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 ...

证券研究报告 港华智慧能源 (1083 HK) 港股通 核心利润大增 35%，预期股息率超 6% | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 15 日│中国香港 | 燃气及分销 | 港华智慧能源发布业绩，2024 年录得营收 213.14 亿港币、同比+7%，核心 净利润 16.01 亿港币、同比+35%，核心净利高于华泰预测（14.5 亿港币）。 2024 年公司天然气销量同比+5%，城市燃气毛差同比上升人民币 0.02 元/ 方。2024 年底工商业分布式光伏装机达到 2.3GW。参考 2024 年核心业务 经营数据，我们将 2025-26 年归母（核心）净利润预测上调 12%/6%至 17.1/18.1 亿港币。工业需求拖累天然气销量增速，城燃零售毛差或将进入 稳态阶段。再生能源逐步走向轻资产模式，能碳服务与资产整合贡献增量利 润。公司 2024 年末期+特别派息 19 港仙、派息率 41%，若维持同等水平， 我们预计公司 2025-27 年股息率为 6.2%/6.5%/6.8%。维持"买入"评级。 天然气销量稳健增长，城燃零售毛差或将进入稳 ...

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分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。 （於開曼群島註冊成立的有限公司） （股份代號：1083） 2024 年全年業績公布 財務及經營摘要 業務核心利潤強勁增長 35%至超過 16 億港元 擬派發末期股息每股 16 港仙及特別股息每股 3 港仙，合共每股 19 港仙 –1– • 面對 2024 年複雜多變的經濟環境，集團營業額逆勢增長 7.4%至 213.14 億港元（以人民 幣計算，上升 9.6%）。受惠於可再生能源業務表現強勁和燃氣業務利潤維持穏健及順價 理想下，加上精準管控資本支出和成功降低融資成本，集團年內業務核心利潤大幅上升 34.5%至 16.01 億港元（以人民幣計算，上升 37.2%）。在扣除非經營性損益後，公司股東 應佔溢利為 16.06 億港元。 • 可再生能源業務的規模效應年內全面體現，淨利潤大幅躍升五倍至4.79億港元。截至2024 年 12 月 31 日，集團累計光伏併網 2.3 吉瓦，年發電量同比翻倍至 18.3 ...

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].

2024 中 期 報 告 港華智慧能源有限公司 Towngas Smart Energy Company Limited (於開疊群島註冊成立之有限公司) (股份代號:1083) 公司資料 陸恭蕙 | --- | --- | |---------------------------------|-----------------------------------------| | | | | 董事會 | 核數師 | | 非執行董事 | 德勤 · 關黃陳方會計師行 | | 李家傑(主席) | 執業會計師及註冊公眾利益 | | 廖己立 | 實體核數師 香港 | | 執行董事 | 金鐘道 88 號 太古廣場一座35樓 | | 黃維義(行政總裁) | | | 紀偉毅(營運總裁 — 燃氣業務) | 註冊辦事處 P.O. Box 309 | | 邱建杭(營運總裁 — 再生能源業務) | Ugland House | | 獨立非執行董事 | Grand Cayman KY1-1104 | | 鄭慕智 | Cayman Islands | | 李民斌 | 總辦事處及主要營業地點 | | 陸恭蕙 | 香港北角 | | | 渣 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Views - The company reported a 6.3% year-on-year increase in revenue for the first half of 2024, reaching HKD 10.501 billion, while operating profit grew by 26.0% to HKD 935 million. However, net profit attributable to shareholders decreased by 33.4% to HKD 743 million due to a non-operating gain of HKD 600 million from exiting a project in Shanghai last year. Excluding this factor, core profit increased by 57.5% [5]. - The company is seeing steady improvement in gas sales margins, with a total gas sales margin of HKD 0.52/m³, benefiting from timely pricing adjustments for industrial and residential gas [5][6]. - The photovoltaic (PV) business is showing significant growth potential, with a 143% increase in PV generation to 680 million kWh in the first half of 2024, contributing to a net profit increase of HKD 148 million in the renewable energy segment [5][6]. Summary by Sections Financial Performance - Revenue (million HKD): 20,073 in 2022, 19,842 in 2023, projected 21,517 in 2024, 23,731 in 2025, and 25,715 in 2026 [4][7]. - Net Profit (million HKD): 965 in 2022, 1,575 in 2023, projected 1,728 in 2024, 1,873 in 2025, and 1,982 in 2026 [4][7]. - Earnings per Share (HKD/share): projected 0.30 in 2024, 0.47 in 2025, 0.51 in 2026 [4]. Business Segments - Gas sales volume increased by 6.2% to 8.74 billion m³ in the first half of 2024, with industrial gas volume growing by 4.6% and commercial gas volume by 9.4% [6]. - The company added three new city gas projects, bringing the total to 190, and increased its user base by 450,000 to 17.22 million [6]. Valuation - The current stock price corresponds to a PE ratio of 5.8 for 2024, 5.3 for 2025, and 5.0 for 2026, with a PB ratio of 0.5, indicating significant valuation upside potential [5].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has shown significant growth in core profits, with a 57.5% increase in mid-2024 core profits to HKD 707 million, despite a 33.4% decline in shareholder profit [2] - The renewable energy sector has experienced strong growth, with net profits rising to HKD 164 million in H1 2024, compared to HKD 3 million in H1 2023 [3] - The urban gas business has demonstrated steady growth, with gas sales volume increasing by 6% to 8.741 billion cubic meters in H1 2024 [4] Financial Performance Summary - Total revenue for the company in 2023 was HKD 19,842 million, reflecting a slight decrease of 1.15% from 2022 [1] - The net profit attributable to shareholders for 2023 was HKD 1,575 million, marking a significant increase of 63.2% compared to 2022 [1] - Earnings per share (EPS) for 2023 was HKD 0.4774, up from HKD 0.3017 in 2022 [1] - The return on equity (ROE) for 2023 was 6.89%, an improvement from 4.49% in 2022 [1] - The price-to-earnings (PE) ratio for 2023 was 6.81, down from 12.99 in 2022 [1]

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分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。 （於開曼群島註冊成立的有限公司） （股份代號：1083） 2024 年中期業績公布 財務及經營摘要 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...