Core Viewpoint - The successful issuance of the "Zero Carbon Smart Phase II Green Asset-Backed Special Plan (Carbon Neutral)" by Towngas Smart Energy reflects strong market recognition of the company's asset quality and comprehensive energy management capabilities, with a subscription multiple of 2.4 times [3]. Group 1: Financial Details - The issuance scale of the green asset-backed plan is 470 million RMB, with a priority interest rate of 2.2%, marking the second issuance within a 5 billion RMB shelf program [3]. - The renewable energy business segment is expected to see a significant increase in after-tax operating profit, projected to grow by 514% to 479 million HKD in 2024 [3]. Group 2: Business Strategy and Development - The company aims to become a leading green smart energy enterprise by creating a three-dimensional system of "investment + service + platform," which includes investments in distributed solar, energy storage, and value-added services such as smart microgrids and carbon trading [4]. - The funds raised will be directed towards renewable energy projects, specifically in high-quality solar and energy storage initiatives, contributing to the energy transition and carbon neutrality goals [4]. Group 3: Market Position and Future Outlook - As of the end of 2024, the company's photovoltaic grid-connected capacity reached 2.3 GW, positioning it as a leader in the distributed solar industry [3]. - The company has signed over 400 MWh of energy storage contracts in 2024, with expectations for new contracts in 2025 to exceed those of 2024, indicating a strong growth trajectory in the energy storage sector [3].

港华智慧能源公告，于2025年6月3日，公司与第二期资产支持专项计划订立协议，向其出售公司在中国 从事屋顶光伏发电项目的若干全资附属公司的全部股权及其所欠贷款，总代价约为人民币4.7亿元。同 时，公司同意按面值认购第二期资产支持专项计划下发行的部分权益级资产支持证券，本金额为人民币 2400万元，相当于资产支持证券本金总额约5.1%。此次出售旨在提升公司流动性，所得款项净额将用 于投资屋顶光伏发电及储能电站项目、偿还银行借款及作为一般营运资金。 ...

Financial Performance - The company reported a revenue of HKD 21,314 million for 2024, representing an increase from HKD 19,842 million in 2023, marking a growth of approximately 7.4%[36] - The company achieved a net profit attributable to shareholders of HKD 1,606 million in 2024, slightly down from HKD 1,575 million in 2023, indicating a decrease of around 1.5%[36] - The group’s overall revenue increased by 7.4% to HKD 21.314 billion, while core business profit rose by 34.5% to HKD 1.601 billion (up 37.2% in RMB) [42] - The group’s revenue for 2024 was 19.626 billion RMB, up 9.6%, while revenue in HKD increased by 7.4% to 21.314 billion HKD[139] - Total operating expenses for 2024 amounted to 19.420 billion HKD, reflecting a year-on-year increase of 6.8%[141] - The net profit attributable to shareholders for 2024 rose by 2.0% to 1.606 billion HKD, while core business profit surged by 34.5% to 1.601 billion HKD (up 37.2% in RMB) before non-operating gains and losses[147] User and Project Growth - The number of users across all enterprises reached 1,606, an increase from 1,575 in 2023, reflecting a growth of about 2%[34] - The company has secured a total of 749 projects across 27 provincial regions in mainland China, up from 536 projects at the end of 2023, representing an increase of approximately 39.7%[32] - The total number of urban gas projects reached 191, with 4 new projects added during the year, covering 19 provincial regions, and the total customer base reached 17.64 million, with 870,000 new customers added[72] - In 2024, the group's overall gas sales volume increased by 5% to 17.201 billion cubic meters, with a total customer base reaching 17.64 million, adding 870,000 new customers during the year[138] Renewable Energy Initiatives - The company aims to enhance its renewable energy business, which accounted for 20% of gas consumption in 2024, up from 19% in 2023[35] - The renewable energy business achieved a net profit of HKD 479 million in the year, representing a fivefold increase year-on-year, with over 1,000 renewable energy projects constructed across 24 provinces[95] - The renewable energy business is expected to enter a growth phase in 2024, aligning with the national target of exceeding 1.5 billion tons of standard coal in renewable energy consumption by 2030[94] - The group is actively exploring the application of hydrogen blending in natural gas, with a goal to cover 100,000 household customers in