【四大城市燃气企业 2024 年业绩全部出炉，净利"两涨两跌"】新奥能源(02688.HK)去年营收 1098.53 亿元，同比下降 3.5%；股东应占净利 59.87 亿元，同比下跌 12.2%，净利总额居首。昆仑能源 (00135.HK)去年营收 1870.46 亿元，同比上涨 5.5%；股东应占净利约 59.6 亿元，同比上涨 4.9%。华润 燃气(01193.HK)去年营收 1026.76 亿港元(约合 967.04 亿元人民币)，股东应占净利为 40.88 亿港元(约合 38.5 亿元人民币)，同比下跌 21.7%，跌幅最大。港华智慧能源(01083.HK)去年营收 213.14 亿港元(约合 200.67 亿元)，同比上涨 7.4%；股东应占净利 16.06 亿港元(约合 15.13 亿元人民币)，同比上涨约 2%。 整体来看，四家公司 2024 年净利润约为 173.1 亿元，相比去年少赚 15.89 亿元，同比下跌 8.4%。燃气 销售是城燃企业主要收入来源，四家企业天然气营收增长幅度有限，新奥能源天然气营收下降。昆仑能 源去年天然气总销售量居首，达 541.7 亿立方米，同比增长 9.91% ...

（股份代號: 2688） 香港金鐘道89號力寶中心第一期31樓3101-04室 電話 (852) 2528 5666 傳真 (852) 2865 7204 網址 www.ennenergy.com 電子郵箱 enn@enn.cn 目錄 邁向可持續未來 二零二四年年報 新奧能源控股有限公司 二零二四年年報 管治 合併財務報表 18 管理層討論與分析 24 財務回顧 28 董事與高級管理層 35 企業管治報告 58 董事會報告 77 獨立核數師報告 80 合併損益及其他全面收益表 81 合併財務狀況表 83 合併權益變動表 85 合併現金流量表 88 合併財務報表附註 2024 新奧概覽 | 02 | 公司資料 | | --- | --- | | 04 | 新奧能源概覽 | | 06 | 股東價值 | | 08 | 我們的業務版圖 | | 10 | 營運及財務摘要 | 12 十年業績比較 策略報告 14 主席報告 02 新奥能源控股有限公司 I 2024新奥概覽 董事會 執行董事 王玉鎖（主席） 張宇迎（首席執行官） 宮羅建（總裁） 王冬至（首席財務官） 張 瑾 蘇 莉 非執行董事 王子崢 獨立非執行董事 馬志祥 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 109.9 billion RMB for 2024, a decrease of 3.5% year-on-year, with a net profit attributable to shareholders of 5.99 billion RMB, down 12.2% year-on-year. However, core profit exceeded expectations at 6.95 billion RMB, primarily due to better-than-expected sales and gross margins in the energy sector [1][2] - The major shareholder plans to privatize the company and achieve an "A+H" listing, indicating an acceleration in the integration of the natural gas industry chain, which is expected to unlock long-term value [1][4] - The company’s domestic core profit for 2024 increased by 10.2% to 6.71 billion RMB, driven by growth in retail gas volume and energy sales [2] Summary by Sections Financial Performance - The company’s free cash flow increased by 20% year-on-year to 3.73 billion RMB, supported by rising operating cash flow and reduced capital expenditures. The total dividend for 2024 reached 3 HKD per share, with a payout ratio of 45%, and a projected increase to 48% in 2025 [3] - The report slightly lowers the profit forecast for 2025-2026 by 2.7% and 6.7% to 7.23 billion RMB and 7.68 billion RMB respectively, with an estimated core profit of 8.08 billion RMB in 2027 [5][21] Market Position and Strategy - The privatization plan includes a cash payout of 24.5 HKD per share and the issuance of new H shares, which is expected to enhance operational efficiency and reduce costs through better integration of resources [4] - The company’s retail gas volume for 2024 is projected to grow by 4.2% to 26.2 billion cubic meters, with a stable gross margin expected to maintain a 6% increase in 2025 [2][21] Valuation Metrics - The target price for the company is set at 69.5 HKD, based on a 10x PE ratio for 2025 estimates, reflecting a slight adjustment from the previous target of 71.1 HKD [5][7] - The company’s market capitalization is approximately 74.66 billion HKD, with a current share price of 66.00 HKD as of March 27 [7]

