Investment Rating - The report maintains a positive outlook on the electricity and natural gas sectors, highlighting investment opportunities in renewable energy and gas companies [2][3]. Core Insights - The report emphasizes the acceleration of green electricity direct connection initiatives and the need for natural gas consumption recovery [3][4]. - It notes that the National Development and Reform Commission and the National Energy Administration have issued a notification to promote the integration of renewable energy production and consumption [6][7]. - The report indicates a 2% year-on-year decline in national natural gas consumption in April 2025, with a total consumption of 34.73 billion cubic meters [34]. Summary by Sections Electricity Sector - The report discusses the promotion of green electricity direct connection, with a focus on local consumption and efficiency [3][6]. - It outlines the guidelines for renewable energy self-consumption, stating that by 2025, at least 30% of total electricity consumption should come from self-generated renewable energy, increasing to 35% by 2030 [7][8]. - The Inner Mongolia region has released a detailed plan for market-oriented pricing of renewable energy, ensuring stable returns for existing projects [8][9]. Natural Gas Sector - The report highlights a 2% decline in natural gas consumption in April 2025, attributing this to warm winter temperatures and high upstream pipeline prices [34]. - It notes that the LNG export capacity from the US and the Middle East is expected to increase, which may enhance the economic viability of imported gas [34]. - Recommendations include focusing on integrated gas trading companies and city gas firms, with specific companies highlighted for investment [35]. Market Dynamics - The report reviews the performance of various sectors, indicating that the electricity, public utilities, and environmental sectors outperformed the market [37]. - It provides insights into the pricing trends of natural gas in North America and Europe, noting a general decline in prices [13][22]. - The report also discusses the ongoing infrastructure improvements in natural gas pipelines and the push for renewable energy projects across various provinces [42][51].

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 05 月 25 日 4 月发用电同比稳增 欧亚气价小幅 反弹 看好 ——申万公用环保周报(25/05/19~25/05/23) 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 相关研究 - ⚫ 电力：国家统计局披露 4 月规上工业电力生产数据。根据国家统计局数据，4 月单月规上工业发电 量 7111 亿千瓦时，同比增长 0.9%。总体而言，相较 ...

加强上下游资源一体化统筹能力、强化客户服务及综合能源服务能力建设、利用人工智能新技术提升公司运营效率，是企业家们对未来发展的共识。 "城市燃气企业过去的发展得益于国家政策带来的福利，但由于当前企业发展模式变化、安全成本投入增加、国际形势复杂化等，行业正经历深层次调整和 转变，企业发展也面临很多新考验。" 在5月20至23日举办的第29届世界燃气大会（WGC2025）上，新奥股份（600803.SH）总裁兼新奥能源（02688.HK）CEO张宇迎如是表示，他还与申能集团 副总裁兼上海燃气董事长史平洋、深圳燃气（601139.SH）董事长王文杰、昆仑能源（00135.HK）执行董事及行政总裁钱治家等人，就行业在新环境下的挑 战、应对策略等展开交流。 F GZ0Zつ日W Party Coo c 发 Beyrg Co Report Co Trai 0 225 以2004年"西气东输"全线贯通为发端，中国城燃行业经历了跑马圈地的黄金十年，到"十三五"末市场渐趋饱和，形成以五大城燃、省燃气企业为龙头，众多 中小企业分散的格局。 此外，电气化快速替代，燃气市场增长乏力也是企业家们普遍担心的问题。王文杰介绍，公司在深圳市内4 ...

