在内地上市，公司是集团旗下唯一燃气控股上市平台，业务涵盖燃气销售、接驳、综合服务、加气站以及设计及建设服务等五大板块，截至2023年末华润集团控股61.46%。

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