Group 1 - The core viewpoint of the news highlights the performance of Xin'ao Energy, which saw a significant increase in its stock price, closing at 66.0 HKD per share, up 11.02% on the day, with a trading volume of 45.15 million shares and a turnover of 2.935 billion HKD [1] - Over the past month, Xin'ao Energy has experienced a cumulative increase of 9.89%, and a year-to-date increase of 6.45%, which is lower than the Hang Seng Index's increase of 17.07% [2] - Financial data shows that as of December 31, 2024, Xin'ao Energy achieved total operating revenue of 109.853 billion RMB, a year-on-year decrease of 3.52%, and a net profit attributable to shareholders of 5.987 billion RMB, down 12.16% year-on-year, with a gross margin of 12.2% and a debt-to-asset ratio of 50.52% [2][5] Group 2 - Institutional ratings indicate that Dongwu Securities Co., Ltd. has given a "Buy" rating for Xin'ao Energy [3] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the public utility sector (TTM) is 2.23 times, with a median of 5.4 times. Xin'ao Energy's P/E ratio stands at 10.4 times, ranking 36th in the industry [3] - Xin'ao Energy is recognized as one of China's largest clean energy distributors, serving nearly 30 million households and over 240,000 enterprises across 21 provinces, operating 259 urban gas projects, and covering a population of 140 million with an existing high and medium-pressure pipeline network of 82,000 kilometers [3] Group 3 - The company aims to create a modern energy system, improve the quality of life for people, and become a respected innovative smart enterprise, actively seizing opportunities and promoting ecological integration while ensuring energy security and sustainable development [4] - Xin'ao Energy is committed to utilizing quality, green, and intelligent approaches to drive the construction of a modern energy system and enhance new productive forces for a prosperous future [4]

Group 1 - The proposed transaction values Xin Ao Energy Holdings Limited at approximately $11.6 billion (HKD 90.5 billion) based on a privatization offer from a subsidiary of Xin Ao Group [1] - Xin Ao Gas Co., Ltd. currently holds 34.28% of Xin Ao Energy and is making an offer that includes an exchange ratio of 2.9427 shares plus a cash payment of $3.15 (HKD 24.50) per share for the remaining shares [1] - As of the announcement date, Xin Ao Energy has issued 1,131,224,275 shares, leading to a theoretical value of the entire issued share capital of approximately HKD 90.5 billion, or $11.6 billion [1] Group 2 - Xin Ao Gas Co., Ltd. is one of China's largest private energy companies, operating over 250 city gas projects nationwide with an annual LNG distribution capacity exceeding 10 billion cubic meters [2] - The company operates China's first large-scale private LNG receiving terminal, the Zhoushan LNG terminal, and is involved in the entire natural gas value chain, including distribution, trading, storage, transportation, production, and engineering [2] - The privatization proposal for Xin Ao Energy represents a significant development in China, the world's largest importer of oil and LNG, aiming to enhance energy security [2]

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy Hong Kong, offering a combination of share exchange and cash payment to shareholders [1][2] Group 1: Transaction Details - The proposed transaction involves a total of 743 million shares, with shareholders receiving 2.9427 new H-shares and HKD 24.50 in cash per share [1] - The estimated total amount involved in the transaction is approximately HKD 595.19 billion, assuming all stock options are not exercised [1] - If all stock options are exercised, the total amount involved would be approximately HKD 599.24 billion [2] Group 2: Share Structure and Control - Post-transaction, New Oriental Holdings will issue up to 2.188 billion H-shares, increasing total shares from 3.097 billion to 5.285 billion, representing 41.58% of the total post-transaction share capital [2] - Wang Yushuo and his concerted parties will hold 2.243 billion shares, reducing their ownership from 72.44% to 42.32%, while still remaining the controlling party [2] Group 3: Financial Performance - New Oriental Holdings reported a revenue of HKD 135.84 billion for 2024, a decrease of 5.5% year-on-year, with a net profit of HKD 4.49 billion, down 36.6% [2] - New Oriental Energy's revenue for 2024 was HKD 109.85 billion, with a net profit of HKD 5.99 billion; post-transaction, New Oriental Holdings' net profit could increase to HKD 8.14 billion [3] - The transaction will be financed entirely through bank loans, leading to an expected increase in the debt-to-asset ratio to 67% [3]

