深圳燃气(601139)公司深度报告：内生维持较快增长 LNG接收站投产增厚利润

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    　　 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入结构_blank class=infotextkey>get=_blank class=infotextkey>中，管道_blank class=infotextkey>get=_blank class=infotextkey>燃气、液化石油气批发、_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程及_blank class=infotextkey>材料、瓶_blank class=infotextkey>get=_blank class=infotextkey>装石油气、_blank class=infotextkey>get=_blank class=infotextkey>天然气批发和其它分别占61%、16%、14%、4%、_blank class=infotextkey>3%和_blank class=infotextkey>get=_blank class=infotextkey>2%；毛利结构_blank class=infotextkey>get=_blank class=infotextkey>中，管道_blank class=infotextkey>get=_blank class=infotextkey>燃气、液化石油气批发、_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程及_blank class=infotextkey>材料、瓶_blank class=infotextkey>get=_blank class=infotextkey>装石油气、_blank class=infotextkey>get=_blank class=infotextkey>天然气批发和其它分别占6_blank class=infotextkey>3%、1%、_blank class=infotextkey>get=_blank class=infotextkey>25%、7%、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不到1%和4%。过去_blank class=infotextkey>4年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司营_blank class=infotextkey>收和归母净利润CA_blank class=infotextkey>gR 分别达7.5%和9._blank class=infotextkey>3%。

    　　_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>业务：气源_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>走向_blank class=infotextkey>get=_blank class=infotextkey>宽松，_blank class=infotextkey>get=_blank class=infotextkey>客户拓展维持较快_blank class=infotextkey>get=_blank class=infotextkey>增速。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司以管道_blank class=infotextkey>get=_blank class=infotextkey>天然气为核心，外加_blank class=infotextkey>get=_blank class=infotextkey>天然气批发和_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程及_blank class=infotextkey>材料_blank class=infotextkey>get=_blank class=infotextkey>构成完善的_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>业务链。

    管道_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>发展迅速，15 至18 年营_blank class=infotextkey>收CA_blank class=infotextkey>gR 达15.9%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司 年前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入达66.1 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长9._blank class=infotextkey>3%；H1 管道_blank class=infotextkey>get=_blank class=infotextkey>燃气毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下滑_blank class=infotextkey>get=_blank class=infotextkey>2.87 个_blank class=infotextkey>百分点至_blank class=infotextkey>get=_blank class=infotextkey>20.87%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司管道_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来稳步_blank class=infotextkey>get=_blank class=infotextkey>发展，过去_blank class=infotextkey>4年CA_blank class=infotextkey>gR 达15.87%。

    气源_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>目前处于_blank class=infotextkey>get=_blank class=infotextkey>上升通道，后续气源_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>走向_blank class=infotextkey>get=_blank class=infotextkey>宽松。1）气源结构：

    　　_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市的气源相对稳_blank class=infotextkey>定，_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>主要的_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>get=_blank class=infotextkey>商为_blank class=infotextkey>get=_blank class=infotextkey>广_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>大鹏和_blank class=infotextkey>get=_blank class=infotextkey>中石油，_blank class=infotextkey>get=_blank class=infotextkey>大鹏气价1.7 元/方_blank class=infotextkey>get=_blank class=infotextkey>优势显著。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来_blank class=infotextkey>get=_blank class=infotextkey>采购_blank class=infotextkey>get=_blank class=infotextkey>天然气量快速_blank class=infotextkey>get=_blank class=infotextkey>增长，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>合计_blank class=infotextkey>get=_blank class=infotextkey>采购_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>29 _blank class=infotextkey>get=_blank class=infotextkey>万吨，同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3._blank class=infotextkey>38%。_blank class=infotextkey>get=_blank class=infotextkey>2）_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>集_blank class=infotextkey>get=_blank class=infotextkey>中度_blank class=infotextkey>get=_blank class=infotextkey>高叠加_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>需求_blank class=infotextkey>get=_blank class=infotextkey>高增，_blank class=infotextkey>get=_blank class=infotextkey>中石油气源_blank class=infotextkey>get=_blank class=infotextkey>价格易涨难跌，_blank class=infotextkey>get=_blank class=infotextkey>2016 年_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>保供期_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上浮， 年_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>淡季_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上浮。_blank class=infotextkey>get=_blank class=infotextkey>2016 年至_blank class=infotextkey>get=_blank class=infotextkey>今，伴随气源_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>上升，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司管道_blank class=infotextkey>get=_blank class=infotextkey>燃气毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降。_blank class=infotextkey>get=_blank class=infotextkey>2014~_blank class=infotextkey>get=_blank class=infotextkey>2018 年，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司管道_blank class=infotextkey>get=_blank class=infotextkey>燃气毛_blank class=infotextkey>get=_blank class=infotextkey>利率分别为_blank class=infotextkey>get=_blank class=infotextkey>25.0%、_blank class=infotextkey>get=_blank class=infotextkey>26.7%、_blank class=infotextkey>get=_blank class=infotextkey>26.8%、_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3.9%、_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3.7%， 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年进一步_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降到_blank class=infotextkey>get=_blank class=infotextkey>20.9%。