昆仑能源 20250522 摘要 昆仑能源作为中石油控股的天然气终端公司，拥有稳定低成本气源的核 心优势，受益于国内天然气需求增长，聚焦主业，巩固西部市场，积极 拓展工商业客户，有效修复毛差，LNG 业务提供利润和现金流，分红预 期提升估值。 公司营收稳步增长，2014-2024 年均增长 17.3%。2024 年营收 1,870 亿元，同比增长 5.5%；息税前利润 125 亿元，同比下降 1.6%；归母净利润 60 亿元，同比增长 4.9%。经营现金流充沛，2024 年经营现金流 126 亿元，自由现金流 70 亿元。资本开支集中于天然气 终端零售业务。 天然气销售是主要业务，2016-2024 年营收平均增长 13.7%，税前利 润平均增长 15.7%。受暖冬影响销量放缓，但税前利润保持稳定。工业 用户占比高，2018-2024 年工业用气销售量平均增速达 24.35%，受 益于工业向西部转移。 昆仑能源在中西部地区城燃项目布局较多，占比 28%，与中石油终端范 围相近，利于协同。2018-2024 年工业用户数量增速 22.54%，购气 成本低于同行，2022 年气价波动时成本控制优势明显。 Q&A ...

Investment Rating - The report assigns an "Accumulate" rating to the company, Kunlun Energy (0135.HK) [6]. Core Views - Kunlun Energy, as a subsidiary of China National Petroleum Corporation, is positioned to benefit from the high-quality development of its natural gas terminal business, with a projected net profit of 6 billion yuan in 2024, representing a year-on-year growth of 4.9% [1][4]. - The company aims to increase its dividend payout ratio to 45% by 2024, reflecting a commitment to returning value to shareholders [1][46]. - The natural gas sales business is expected to maintain strong growth, with a compound annual growth rate (CAGR) of 13.7% in revenue from 2016 to 2024, supported by a stable supply of high-quality gas from its parent company [2][53]. Summary by Sections 1. Company Overview - Kunlun Energy is the largest natural gas terminal utilization enterprise in China, focusing on natural gas sales and comprehensive utilization, with operations covering 28 provinces and municipalities by the end of 2024 [17][26]. - The company achieved a natural gas sales volume of 54.2 billion cubic meters in 2024, marking a year-on-year increase of 9.9% [17][26]. 2. Business Development - The natural gas sales business is expanding, with a significant focus on industrial gas sales, which is projected to grow at a CAGR of 24.35% from 2018 to 2024 [2][58]. - The company has established two LNG receiving stations with a total unloading capacity of 13 million tons per year, contributing a pre-tax profit of 3.577 billion yuan in 2024, with a profit margin of 75% [3][72]. 3. Financial Projections and Valuation - The company forecasts net profits of 6.649 billion yuan, 7.124 billion yuan, and 7.598 billion yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.77 yuan, 0.82 yuan, and 0.88 yuan [4][5]. - The report highlights a stable financial structure with a projected revenue of 187.046 billion yuan in 2024, reflecting a growth rate of 5.46% [5][28]. 4. Market Position and Competitive Advantage - Kunlun Energy benefits from a strong resource supply from its parent company, which allows it to maintain a competitive edge in purchasing costs compared to other gas companies [2][64]. - The company is gradually transitioning from upstream oil exploration to focus on natural gas terminal utilization, reducing its cyclical exposure [3][89].