Core Points - The company reported a net profit attributable to shareholders of 5.987 billion yuan, a decrease of 12.2% year-on-year, and proposed a final dividend of 2.35 HKD per share [1] - The company achieved a total revenue of 109.853 billion yuan, a decline of 3.5% compared to the previous year [1] Group 1: Industrial and Commercial Development - The company added 12.17 million cubic meters per day of new industrial customer gas volume, reaching a cumulative industrial customer gas volume of 185 million cubic meters per day, resulting in a 5.2% increase in gas volume for industrial users [1] - The company developed 25,000 commercial users, with a cumulative total of 227,000 commercial users and a gas volume of 2.93 million cubic meters per day, leading to a 4.5% increase in gas volume for commercial users [1] Group 2: Residential and Retail Performance - The company installed gas services for 1.617 million new residential users, bringing the total number of residential users to 31.38 million, which supports the development of smart home business [2] - The company completed approximately 63% of the cumulative residential gas price adjustment by the end of 2024 [2] - The company achieved a 4.2% year-on-year increase in natural gas retail sales volume, with revenue and gross profit increasing by 0.2% and 2.9% to 60.749 billion yuan and 6.225 billion yuan, respectively [2] Group 3: Impact of Market Conditions - The company faced a 15.3% and 91.4% decrease in revenue and gross profit from gas wholesale business, totaling 25.143 billion yuan and 0.94 billion yuan, respectively, due to declining international natural gas prices [2] - The engineering installation business experienced a decline of 23.3% and 31.6% in revenue and gross profit, amounting to 4.095 billion yuan and 1.895 billion yuan, respectively, due to pressures from the real estate downturn [2] Group 4: Energy Projects and Performance - The company completed 60 large-scale projects during the year, with a cumulative total of 356 operational projects, resulting in a total installed capacity of 13.3 GW and a total energy sales volume of 41.57 billion kWh, a year-on-year increase of 19.8% [2] - The company's energy business revenue and gross profit grew by 5.2% and 16.4% to 15.273 billion yuan and 2.22 billion yuan, respectively, with a gross margin increase to 14.5% [2]

Financial Performance - Total revenue decreased by 3.5% to RMB 109,853 million in 2024, down from RMB 113,858 million in 2023[6] - Profit attributable to the company's owners fell by 12.2% to RMB 5,987 million in 2024, compared to RMB 6,816 million in 2023[6] - Gross profit for 2024 was RMB 13,405 million, down 6.5% from RMB 14,338 million in 2023[32] - Net profit for 2024 was RMB 6,876 million, a decline of 11.1% from RMB 7,732 million in 2023[32] - Basic earnings per share for 2024 was RMB 5.35, compared to RMB 6.05 in 2023, reflecting a decrease of 11.5%[32] - The company reported a total comprehensive income of RMB 7,057 million for 2024, down from RMB 7,843 million in 2023, a decrease of 10%[32] - The company's tax expense for 2024 was RMB 2,125 million, a decrease from RMB 2,286 million in 2023, indicating a reduction of 7.03%[41] Operational Highlights - Natural gas retail sales volume increased by 4.2% to 26,200 million cubic meters in 2024, compared to 25,144 million cubic meters in 2023[3] - Core profit from domestic infrastructure business rose by 10.2% to RMB 6,712 million in 2024, up from RMB 6,091 million in 2023[6] - The number of new industrial users increased by 48.5% to 27,775 locations in 2024, compared to 18,706 locations in 2023[6] - The cumulative number of residential users reached 31,379 thousand in 2024, reflecting a 5.4% increase from 29,775 thousand in 2023[6] - The pipeline gas vaporization rate improved to 65.8% in 2024, up from 65.2% in 2023[6] - The total sales volume of energy projects increased by 60 to 356 projects in 2024, compared to 296 projects in 2023[6] Financial Position - The company achieved a net debt ratio of 23.2% in 2024, a decrease of 2.1 percentage points from 25.3% in 2023[6] - As of December 31, 2024, the company’s cash and cash equivalents amounted to RMB 76.93 billion, a decrease of RMB 1.996 billion from the previous year[17] - The company's current liabilities net value recorded approximately RMB 10.318 billion as of December 31, 2024, supported by stable operating cash flow and quality liquid assets[21] - Current liabilities decreased to RMB 32,502 million in 2024 from RMB 34,923 million in 2023, a reduction of 6.9%[33] - The company’s reserves increased to RMB 44,984 million in 2024 from RMB 42,543 million in 2023, reflecting a growth of 5.7%[34] Strategic Initiatives - The company plans to continue expanding its customer base and enhancing operational efficiency through smart innovation and customer-focused strategies[5] - The company plans to add 1.7 GW of new operational capacity, with 0.5 GW from park customers and 1.2 GW from factory and building customers in 2024[11] - The company aims to enhance operational efficiency and reduce costs through the application of intelligent technologies and data analytics[31] - The company plans to leverage its customer base of 31.38 million households and 270,000 business clients to drive sustainable development and business performance growth in 2025[30] Sustainability and Governance - The company achieved natural gas sales of 33.651 billion cubic meters in 2024, reducing carbon dioxide emissions by 45.2 million tons[27] - The company maintained an MSCI ESG rating of AA for three consecutive years and was recognized as one of the "Best 5%" companies in the S&P Global Sustainable Development Yearbook 2024[27] - The company has established a comprehensive safety management system, successfully eliminating three types of safety hazards in 2024[24] - The company has formed joint R&D centers with top universities to address industry challenges and achieved significant breakthroughs in pipeline robotics technology[26] - The company has complied with all provisions of the Corporate Governance Code as of December 31, 2024[62] Dividend and Shareholder Information - The total dividend declared and paid for 2024 was RMB 3,015 million, slightly higher than RMB 2,977 million in 2023, marking an increase of 1.28%[43][45] - The proposed final dividend for 2024 is HKD 2.35 per share, up from HKD 2.31 in 2023, equating to approximately RMB 2.19 per share, with a total annual dividend of HKD 3.00, representing a payout ratio of 45% of core profit[54] - The company plans to propose a final dividend of RMB 2.19 per share for the year ending December 31, 2024, totaling approximately RMB 2,658 million, pending shareholder approval[46] - The company's distributable reserves as of December 31, 2024, amount to RMB 8.376 billion, allowing for dividend distribution while retaining sufficient reserves for future development[54] Debt and Risk Management - The company has hedged USD 820 million of its debt, achieving a hedging ratio of 78.9% for long-term USD debt as of December 31, 2024[20] - In 2024, the company hedged an amount of USD 751 million, achieving a hedging ratio of 46.9% to mitigate trade risk exposure[23]