    　　_blank class=infotextkey>3）三_blank class=infotextkey>get=_blank class=infotextkey>重因素作用_blank class=infotextkey>get=_blank class=infotextkey>下，气源_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>走向_blank class=infotextkey>get=_blank class=infotextkey>宽松，_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>get=_blank class=infotextkey>高位_blank class=infotextkey>get=_blank class=infotextkey>回落。_blank class=infotextkey>get=_blank class=infotextkey>成立_blank class=infotextkey>get=_blank class=infotextkey>国家管网_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司，_blank class=infotextkey>get=_blank class=infotextkey>取消_blank class=infotextkey>get=_blank class=infotextkey>天然气门站价，为X+1+X _blank class=infotextkey>get=_blank class=infotextkey>多气源设立_blank class=infotextkey>制度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障。煤_blank class=infotextkey>get=_blank class=infotextkey>改气_blank class=infotextkey>get=_blank class=infotextkey>高峰期已过、宏观_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>增速放缓、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年_blank class=infotextkey>get=_blank class=infotextkey>或为暖冬，_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>需求_blank class=infotextkey>get=_blank class=infotextkey>增速放缓。_blank class=infotextkey>get=_blank class=infotextkey>海外油气_blank class=infotextkey>get=_blank class=infotextkey>价格走弱，加快_blank class=infotextkey>进口_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>性价比海气。

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class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降， 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司本_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>销售达8.77 亿立方米，同比_blank class=infotextkey>get=_blank class=infotextkey>降低5._blank class=infotextkey>get=_blank class=infotextkey>09%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司16 至18 年间本_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>天然气销量快速_blank class=infotextkey>get=_blank class=infotextkey>增长，CA_blank class=infotextkey>gR 达到18.51%。19 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年受_blank class=infotextkey>get=_blank class=infotextkey>电厂用气量同比_blank class=infotextkey>get=_blank class=infotextkey>降低18.16%的_blank class=infotextkey>get=_blank class=infotextkey>影响，本_blank class=infotextkey>get=_blank class=infotextkey>地用气量同比_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降。本_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>消费_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>主要划分为_blank class=infotextkey>get=_blank class=infotextkey>居民、工业、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业、_blank class=infotextkey>get=_blank class=infotextkey>电厂，_blank class=infotextkey>get=_blank class=infotextkey>2018 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    14 至18 年_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>天然气销量CA_blank class=infotextkey>gR 达_blank class=infotextkey>get=_blank class=infotextkey>26%，支撑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司营_blank class=infotextkey>收快速_blank class=infotextkey>get=_blank class=infotextkey>增长。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳以外_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地区）_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>主要涵盖_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>城市管道_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>get=_blank class=infotextkey>业务及_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>天然气分销_blank class=infotextkey>get=_blank class=infotextkey>业务。_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司在_blank class=infotextkey>get=_blank class=infotextkey>广_blank class=infotextkey>get=_blank class=infotextkey>东、_blank class=infotextkey>get=_blank class=infotextkey>广西、江西、_blank class=infotextkey>get=_blank class=infotextkey>安徽、_blank class=infotextkey>get=_blank class=infotextkey>湖_blank class=infotextkey>get=_blank class=infotextkey>南、_blank class=infotextkey>get=_blank class=infotextkey>江苏、_blank class=infotextkey>get=_blank class=infotextkey>浙江、_blank class=infotextkey>get=_blank class=infotextkey>云_blank class=infotextkey>get=_blank class=infotextkey>南等8 省（区）拥_blank class=infotextkey>get=_blank class=infotextkey>有40 个_blank class=infotextkey>get=_blank class=infotextkey>城市（区）管道_blank class=infotextkey>get=_blank class=infotextkey>燃气特许_blank class=infotextkey>get=_blank class=infotextkey>经营权。 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地管道_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>销售量达5._blank class=infotextkey>3 亿立方米，同比_blank class=infotextkey>get=_blank class=infotextkey>增速为17.5_blank class=infotextkey>get=_blank class=infotextkey>2%；_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>用户数1_blank class=infotextkey>get=_blank class=infotextkey>27.91 _blank class=infotextkey>get=_blank class=infotextkey>万户，同比_blank class=infotextkey>get=_blank class=infotextkey>增速16.6_blank class=infotextkey>3%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司加速_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>投资，_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>get=_blank class=infotextkey>地拓展取得_blank class=infotextkey>get=_blank class=infotextkey>突破，_blank class=infotextkey>get=_blank class=infotextkey>2018 年至_blank class=infotextkey>get=_blank class=infotextkey>今_blank class=infotextkey>get=_blank class=infotextkey>新增8 个_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>项目。