the "Hydrogen into Ten Thousand Homes" project in Weifang, Shandong[90] - The group aims to develop biomass natural gas projects and explore hydrogen blending opportunities in natural gas pipelines by 2025[47] Financial Management and Investments - The group maintains a prudent financial management policy, ensuring adequate cash and credit levels to support operations and business development[148] - The financing cost for 2024 decreased by 5.4% to 729 million HKD, attributed to strict capital expenditure control and successful low-interest loans[146] - The group has issued medium-term notes totaling RMB 1.8 billion with an average interest rate of 4.2% and an average term of 4.4 years as of December 31, 2024[151] - The group raised a total of RMB 1.5 billion through the issuance of 1-year and 3-year panda bonds in June 2023, with an average interest rate of 3.27%[151] - The group successfully established and issued a green asset-backed securities program with an initial issuance scale of RMB 515 million, part of a total shelf of RMB 5 billion[169] Sustainability and ESG Efforts - The company has been recognized as one of the "Best 1%" Chinese enterprises in gas utilities by S&P Global CSA, highlighting its commitment to sustainability[11] - The group has received multiple awards for its ESG disclosures and sustainable practices, reinforcing its reputation in the industry[19] - The group has reduced greenhouse gas emissions by approximately 26% compared to 2023, demonstrating its commitment to sustainability[110] - The group has engaged over 5,000 participants in a biodiversity and new energy summit, highlighting the global focus on renewable energy and biodiversity issues[119] - The group has received recognition for its ESG efforts, maintaining a strong position in the S&P Global ESG ratings[46] Strategic Initiatives and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[36] - The group plans to enhance its resource pool and strengthen international trade business, including the import of liquefied natural gas[48] - The group will continue to expand energy storage projects and actively promote Energy as a Service (EaaS) business development[48] - The group is focusing on the "Gas+" business model, targeting public institutions, industrial, and construction sectors to provide comprehensive energy services[47] - The group has initiated a strategic cooperation with national pipeline networks and major oil companies to ensure diverse and sufficient gas supply[45] Board and Management - Dr. Zheng Mu Zhi has been an independent non-executive director since May 2007 and is currently the chairman of the remuneration committee and a member of the audit and risk committee[55] - Mr. Li Min Bin has served as an independent non-executive director since May 2007 and is the co-CEO of East Asia Bank, overseeing overall operations and management[57] - Dr. Lu Gong Hui has been an independent non-executive director since April 2022 and is a member of multiple committees including audit and risk, nomination, and remuneration[59] - Mr. Liao Ji Li has been a non-executive director since November 2021, with over 20 years of experience in private equity investments across various sectors in Greater China[62] - Mr. Huang Wei Yi has been the executive director and CEO since March 2007, recognized as one of Forbes' "Best CEOs of Chinese Listed Companies" in 2012 and 2013[64]

3月14日，作为能源革命的践行者与引领者，港华智慧能源（01083）交出了一份年度高质量答卷，在营收规模、核心利 润增长等直观数据上均有不俗的表现。 智通财经APP观测到，从盘面来看，在财报发布下一交易日(3月17日)，港华智慧能源盘中一度涨超9%，后虽有所回 落，但全日涨幅仍达7.93%。若拉长时间来看，三月份以来，公司股价累计涨幅已达到近15%，股价的升势已充分反映 资本市场对这份财报的肯定。 与此同时，公司良好的业绩增长和值得期待的发展前景也受到了包括中金、花旗、华泰证券等境内外券商的看好，纷纷 于绩后出具分析报告，展现了各大券商分析师对于公司价值的认可。 | 券商/国际投行 | 投资评级 | 目标价(港元/股) | | | --- | --- | --- | --- | | 中金 | 跑赢行业 | | 3.8 | | 华泰证券 | 买入 | | 4 | | 建银国际 | 跑赢行业 | | 4.1 | | 花旗 | 买人 | | 3.85 | | 中银国际 | 买人 | | 4.99 | | 汇丰 | 维持买入 | | 3.8 | | 大和 | 跑赢行业 | | 3.45 | | 兴业证券 | 维持增持 ...

上 市 公 司 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 19,842 | 21,314 | 21,861 | 22,739 | 23,499 | | 同比增长率（%） | -1.2 | 7.4 | 2.6 | 4.0 | 3.3 | | 归母净利润（百万港元） | 1,575 | 1,606 | 1,809 | 1,928 | 2,029 | | 同比增长率（%） | 63.2 | 2.0 | 12.7 | 6.5 | 5.3 | | 每股收益（港元/股） | 0.48 | 0.47 | 0.52 | 0.55 | 0.58 | | 净资产收益率（%） | 6.89 | 6.85 | 6.86 | 6.98 | 7.01 | | 市盈率 | . | . | . | . | . | | 市净率 | 0.5 | 0.5 | 0.5 ...