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 05 月 12 日 山东出台首个新能源入市细则 LNG 进 口中枢有望下移 看好 ——申万公用环保周报(25/05/06~25/05/09) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：山东出台首个地方 136 号文细则（征求意见稿）。5 月 8 日，山东省发改委印发《山东省新 能源上网电价市场化改革实施方案（征求意见稿）》及配套《新能源机制电价竞价实施细则》。在 《方案》中明确提出，存量项目全电量参与市场化后，统 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 187,046 million, an increase of 5.8% compared to RMB 177,354 million in 2023[24] - Profit attributable to shareholders for the year was RMB 5,960 million, up from RMB 5,682 million in 2023, reflecting a growth of 4.9%[24] - Core profit before income tax expense was RMB 13,259 million, compared to RMB 13,101 million in 2023, indicating a year-on-year increase of 1.2%[24] - EBITDA for the year was RMB 17,640 million, slightly down from RMB 17,675 million in 2023[24] - The company reported a profit before income tax expense of RMB 12,635 million, a marginal increase from RMB 12,593 million in the previous year[24] - Net profit margin for 2024 is 5.08%, a decrease of 0.14% from 2023[28] - Return on total assets (ROA) improved to 6.63% in 2024, up from 6.55% in 2023[28] - Earnings per share (Basic) increased to 68.83 RMB cents in 2024, compared to 65.62 RMB cents in 2023[28] - Other net gains for the year were approximately RMB 1,520 million, up from RMB 903 million in 2023, primarily due to integration of gas stations and reduced exchange losses[98] Sales and Operations - Total natural gas sales volume was 54,170 million cubic meters, contributing to revenue of RMB 152,090 million from the natural gas sales business[6] - The company added 849,900 new users, bringing the cumulative total to 16,453,800 users across the country[6] - Sales volume of city gas reached 421 million cubic meters in 2024, an increase of 8.8% from 387 million cubic meters in 2023[33] - Total sales volume of natural gas reached 542 million cubic meters in 2024, a 9.9% increase from 493 million cubic meters in 2023[33] - The total number of city gas users exceeded 16.45 million, with retail volume increasing by 8.1% year-on-year and sales totaling 54.17 billion cubic meters[55] - Retail gas volumes in the northwestern and southwestern regions increased by 12% and 19.2%, respectively[59] - The total refueling volume for LNG ship refueling-at-sea business was 110,000 tonnes for the year, representing a year-on-year increase of 470%[59] Assets and Liabilities - Non-current assets totaled RMB 86,153 million, while current assets were RMB 57,237 million as of December 31, 2024[24] - The company’s net assets increased to RMB 88,835 million, up from RMB 85,783 million in 2023[24] - Total assets as of December 31, 2024, were approximately RMB 143,390 million, a decrease of RMB 129 million or 0.1% from RMB 143,519 million as of December 31, 2023[115] - The Group had total borrowings of RMB 23,462 million as of December 31, 2024, with significant repayments due within one year increasing to RMB 9,133 million from RMB 5,464 million last year[123] Cost Management - Average finance cost decreased to 2.90% in 2024 from 3.33% in 2023, reflecting improved financing conditions[28] - Employee compensation costs for the year were approximately RMB 5,830 million, a decrease of 2.4% from RMB 5,970 million last year, with employee compensation accounting for 3.12% of operating revenue[102] - Depreciation, depletion, and amortization for the year were approximately RMB 5,160 million, representing an increase of 3.4% compared to RMB 4,992 million last year[103] - Other selling, general, and administrative expenses for the year were approximately RMB 3,491 million, a decrease of 4.5% from RMB 3,656 million last year, due to strict cost control measures[104] - Interest expenses for the year were approximately RMB 803 million, representing a decrease of 16.4% compared to RMB 960 million last year, attributed to a reduction in average financing costs to 2.9% from 3.3%[111] Strategic Initiatives - In 2025, the company aims to enhance marketing strategies and focus on green and low-carbon development to seize opportunities presented by the central government[76] - The company plans to increase the proportion of retail gas volume to 73% or above and aims to put 10 new projects into production[81] - The company will accelerate the transformation of the "Natural Gas+" intelligent integrated energy service model, focusing on low-carbon and zero-carbon initiatives[82] - The company aims to achieve a target of over 15% for low-carbon and zero-carbon stations in its operations[84] - The company continues to focus on five major strategies: innovation, green, market, capital, and low cost, to enhance operational efficiency and market competitiveness[86] Governance and Management - The Company has complied with all code provisions in Part 2 of the Corporate Governance Code during the year, except for the absence of certain independent non-executive directors at meetings[159] - The Board is collectively responsible for promoting the success of the Company by directing and supervising its affairs[165] - The day-to-day management and operation of the Company are delegated to the Chief Executive Officer and senior management, with periodic reviews of delegated functions[168] - The Company has established clear directions regarding the powers of management and the circumstances under which management must report back to the Board[174] - The Board has a necessary balance of skills and experience appropriate to the business requirements, ensuring effective independent judgment[176] Workforce and Diversity - The Group employed 24,809 employees globally as of December 31, 2024, a decrease from 27,138 employees in the previous year[132] - As of December 31, 2024, the total number of employees was 24,809, with male employees constituting 68.3% and female employees 31.7%[198] - The Board consists of six male Directors and one female Director, indicating a gender diversity ratio of approximately 14.3% female representation[189] - The Company has adopted a Board Diversity Policy to ensure a balanced representation of skills, experience, and gender among Board members[190] - The Company maintains a commitment to gender diversity in its workforce, opposing any form of discrimination[200]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...