    _blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>开拓用气_blank class=infotextkey>get=_blank class=infotextkey>客户，19 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>增速达40%。H1_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程及_blank class=infotextkey>材料_blank class=infotextkey>get=_blank class=infotextkey>业务达9._blank class=infotextkey>get=_blank class=infotextkey>26 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长40.19%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率为_blank class=infotextkey>36.06%。

    　　15 至18 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>用户数和_blank class=infotextkey>get=_blank class=infotextkey>燃气管道长度的CA_blank class=infotextkey>gR分别为_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.96%和_blank class=infotextkey>11.51%，_blank class=infotextkey>get=_blank class=infotextkey>带动_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>工程及_blank class=infotextkey>材料_blank class=infotextkey>get=_blank class=infotextkey>业务营_blank class=infotextkey>收快速_blank class=infotextkey>get=_blank class=infotextkey>增长。

    _blank class=infotextkey>get=_blank class=infotextkey>天然气批发_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>补充_blank class=infotextkey>get=_blank class=infotextkey>业务完善_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>业务链。 _blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>天然气批发_blank class=infotextkey>get=_blank class=infotextkey>业务营_blank class=infotextkey>收达_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长0.00_blank class=infotextkey>34%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率为_blank class=infotextkey>3.14%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>天然气批发_blank class=infotextkey>get=_blank class=infotextkey>业务16 至18 年_blank class=infotextkey>get=_blank class=infotextkey>增速很快，CA_blank class=infotextkey>gR 达到58.5%，19 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年营_blank class=infotextkey>收维持_blank class=infotextkey>原状。_blank class=infotextkey>get=_blank class=infotextkey>天然气批发_blank class=infotextkey>get=_blank class=infotextkey>业务毛_blank class=infotextkey>get=_blank class=infotextkey>利率很低，14、15 年毛利为负，18 年毛_blank class=infotextkey>get=_blank class=infotextkey>利率为5._blank class=infotextkey>get=_blank class=infotextkey>80%，是_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>高点。

    　　石油气批发和_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>业务： 年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年毛利_blank class=infotextkey>get=_blank class=infotextkey>占比7.8%，其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>业务毛利_blank class=infotextkey>get=_blank class=infotextkey>占比7.1%。1）液化石油气批发_blank class=infotextkey>get=_blank class=infotextkey>业务：毛_blank class=infotextkey>get=_blank class=infotextkey>利率相对较低，_blank class=infotextkey>get=_blank class=infotextkey>采购_blank class=infotextkey>get=_blank class=infotextkey>价格与_blank class=infotextkey>get=_blank class=infotextkey>国际油价_blank class=infotextkey>get=_blank class=infotextkey>高度相关。液化石油气批发_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>主要由_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>控股_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司华安_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司负责_blank class=infotextkey>get=_blank class=infotextkey>经营，华安_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司从_blank class=infotextkey>get=_blank class=infotextkey>国际_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>采购_blank class=infotextkey>进口液化石油气，_blank class=infotextkey>get=_blank class=infotextkey>通过槽船和槽车批发_blank class=infotextkey>get=_blank class=infotextkey>销售给_blank class=infotextkey>get=_blank class=infotextkey>客户。