上 市 公 司 公 司 点 评 / 公 司 点 公用事业 2025 年 03 月 17 日 港华智慧能源 (01083) ——核心利润大幅增长 光伏添成长动力 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 资料来源：Bloomberg 证券分析师 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 19,842 | 21,314 | 21,861 | 22,739 | 23,499 | | 同比增长率（%） | -1.2 | 7.4 | 2.6 | 4.0 | 3.3 | | 归母净利润（百万港元） | 1,575 | 1,606 | 1,809 | 1,928 | 2,029 | | 同比增长率（%） | 63.2 | 2.0 | 12.7 | 6.5 | 5.3 | | 每股收益（港元/股） | 0.48 | 0.47 | 0.52 | 0.55 | 0.58 | | 净资产收益率（%） | 6.89 | 6.85 | 6.86 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 4.00 [7][25][8] Core Insights - The company reported a revenue of HKD 21.314 billion for 2024, representing a year-on-year increase of 7%, and a core net profit of HKD 1.601 billion, which is up 35% year-on-year, exceeding the forecast of HKD 1.45 billion [1][2] - The natural gas sales volume for 2024 increased by 5% year-on-year, with the city gas gross margin rising by RMB 0.02 per cubic meter [1][2] - The company plans to maintain a dividend payout ratio of 41%, with expected dividend yields of 6.2%, 6.5%, and 6.8% for 2025-2027 [1][4] Summary by Sections Revenue and Profitability - The company achieved a core net profit of HKD 1.601 billion in 2024, a 35% increase from the previous year, and revenue reached HKD 21.314 billion [1][6] - The forecast for core net profit for 2025 and 2026 has been raised to HKD 1.71 billion and HKD 1.81 billion, respectively [1][4] Natural Gas Sales - The total gas sales volume for 2024 is projected to be 17.2 billion cubic meters, with industrial, commercial, and residential sales increasing by 2.5%, 4.5%, and 5.2% respectively [2][4] - The forecast for gas sales growth for 2025 and 2026 has been adjusted to 4.8% and 4.6% [2][4] Renewable Energy - The company’s distributed photovoltaic capacity reached 2.3 GW by the end of 2024, with a projected increase to 2.5 GW and 3.0 GW in 2025 and 2026, respectively [3][4] - The renewable energy segment is expected to contribute significantly to profit growth, with net profit estimates for this segment raised by 70% and 66% for 2025 and 2026 [3][4] Valuation and Target Price - The target market capitalization for the company is set at HKD 13.9 billion, with a target price of HKD 4.00 based on a valuation of 7x PE for the city gas business and 11x PE for the renewable energy business [4][25] - The previous target price was HKD 3.85, indicating a positive outlook for the company's valuation [4][25]

Financial Performance - The company's revenue increased by 7.4% to HKD 21.314 billion, with a core profit growth of 34.5% to HKD 1.601 billion[4] - The net profit for the year was HKD 1,796,494 thousand, slightly down from HKD 1,811,324 thousand in 2023, reflecting a decrease of 0.8%[21] - The total operating expenses for 2024 were HKD 19,419,838 thousand, up from HKD 18,177,618 thousand in 2023, indicating a rise of 6.8%[19] - The total comprehensive income for the year was HKD 936,186 thousand, a significant decrease from HKD 1,630,696 thousand in 2023[21] - The operating profit for the year ended December 31, 2024, was HKD 2,205,148,000, compared to HKD 2,196,434,000 in 2023, showing a slight increase of 0.4%[46] - Financing costs decreased to HKD 728,603,000 in 2024 from HKD 769,839,000 in 2023, a reduction of about 5.4%[46] - The company recognized a net other income of HKD 179,587,000 in 2024, down from HKD 426,559,000 in 2023, representing a decline of approximately 57.9%[44] - The profit attributable to shareholders for 2024 was HKD 1.606 billion, a 2.0% increase, with core business profit rising by 34.5% to HKD 1.601 billion[76] Revenue and Sales Growth - The net profit from renewable energy business surged fivefold to HKD 479 million, with cumulative photovoltaic grid connection reaching 2.3 GW and annual power generation doubling to 1.83 billion kWh[4] - The total gas sales volume rose by 5% to 17.201 billion cubic meters, with an improved gas price margin of RMB 0.56 per cubic meter, up RMB 0.02 from the previous year[4] - The number of urban gas customers reached 17.64 million, an increase from 16.77 million in the previous year[5] - Total revenue for the year ended December 31, 2024, reached HKD 21,314,027,000, an increase from HKD 19,841,511,000 in 2023, representing a growth of approximately 7.4%[39] - In 2024, the group's total sales volume reached 5.087 billion cubic meters, an increase of 5.5% year-on-year, with revenue of RMB 19.626 billion, up 9.6%[67] Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.16 per share and a special dividend of HKD 0.03 per share, totaling HKD 0.19 per share[4] - The company declared a final dividend of HKD 661,319,000 for the year ended December 31, 2024, compared to HKD 536,717,000 in 2023, marking an increase of about 23.2%[50] - The board proposed a final