昆仑能源依托中国石油平台优势,天然气终端业务高质量发展可期

光大证券
16 May

一、公司背景与业务概述昆仑能源(0135。HK)是 中国石油 旗下唯一从事天然气终端销售和综合利用的平台企业,业务涵盖城市燃气、LNG工厂及接收站等。2024年,公司实现归母净利润60亿元,同比增长4.9%,并制定派息率提升计划,2024年派息率达到45%。公司依托中国石油的优质气源优势,聚焦天然气销售主业,在中长期需求增长的趋势下,毛差有望持续修复,业绩和估值具备上行潜力。二、天然气销售业务的...

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