    　　 _blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司液化石油气批发_blank class=infotextkey>get=_blank class=infotextkey>业务营_blank class=infotextkey>收达_blank class=infotextkey>get=_blank class=infotextkey>10.5_blank class=infotextkey>3 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降5.6%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率为0.91%。液化石油气批发_blank class=infotextkey>get=_blank class=infotextkey>业务利润_blank class=infotextkey>get=_blank class=infotextkey>空间较_blank class=infotextkey>get=_blank class=infotextkey>小，对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司利润贡献较低，18和19 _blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>业务毛利分别为0.88 _blank class=infotextkey>get=_blank class=infotextkey>亿元和0._blank class=infotextkey>get=_blank class=infotextkey>10 _blank class=infotextkey>get=_blank class=infotextkey>亿元。_blank class=infotextkey>get=_blank class=infotextkey>2）液化石油气_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>业务：

    　　油_blank class=infotextkey>get=_blank class=infotextkey>改气_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>推进，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降。瓶_blank class=infotextkey>get=_blank class=infotextkey>装石油气_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>业务由本_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>控股_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>深燃石油气_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>经营。_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来，随着_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市_blank class=infotextkey>get=_blank class=infotextkey>“油_blank class=infotextkey>get=_blank class=infotextkey>改气_blank class=infotextkey>get=_blank class=infotextkey>”的进一步_blank class=infotextkey>get=_blank class=infotextkey>推进、管道_blank class=infotextkey>get=_blank class=infotextkey>覆盖范围的逐渐扩_blank class=infotextkey>get=_blank class=infotextkey>大，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司该项_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>规模将呈现一_blank class=infotextkey>_blank class=infotextkey>定的_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降_blank class=infotextkey>get=_blank class=infotextkey>趋势，_blank class=infotextkey>get=_blank class=infotextkey>深燃石油气_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司瓶_blank class=infotextkey>get=_blank class=infotextkey>装气_blank class=infotextkey>get=_blank class=infotextkey>市场将向未_blank class=infotextkey>get=_blank class=infotextkey>开通管道_blank class=infotextkey>get=_blank class=infotextkey>燃气的_blank class=infotextkey>get=_blank class=infotextkey>区域转移。 _blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司瓶_blank class=infotextkey>get=_blank class=infotextkey>装石油气_blank class=infotextkey>get=_blank class=infotextkey>业务营_blank class=infotextkey>收达_blank class=infotextkey>get=_blank class=infotextkey>2.4_blank class=infotextkey>get=_blank class=infotextkey>2 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3._blank class=infotextkey>39%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率为_blank class=infotextkey>39.6_blank class=infotextkey>get=_blank class=infotextkey>2%。液化石油气瓶_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>业务营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>大，但毛利较_blank class=infotextkey>get=_blank class=infotextkey>高，_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>业务毛利达0.96 _blank class=infotextkey>get=_blank class=infotextkey>亿元。

    　　_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司LN_blank class=infotextkey>g 接_blank class=infotextkey>收站8 月开始试_blank class=infotextkey>get=_blank class=infotextkey>运行，_blank class=infotextkey>get=_blank class=infotextkey>预计满产后_blank class=infotextkey>get=_blank class=infotextkey>每年增厚_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司利润_blank class=infotextkey>3._blank class=infotextkey>3 _blank class=infotextkey>get=_blank class=infotextkey>亿元。1）低价LN_blank class=infotextkey>g 海气_blank class=infotextkey>get=_blank class=infotextkey>进入_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>成为_blank class=infotextkey>get=_blank class=infotextkey>趋势。 年前_blank class=infotextkey>get=_blank class=infotextkey>10 个月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国_blank class=infotextkey>get=_blank class=infotextkey>天然气表观_blank class=infotextkey>get=_blank class=infotextkey>消费量_blank class=infotextkey>get=_blank class=infotextkey>247_blank class=infotextkey>3 亿立方米，其_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国产气、_blank class=infotextkey>进口LN_blank class=infotextkey>g、_blank class=infotextkey>进口管道气分别占57%、_blank class=infotextkey>get=_blank class=infotextkey>26%、17%。