dividend of HKD 0.16 per share and a special dividend of HKD 0.03 per share, totaling HKD 0.19 per share, subject to shareholder approval at the annual general meeting[86] - The cash dividends will be payable, with shareholders having the option to receive new shares instead of cash under the scrip dividend scheme[86] Strategic Initiatives and Business Development - The company is focusing on optimizing core business and enhancing competitiveness through new growth models in renewable energy and smart energy systems[10] - The company is actively developing virtual power plants and energy-as-a-service (EaaS) projects, providing integrated energy management services[12] - The company aims to leverage national policies promoting renewable energy and distributed photovoltaic systems to create growth opportunities[8] - The group aims to expand its renewable energy projects and actively promote Energy as a Service (EaaS) to adapt to changing electricity pricing policies and the rapid integration of new energy sources[16] - The company has initiated a strategic merger of two gas companies in Jinan, Shandong, to optimize resource allocation and enhance asset value[13] Operational Efficiency and Cost Management - The group is committed to cost reduction and efficiency improvement while embracing technology to enhance resilience and contribute to national carbon neutrality goals[17] - Employee costs rose to HKD 1,421,232,000 in 2024 from HKD 1,306,363,000 in 2023, an increase of about 8.8%[43] - The company's tax expenses for 2024 were HKD 408,654,000, compared to HKD 385,110,000 in 2023, indicating an increase of approximately 6.1%[48] Financial Position and Liabilities - As of December 31, 2024, the group's current liabilities exceed current assets by approximately HKD 5.598 billion, with borrowings of about HKD 3.696 billion due within one year[27] - The group has a funding capacity of approximately HKD 13.452 billion through its medium-term note program and HKD 15.432 billion remaining under Panda bonds, along with unused credit facilities of about HKD 10.248 billion from banks and its parent company[27] - The reclassification of convertible bonds resulted in HKD 1.867 billion being moved from non-current to current liabilities as of December 31, 2024[34] - As of December 31, 2024, the group's borrowings totaled HKD 15.427 billion, down from HKD 16.282 billion in 2023[79] Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the year[90] - An audit and risk committee has been established to review and monitor the group's financial reporting, risk management, and internal control systems[90] - The audit and risk committee met with internal auditors and external auditors on February 27, 2025, to review the audited consolidated financial statements for the year ending December 31, 2024[90] Market and Credit Ratings - Moody's and S&P maintained stable credit ratings of Baa1 and BBB+, respectively, reflecting the group's solid business and credit history[83]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.85 [7][19]. Core Views - The company's urban gas business is expected to achieve moderate growth despite a downward adjustment in natural gas sales growth due to industrial demand pressure. The gross margin is anticipated to continue recovering due to pricing adjustments and cost reductions [2][3]. - The renewable energy segment is transitioning to a light-asset model, with stable contributions expected from distributed photovoltaic rights installations. Changes in distributed photovoltaic policies are expected to have limited impact [4][5]. - The company is characterized by high dividend yields, with projected dividend rates of 6.3%/6.6%/7.4% for 2024-2026 if the payout ratio remains at 47% [2][5]. Summary by Sections Profit Forecast Adjustments - The forecast for core net profit for 2024-2026 has been adjusted downwards by 6%/6%/3% to HKD 14.5 billion, HKD 15.3 billion, and HKD 17.0 billion respectively [2][5]. - The sales volume growth for natural gas has been revised down to +6.6%/5.8%/5.2% for 2024-2026, reflecting a decrease from previous estimates [3][5]. Revenue and Profitability Metrics - The company's revenue for 2024 is projected at HKD 20.372 billion, with a slight increase expected in subsequent years [6][26]. - The gross profit margin is expected to improve, with urban gas sales gross margin projected at RMB 0.57/0.59/0.61 per cubic meter for 2024-2026 [3][4]. Valuation Methodology - The valuation approach assigns an 8x PE ratio to the urban gas business and a 12x PE ratio to the renewable energy business, resulting in a target market value of HKD 134 billion [5][19]. - The target price reflects a slight decrease from the previous estimate of HKD 3.93, based on the adjusted PE ratios [5][19].