Core Viewpoint - The company is expected to continue optimizing its product structure in 2024, with significant results from its new energy sector and an increase in revenue contribution from safety protection composite materials, highlighting economies of scale [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.057 billion yuan, a year-on-year increase of 14.04%, and a net profit attributable to shareholders of 217 million yuan, up 31.18% year-on-year [2][3]. - For Q1 2025, the company reported a revenue of 259 million yuan, an 18.00% increase year-on-year, while the net profit attributable to shareholders was 52 million yuan, a 22.69% increase year-on-year [2][3]. Profit Growth Drivers - The main reasons for the net profit growth in 2024 include: 1. Continuous optimization of product structure, leading to increased sales of high-value-added and innovative products, which improved overall sales prices and gross margins [3]. 2. Successful results from the new energy sector, with an increased revenue share from safety protection composite materials, showcasing economies of scale [3]. 3. High conversion rate of R&D investments, forming a diversified business matrix that enhances synergy and increases market share of core products [3]. 4. Significant cost reduction and efficiency improvement through supply chain management and lower procurement prices for key materials [3]. 5. Improved financial structure with reduced financial expenses and increased returns from cash management [3]. Product Performance - In 2024, revenue from high-temperature mica insulation materials was 727 million yuan, a year-on-year increase of 4.65%, with a gross margin of 38.17% [3]. - Revenue from new energy safety protection composite materials reached 220 million yuan, a substantial year-on-year increase of 81.41%, although the gross margin decreased to 33.38% [3]. - Revenue from fiberglass cloth was 106 million yuan, a slight year-on-year increase of 0.87%, with a gross margin of 23.43% [3].

Investment Rating - The report assigns a "Buy" rating to the company, Kunlun Energy (135 HK), with a target price of HKD 9.02, indicating a potential upside of 15.1% from the current price of HKD 7.84 [1][14]. Core Insights - The company has set an ambitious retail gas growth target of 8% for 2025, supported by the addition of 8 city gas projects and an increase in commercial users [2][7]. - The financial outlook shows a slight decrease in core profit expectations for 2024, primarily due to lower-than-expected earnings from the LNG/upstream segment [7]. - The company maintains a healthy financial position with over RMB 20 billion in net cash by the end of 2024, and plans to increase the dividend payout ratio to 45% in 2025 [7][10]. Financial Overview - Revenue is projected to grow from RMB 177,354 million in 2023 to RMB 200,497 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.2% [3][15]. - Net profit is expected to increase from RMB 5,682 million in 2023 to RMB 6,948 million in 2025, with a corresponding EPS growth from RMB 0.71 to RMB 0.80 [3][15]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 10.3 in 2023 to 9.1 in 2025, indicating potential valuation upside [3][15]. Segment Performance - The natural gas sales segment is expected to generate revenue of RMB 152,090 million in 2024, with a slight decline in tax profit forecasted for this segment [9][11]. - The LNG processing and storage segment is projected to see a modest increase in revenue, while the exploration and production segment is expected to decline significantly [9][11]. - Overall, the company anticipates a tax profit growth of 16.4% in 2025, driven by improved performance in the natural gas and LNG segments [11][15]. Operational Metrics - The company’s gas sales volume is expected to rise from 30.3 billion cubic meters in 2023 to 35.5 billion cubic meters in 2025, reflecting an annual growth rate of 8.3% [10]. - The LNG plant processing volume is projected to increase from 2.83 billion cubic meters in 2023 to 3.80 billion cubic meters in 2025, with a utilization rate of 68.5% [10]. - The gross margin for gas sales is expected to stabilize at RMB 0.47 per cubic meter through 2025, despite potential discounts for commercial users [7][10].