Investment Rating - The report assigns an "Accumulate" rating to Sinopec Kantons Holdings Limited (0934.HK) with a target price of HKD 5.33 [3][10]. Core Insights - Sinopec Kantons has shifted focus back to its core business of crude oil terminals and LNG logistics, benefiting from the growth in domestic oil and gas import demand [3][12]. - The company has a strong financial position with healthy cash flow, allowing for consistent shareholder returns and ongoing investments in new projects [3][20]. - The company has divested its natural gas pipeline business to concentrate on crude oil terminals and LNG transportation, enhancing its operational efficiency [3][12][13]. Summary by Sections 1. Profit Forecast and Valuation - The projected EPS for 2024-2026 is HKD 0.54, 0.56, and 0.59, with growth rates of +3%, +4%, and +6% respectively [7]. - The company is expected to benefit from the increasing demand for oil and gas imports, with a total crude oil handling capacity of 290.9 million tons per year [3][28]. 2. Business Focus and Financial Health - Sinopec Kantons has divested its natural gas pipeline business in 2020, focusing on crude oil terminals and LNG logistics [12][13]. - The company has a low debt ratio of approximately 3.2%, with cash and deposits totaling HKD 58.25 billion, representing 36.3% of total assets [19][20]. - The dividend per share has increased from HKD 0.04 in 2007 to HKD 0.25 in 2023, with a dividend payout ratio of 48% in 2023 [20][21]. 3. Growth in Oil and Gas Imports - China's oil and gas import demand has been growing rapidly, with crude oil imports reaching 56.43 million tons in 2023, a 135.8% increase since 2010 [24][25]. - Sinopec has signed multiple large LNG purchase agreements, enhancing its position in the LNG market [25][27]. 4. Terminal Advantages and Project Contributions - The company operates seven domestic storage terminal companies, holding over half of the national VLCC crude oil berths, with a total of 38 berths [3][28]. - The Ma Wan Chau terminal upgrade project is expected to enhance business volume and profitability [35]. - The company has eight LNG vessels and is involved in several LNG transportation projects, ensuring stable revenue contributions [36].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of approximately HKD 610 million, a year-on-year decrease of about 1.01%[10]. - The company recorded a profit of approximately HKD 1.298 billion, representing a year-on-year increase of about 222.47%, equating to earnings of HKD 0.5223 per share for equity holders[10]. - The company reported a total revenue of approximately HKD 609.87 million for the year ending December 31, 2023, a decrease of about 1.01% compared to HKD 616.06 million in 2022[16]. - Gross profit was approximately HKD 258.32 million, down about 10.23% from HKD 287.76 million in the previous year, primarily due to increased depreciation costs related to the replacement of the subsea pipeline[16]. - The operating profit was approximately HKD 186.92 million, a significant improvement from an operating loss of HKD 179.19 million in 2022, attributed to the cessation of the Batam project[16]. - The company's profit attributable to equity holders for the year ended December 31, 2023, was approximately HKD 1,298,612,000, compared to HKD 434,907,000 in 2022, representing a significant increase[34]. - The net profit for the year was HKD 1,298,486,000, significantly up from HKD 402,666,000 in the previous year, marking an increase of 222.5%[149]. - Basic and diluted earnings per share rose to HKD 52.23 in 2023 from HKD 17.49 in 2022, an increase of 198.4%[148]. Business Operations - The significant increase in profit was primarily due to favorable operating conditions in the tank leasing market, particularly from the company's subsidiaries in Fujairah and Vesta Terminal B.V.[10]. - The company successfully expanded its core business in naphtha unloading and ship leasing and transportation, promoting sustainable development[10]. - The company faced challenges from a weak global economic recovery and geopolitical tensions, impacting international oil prices and operational pressures[10]. - The company has strengthened its refined management practices to reduce costs and improve efficiency[10]. - The company has made efforts to explore development opportunities despite the challenging environment[10]. - The company aims to maintain a safe and stable production operation amidst significant uncertainties in the market[10]. Investments and Acquisitions - The company announced further investment in China Energy Transportation Investment Co., Ltd. for the design, construction, procurement, and operation of three LNG vessels[12]. - The