Financial Performance - The group's revenue for the first half of 2024 reached HKD 10,501 million, representing a 6.3% increase compared to the same period last year[6]. - Core business profit surged by 57.5% to HKD 707 million, with a year-on-year increase of 63.3% when calculated in RMB[7]. - The group's net profit for the same period was HKD 846,188, down 31.2% from HKD 1,231,015 in the previous year[14]. - Basic earnings per share decreased to HKD 22.14 from HKD 34.33, while diluted earnings per share fell to HKD 19.32 from HKD 30.20[14]. - The attributable profit for the first half of 2024 was HKD 743 million, a decline of 33.4% year-on-year, while core business profit rose significantly by 57.5% to HKD 707 million[92]. - The total revenue for the six months ended June 30, 2024, was HKD 9,646,660,000, compared to HKD 9,882,711,000 for the same period in 2023, representing a decrease of approximately 2.4%[34]. - The net profit for the period was HKD 1,231,015,000, down from HKD 1,115,411,000 in the previous year, indicating a decline of about 10.5%[34][41]. - The total operating expenses for the six months ended June 30, 2024, were HKD 9,550,931,000, an increase from HKD 9,032,066,000 in 2023, reflecting a rise of approximately 5.8%[35]. Revenue Segments - The number of urban gas customers increased by 450,000 to 17.22 million, with gas sales volume growing approximately 6% to 8,741 million cubic meters[7]. - The company's gas connection segment achieved a profit of HKD 313,569 thousand, reflecting strong operational performance[32]. - The renewable energy segment generated revenue of HKD 754,780 thousand, contributing to the overall growth in the energy sector[32]. - The group’s total sales from pipeline gas business was HKD 8.672 billion, up from HKD 8.256 billion in the previous year[86]. - The renewable energy business revenue increased to HKD 755 million from HKD 443 million year-on-year[86]. Cash Flow and Financial Position - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 919,456,000, compared to HKD 455,491,000 for the same period in 2023, representing an increase of 102%[20]. - The net cash used in investing activities amounted to HKD 1,587,575,000 for the six months ended June 30, 2024, compared to HKD 1,741,085,000 in the previous year, indicating a decrease of 8.8%[20]. - The net cash generated from financing activities was HKD 1,705,275,000 for the six months ended June 30, 2024, compared to a net cash outflow of HKD 3,172,000 in the same period of 2023[20]. - The group reported a decrease in cash and cash equivalents of HKD 170,078,000, ending the period with HKD 3,824,245,000 compared to HKD 4,185,323,000 at the end of the previous period[20]. - As of June 30, 2024, the group's borrowings amounted to HKD 1,670.1 million, with HKD 902.4 million due within one year[93]. - The group's cash and cash equivalents totaled HKD 397.7 million, with a debt ratio of 37.1% as of June 30, 2024[94]. Strategic Initiatives - The company aims to optimize asset structure and improve capital efficiency through a light asset strategy and partnerships[7]. - The establishment of a gas source business segment has enhanced collaboration with major upstream natural gas companies[8]. - The company is actively developing zero-carbon smart industrial parks to provide green energy solutions for industrial clients[8]. - The "Energy as a Service" (EaaS) model is being promoted to facilitate energy management for industrial customers, creating stable revenue streams[8]. - The group plans to continue expanding its renewable energy projects, with expectations of more new projects contributing to profit growth in the second half of the year[11]. ESG and Risk Management - The group has established an ESG committee at the board level, enhancing its commitment to environmental, social, and governance standards[10]. - The group's ESG risk management has improved, with a risk score reduction to 23.7, reflecting effective management practices[10]. - The group aims to maintain stability and control investment risks amid complex geopolitical situations and high interest rates[11]. - The group is actively promoting low-carbon living among employees through various environmental activities[10]. Shareholder Information - The board decided not to declare an interim dividend for 2024, consistent with the previous year[98]. - The total number of shares held by Dr. Li Ka Kit in the company is approximately 2,379,921,776, representing about 70.95% of the total issued shares[103]. - Mr. Wong Wai Yi holds 9,332,000 shares, which accounts for approximately 0.27% of the total issued shares as of the report date[103]. - The company issued 124,440,353 new shares under the scrip dividend scheme, resulting in a reduction of the subsidiary's shareholding in the company to approximately 68.38%[103]. Employee and Operational Metrics - The company employed 24,171 employees as of June 30, 2024, reflecting a slight increase from the previous year[97]. - The company experienced a decrease in employee costs to HKD 694,415,000 from HKD 677,884,000, reflecting an increase of about 2.2%[35].