20150623-高华证券-北京控股（0392）：MIXED_YTD_OPERATING_PERFORMANCE；DOLLAR_MARGIN_LIKELY_MAINTAINED-935665

We note mixed ytd operating performance for BJE：（1）Downstream gas sales volume increased 28.5% yoy for 5M15，mainly driven by the ramp up of recently-launched gas power plants（mainly Jingxi，Gaojing and Gaoantun）. Looking ahead，Gaohua and Hauneng gas power plants will commence operation in 2H15 and 2016，and management targets 13bn m3 gas sales in 2015，implying 30.5% yoy growth.（2）On the other hand，Shaanxi-Beijing pipeline’s gas sales volume posted 5-6% yoy growth for 5M15，mainly due to the slowdown in overall gas demand.While the municipal government revised down the transmission tariff for local gas pipeline by 10%，it does not affect the tariff scheme of Shaanxi-Beijing pipeline.