company’s subsidiary Vesta signed an agreement to sell all shares of Vesta Terminal Tallinn for a base consideration of EUR 4.25 million due to ongoing operational challenges[12]. - The group plans to invest approximately USD 95,305,000 in Guande International Investment and USD 99,195,000 in Shanghai COSCO LNG for the construction and operation of three LNG vessels[28]. - A strategic acquisition was announced, with the company acquiring a competitor for 2 billion RMB, expected to enhance its market position and operational capabilities[69]. Financial Position - The group's cash and cash equivalents, along with time deposits with maturities over three months, totaled approximately HKD 5,825,350,000 as of December 31, 2023, an increase of about 6.11% from HKD 5,490,097,000 at the end of 2022[24]. - The group's lease liabilities as of December 31, 2023, amounted to approximately HKD 44,089,000, representing a year-on-year increase of about 25.90% from HKD 35,020,000 in 2022[25]. - The group's accounts receivable and other receivables as of December 31, 2023, were approximately HKD 922,118,000, a year-on-year increase of about 56.12% from HKD 590,647,000 in 2022[23]. - The group's total assets increased to HKD 16,027,223,000 as of December 31, 2023, compared to HKD 15,359,867,000 at the end of 2022, a growth of 4.4%[150]. - The company's equity attributable to shareholders rose to HKD 15,514,788,000 in 2023 from HKD 14,864,462,000 in 2022, an increase of 4.4%[150]. Cash Flow and Dividends - The net cash inflow from operating activities for the year ended December 31, 2023, was approximately HKD 618,128,000, a significant increase of HKD 463,829,000 compared to HKD 154,299,000 in 2022[28]. - The company plans to distribute a final cash dividend of HKD 0.15 per share for 2023, representing a 25% increase compared to the previous year[1]. - The company paid dividends to shareholders amounting to HKD 546,955,000, an increase from HKD 497,232,000 in the previous year[153]. Risk Management and Compliance - The company has adopted risk management and internal control policies to ensure compliance with relevant laws and regulations as of December 31, 2023[32]. - The company has established a whistleblowing policy to maintain high standards of integrity and ethical business conduct, providing channels for reporting misconduct[105]. - The company has implemented strict health, safety, security, and environmental (HSSE) management systems to address the high-risk nature of the oil and petrochemical storage logistics industry[103]. - The company has established a comprehensive risk management framework, with the audit committee overseeing its effectiveness at least annually[96]. Corporate Governance - The company has established an audit committee composed of four independent non-executive directors to oversee risk management and internal control systems[54]. - The board consists of 7 executive directors and 4 independent non-executive directors, with an average tenure of 7.8 years[78]. - The company has a diversity policy for its board, currently comprising 11 members, with 2 female directors, representing approximately 18%[111]. - The company emphasizes clear and transparent communication with shareholders and investors to facilitate understanding of its performance and market environment[123]. Market Outlook - The company expects to face challenges in 2024 due to a weak global economy and geopolitical risks, while aiming to expand core business and explore transformation opportunities[13]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion strategies[70]. - The company is focusing on integrating safety and operational strategies to improve overall performance and risk management[73].

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 3.72港元 中石化冠德（0934.HK） 交通运输 目标价： ——港元 原油码头服务绝对龙头，业绩大幅改善 投资要点 西南证券研究发展中心 [T ab事le件_S：um中m石a化ry冠] 德公布 2023年年报。2023年实现营收 6.1亿港元，同比下降 [分Ta析bl师e_：Au胡th光or怿] 1.01%，实现归母净利润12.99亿港元，同比增长198.6%。 执业证号：S1250522070002 电话：021-58351859  洗净铅华轻装上阵，核心业务有望持续成长。2023 年公司毛利同比减少约 邮箱：hgyyf@swsc.com.cn 10.23%，主要是由于 2023年，华德石化置换了新海底管线，折旧费用同比增 加所致。同时公司实现扭亏为盈，主要是由于2022年公司不再继续进行巴淡项 [相Tab对le指_Q数u表ot现eP ic] 目，需要对PT. West Point非流动资产作减值拨备。 中石化冠德 恒生指数 54%  全年每股现金股息 25港仙，与投资者共享 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SINOPEC KANTONS HOLDINGS LIMITED （中石化冠德控股有限公司）* （於百慕達註冊成立之有限公司） （股份代號：934） 截至二零二三年十二月三十一日止年度之業績公告 中石化冠德控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（合稱 「本集團」）截至二零二三年十二月三十一日止年度（「本年度」）或（「報告期」）之綜合業績，連同上一財 政年度之比較數字。本公告之財務資料（連同二零二二年同期比較數字）乃摘錄自已經畢馬威會計師 事務所審核及本公司審核委員會（「審核委員會」）審閱的二零二三年合併財務報表附註。 附註： 本公告的可資比較財務報表已重列，以反映應用香港會計準則第12號的修訂所得稅：與單一交易產生的資產和負 債有關的遞延稅項的影響。詳情請參閱本公告中標題為「財務報表附註—附註2.1 (a)本集團採納的新訂及經修訂準 則」一節。 1 合併收益 ...