    　　_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年_blank class=infotextkey>get=_blank class=infotextkey>10 个月_blank class=infotextkey>进口LN_blank class=infotextkey>g、_blank class=infotextkey>进口管道_blank class=infotextkey>get=_blank class=infotextkey>天然气气量_blank class=infotextkey>get=_blank class=infotextkey>增速分别为14.1%、0.6%，_blank class=infotextkey>进口LN_blank class=infotextkey>g 是_blank class=infotextkey>进口气_blank class=infotextkey>get=_blank class=infotextkey>主要增量。 年_blank class=infotextkey>get=_blank class=infotextkey>10 月，LN_blank class=infotextkey>g、管道_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>进口_blank class=infotextkey>get=_blank class=infotextkey>均价分别为_blank class=infotextkey>get=_blank class=infotextkey>2.6_blank class=infotextkey>get=_blank class=infotextkey>2、_blank class=infotextkey>get=_blank class=infotextkey>2.00 元/立方米，同比_blank class=infotextkey>get=_blank class=infotextkey>增速分别为_blank class=infotextkey>11.7%、1_blank class=infotextkey>get=_blank class=infotextkey>2.7%，_blank class=infotextkey>get=_blank class=infotextkey>有绿本的抵押车能_blank class=infotextkey>get=_blank class=infotextkey>买吗，LN_blank class=infotextkey>g _blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降_blank class=infotextkey>get=_blank class=infotextkey>趋势_blank class=infotextkey>get=_blank class=infotextkey>明显。_blank class=infotextkey>get=_blank class=infotextkey>国际_blank class=infotextkey>get=_blank class=infotextkey>天然气_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>持续走低，_blank class=infotextkey>get=_blank class=infotextkey>有望拉低海气_blank class=infotextkey>进口_blank class=infotextkey>get=_blank class=infotextkey>价格。_blank class=infotextkey>get=_blank class=infotextkey>2018 年_blank 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class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>10190 _blank class=infotextkey>get=_blank class=infotextkey>万吨，接_blank class=infotextkey>收站产能储备_blank class=infotextkey>get=_blank class=infotextkey>充足。_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>沿海_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地区省门站价_blank class=infotextkey>get=_blank class=infotextkey>高于西北_blank class=infotextkey>部油气_blank class=infotextkey>get=_blank class=infotextkey>资源_blank class=infotextkey>get=_blank class=infotextkey>大省，低_blank class=infotextkey>get=_blank class=infotextkey>成本海气_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大量_blank class=infotextkey>get=_blank class=infotextkey>进入_blank 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    　　_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>预测市盈率略_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>平均值。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>2018 年静态PE、TTM PE分别为_blank class=infotextkey>get=_blank class=infotextkey>21.1、19.6 倍，而_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>中位数分别为_blank class=infotextkey>get=_blank class=infotextkey>21.1、_blank class=infotextkey>get=_blank class=infotextkey>20.1 倍。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司~_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21年动态PE 分别为19._blank class=infotextkey>3、17.1、_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.9 倍，_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>水平。

    　　_blank class=infotextkey>get=_blank class=infotextkey>投资建议：优质_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>龙_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>get=_blank class=infotextkey>企业，_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>覆盖给予_blank class=infotextkey>get=_blank class=infotextkey>推荐评级。_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司~_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21年EPS 分别为0._blank class=infotextkey>39、0.44、0.54 元，对应市盈率19、17、14 倍。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司当前市净率为1.9 倍。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>燃气_blank class=infotextkey>get=_blank class=infotextkey>用户拓展维持较快_blank class=infotextkey>get=_blank class=infotextkey>增长，气源_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>get=_blank class=infotextkey>格局_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>走向_blank class=infotextkey>get=_blank class=infotextkey>宽松。LN_blank class=infotextkey>g 接_blank class=infotextkey>收站投产并逐渐达到满产后，将增加_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司业绩_blank class=infotextkey>get=_blank class=infotextkey>弹性，增厚_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司利润。

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