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of HKD 58.81, representing a potential upside of 7.9% from the current price of HKD 54.5 [3][11]. Core Insights - The company has demonstrated solid growth in its core business, with a significant reduction in debt levels, indicating improved financial health [2][11]. - The company operates in 260 cities, serving a population of 140 million, and is one of the largest clean energy distributors in China [1]. - The company’s revenue for the first half of 2024 was RMB 54.59 billion, a year-on-year increase of 0.9%, while net profit attributable to shareholders decreased by 22.8% to RMB 2.57 billion [2]. Financial Performance - The gross profit for the first half of 2024 was RMB 6.47 billion, a decrease of 9.7% year-on-year, primarily due to reduced opportunities in the international market and a decline in gas wholesale business [2]. - The company reported a core profit of RMB 3.26 billion, down 16.6% year-on-year, with domestic core business showing a growth of 9.5% to RMB 3.08 billion [2]. - The company’s operating cash inflow was RMB 3.27 billion, with free cash flow reaching RMB 630 million, indicating a stable cash position [2]. Business Segments - The gross profit margin from the company's natural gas sales, energy services, and smart home businesses accounted for 87.3% of total gross profit, reflecting an improvement of 8.6 percentage points year-on-year [2]. - The company has a robust customer base and continues to expand its operational reach, indicating significant growth potential [2]. Debt and Capital Expenditure - The company has effectively optimized its debt structure, reducing interest-bearing liabilities to RMB 19.83 billion from RMB 21.92 billion in 2023, with a comprehensive financing cost of 3.4% [2]. - Capital expenditures were RMB 2.74 billion, a significant decrease of 20% year-on-year, reflecting a prudent investment strategy to maintain stable cash flow [2]. Future Outlook - The company projects a 5% growth in natural gas retail volume and a 10%+ increase in gross profit from the natural gas retail business for the year [11]. - The report anticipates that the company will benefit from the seasonal increase in natural gas demand during winter, which may offset the decline in summer sales [11].

Investment Rating - The report updates the target price to HKD 71.5, corresponding to 11 times and 10 times PE for 2024 and 2025, respectively, indicating a 27% upside potential from the current price, and assigns a "Buy" rating [6][10][32]. Core Insights - The company projects a 5% growth in gas volume for the entire year, with a 20-30% increase in sales volume for its diversified energy business [4][8][30]. - In Q3, the procurement cost decreased by HKD 0.1 per cubic meter, maintaining a gross margin of HKD 0.54 per cubic meter for the year, with retail gas gross profit expected to grow by 10% annually [5][9]. - The company plans to utilize up to HKD 300 million for share repurchases, which will enhance earnings per share (EPS) as the repurchased shares will be canceled [15][31]. Financial Performance - For 2024, the company expects total revenue to reach RMB 123.782 billion, with a net profit of RMB 8.373 billion, reflecting a 10.9% growth [16]. - The gross margin for gas sales is guided at RMB 0.54 per cubic meter, with expectations of achieving an 80% pricing alignment in core cities by year-end [14][18]. - The company anticipates a stable increase in dividend payout, with a projected dividend yield of approximately 5.6% for 2024 [15][19]. Market Position - As of the report date, the company has a market capitalization of HKD 636 billion and a total asset value of RMB 100,509 million [2][22]. - The company has a significant number of operational diversified energy projects, totaling 347, with a sales volume increase of 21.4% year-on-year [30][34]. Shareholder Information - Major shareholders include New Hope Group (34.00%) and BlackRock (6.27%) [2].