股份代號：0934.HK （於百慕達註冊成立之有限公司） 8 2023 中 報 致力發展成為 一流的 國際石化倉儲物流公司 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|------------------|------------------------|-------|-------|-------|-------|--------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | | | | | | | | | | | | | | | | | | | 2 | 公司資料 | | | | 20 | | 合併權益變動表 | | | | | 4 | 管理層討論及分析 | | | | 22 | | 簡明合併現金流量表 | | | | | | | | | | | | | | | | | 14 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SINOPEC KANTONS HOLDINGS LIMITED （中石化冠德控股有限公司）* （於百慕達註冊成立之有限公司） （股份代號：934） 中期業績公告 中石化冠德控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣布本公司及其附屬公司（合稱 「本集團」）截至二零二三年六月三十日止六個月（「報告期」）的未經審核中期業績。本公告之財務數據 （連同二零二二年同期比較數字）均摘自已經過畢馬威會計師事務所及本公司審核委員會（「審核委員 會」）審閱的二零二三年未經審核簡明合併中期財務報告。 * 僅供識別 1 合併損益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | --- | |------------------------------------|-------|-------------------------------------|----------- ...

中国石化 SINOPEC 中石化冠德控股有限公司 SINOPEC KANTONS HOLDINGS LIMITED (**********) 股份代號： 0934.HK | --- | --- | --- | --- | |-------|------------------|------------|-------| | | | | | | | | | | | | at 2000 11 · 0 0 | House | | | | | | | | | | 202 年 報 | | 致力發展 ii Sinopec Kantons Holdings Limited Annual Report 2022 成為一流的 國際石化倉儲物流公司 AD 設計概念 年報封面設計優美渾圓的金色弧形蜿蜒遊動，不斷延伸，象徵著中石化 冠德業務發展的各種可能；金色的陸地，藍色的海洋見證著公司的發展； 巨輪行駛在這一片蘊藏著無盡生機與能量的海洋上，寓意中石化冠德將 朝向更加廣闊的未來，乘風破浪，奮勇前行。 2022 Sinopec Kantons Holdings Limited Annual Report 2022 1 目錄 2 公司一 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SINOPEC KANTONS HOLDINGS LIMITED （中石化冠德控股有限公司）* （於百慕達註冊成立之有限公司） （股份代號：934） 截至二零二二年十二月三十一日止年度之業績公告 中石化冠德控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（合稱 「本集團」）截至二零二二年十二月三十一日止年度（「本年度」）或（「報告期」）之綜合業績，連同上一財 政年度之比較數字。本公告之財務資料（連同二零二一年同期比較數字）乃摘錄自已經畢馬威會計師 事務所審核及本公司審核委員會（「審核委員會」）審閱的二零二二年合併財務報表。 1 合併收益表 截至二零二二年十二月三十一日止年度 | --- | --- | --- | --- | |----------------------------------------|-------|------------|--------- ...

中報 2022 INTERIM REPORT 2022 SINOPEC KANTONS HOLDINGS LIMITED 中石化冠德控股有限公司 INTERIM REPORT 中報 2022 （於百慕達註冊成立之有限公司） 股份代號：934 Stock Code: 934 致力發展成為 一流的 國際石化倉儲物流公司 00 Sinopec Inside Front(c).indd 2 2/9/2022 10:24 AM 目錄 | | | 將成為 全球首位 國際倉儲和 物流公司 4 管理層討論及分析 14 中期財務資料的審閱報告 16 合併損益表 17 合併全面收益表 18 合併財務狀況表 20 合併權益變動表 22 簡明合併現金流量表 23 未經審核中期財務資料附註 48 中期股息 49 其他資料 公司資料 執行董事 陳堯煥先生（主席） 鍾富良先生 莫正林先生 楊延飛先生 鄒文智先生 任家軍先生 桑菁華先生（總經理） 獨立非執行董事 譚惠珠女士 方 中先生 黃友嘉博士 王沛詩女士 審核委員會成員 方 中先生（主席） 譚惠珠女士 黃友嘉博士 王沛詩女士 薪酬委員會成員 譚惠珠女士（主席） 陳堯煥先生 方 中先生 ...