证券研究报告·公司点评报告·燃气Ⅱ 佛燃能源（002911） 2025 年度业绩快报点评：业务多元发展业绩 超预期，保证股东回报 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 25,538 | 31,589 | 33,754 | 36,905 | 38,808 | | 同比（%） | 34.96 | 23.70 | 6.85 | 9.34 | 5.16 | | 归母净利润（百万元） | 844.45 | 853.12 | 1,000.68 | 1,070.50 | 1,117.39 | | 同比（%） | 28.87 | 1.03 | 17.30 | 6.98 | 4.38 | | EPS-最新摊薄（元/股） | 0.65 | 0.66 | 0.77 | 0.82 | 0.86 | | P/E（现价&最新摊薄） | 20.85 | 20.64 | 17.59 | 16.45 | 15.76 | [Table_T ...

华泰证券研报指出，佛燃能源全年实现营业总收入337.54亿元（yoy+6.85%），归母净利10.01亿元 （yoy+17.26%），扣非归母净利9.58亿元（yoy+18.52%）；归母净利高于华泰预测（9.77亿元），主要 受益于能源化工业务拓展及多元能源战略落地。公司高分红政策稳步推进，强化长期投资价值。该行看 好公司在"能源+科技+供应链"战略指引下的成长潜力，维持"增持"评级，目标价14.58元（前值14.25元 基于25年19xPE）。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [1]. Core Insights - The company achieved a total revenue of 33.754 billion RMB in 2025, representing a year-on-year increase of 6.85%. The net profit attributable to shareholders was 1.001 billion RMB, up 17.26% year-on-year, exceeding the forecast of 977 million RMB by Huatai [1][2]. - The company's diversified energy strategy, focusing on "Energy + Technology + Supply Chain," is expected to drive growth and enhance long-term investment value [1][3]. - The energy and chemical business has become the core growth driver, with revenue reaching 15.717 billion RMB, a year-on-year increase of 20.97%, while the city gas business saw a decline in revenue [2][3]. Summary by Sections Business Performance - In 2025, the company supplied 4.931 billion cubic meters of natural gas. The city gas business generated revenue of 12.493 billion RMB, down 14.83%, while the energy and chemical business became the main revenue engine [2]. - The company is actively expanding into high-growth sectors such as petrochemical products, hydrogen energy, thermal energy, photovoltaics, and energy storage, which aligns with industry trends towards energy transition [3]. Financial Health - As of the end of 2025, the company reported total assets of 20.193 billion RMB, a year-on-year increase of 4.05%, and net assets attributable to shareholders of 9.002 billion RMB, up 5.71% [4]. - The company has implemented a high dividend policy, distributing a cash dividend of 0.25 RMB per share, with a payout ratio of 66%. It commits to a minimum annual cash dividend of 65% of the net profit attributable to shareholders for the next three years [4]. Earnings Forecast and Valuation - The earnings forecast for 2026 and 2027 has been raised by 1.3% to 1.05 billion RMB and 1.1 billion RMB, respectively, with corresponding EPS of 0.81 RMB and 0.85 RMB [5]. - The target price for 2026 is set at 14.58 RMB, based on a PE ratio of 18x, which is higher than the comparable company average PE of 13x [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [1]. Core Insights - The company achieved a total revenue of 33.754 billion RMB in 2025, representing a year-on-year increase of 6.85%. The net profit attributable to shareholders was 1.001 billion RMB, up 17.26% year-on-year, exceeding expectations due to the expansion of its energy and chemical business and the implementation of a diversified energy strategy [1][2]. - The company's diversified energy strategy is expected to drive long-term growth, with active expansion into sectors such as petrochemicals, hydrogen energy, thermal energy, photovoltaics, and energy storage, enhancing its revenue sources and aligning with industry trends [3]. - The financial position remains robust, with total assets of 20.193 billion RMB at the end of 2025, a 4.05% increase year-on-year. The company has a high dividend policy, distributing 0.25 RMB per share, with a payout ratio of 66%, ensuring strong shareholder returns [4]. Summary by Sections Financial Performance - In 2025, the company supplied 4.931 billion cubic meters of natural gas, with revenue from the urban gas business at 12.493 billion RMB, down 14.83% year-on-year. However, the energy and chemical business generated 15.717 billion RMB, a 20.97% increase, becoming the core driver of revenue growth [2]. - The company plans to maintain a cash dividend of no less than 65% of the net profit attributable to shareholders for the next three years, reinforcing its commitment to shareholder returns [4]. Growth Strategy - The company is not limited to traditional gas operations but is actively pursuing a diversified energy layout, which is expected to inject new momentum into its long-term development [3]. - The strategic focus on "energy + technology + supply chain" is showing positive results, with the company effectively mitigating risks associated with single business fluctuations and enhancing profitability [2][3]. Valuation and Forecast - The profit forecast for 2026 and 2027 has been raised by 1.3% to 1.05 billion RMB and 1.1 billion RMB, respectively, with corresponding EPS of 0.81 RMB and 0.85 RMB. The target price has been adjusted to 14.58 RMB based on a 18x PE ratio for 2026 [5][7].

Core Viewpoint - The company reported a revenue increase of 6.85% year-on-year for the fiscal year 2025, driven by the expansion of its energy and chemical businesses, despite a decline in urban gas revenue [1] Financial Performance - The total operating revenue for 2025 reached 33.754 billion yuan, with a net profit attributable to shareholders of 1.001 billion yuan, reflecting a year-on-year growth of 17.26% [1] - Operating profit was 1.381 billion yuan, up 12.38% year-on-year, while total profit increased by 14.64% to 1.415 billion yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.958 billion yuan, marking an 18.52% increase [1] - Basic earnings per share were 0.69 yuan, a 13.11% increase year-on-year, with a weighted average return on equity of 17.98%, up 0.59 percentage points [1] Asset and Cash Flow - As of the end of 2025, total assets amounted to 20.193 billion yuan, a 4.05% increase from the beginning of the year [1] - Shareholders' equity reached 9.002 billion yuan, reflecting a year-on-year growth of 5.71%, with net assets per share at 7.12 yuan, up 5.64% [1] - The net cash flow from operating activities was 1.955 billion yuan, an increase of 11.44% year-on-year [1] Strategic Direction - The company is focusing on a strategic development direction of "Energy + Technology + Supply Chain," while deepening its urban natural gas business and actively advancing into petrochemical products, hydrogen energy, thermal energy, photovoltaics, and energy storage [2] - The company aims to leverage technology for development and continues to engage in technological research and equipment manufacturing, as well as supply chain and other extended businesses to provide diverse energy options for users [2]

坚守"共享发展"理念，持续高分红彰显发展信心 在持续稳健经营的同时，佛燃能源始终坚守"共享发展"理念，不断加大股东回报力度。公司自2017年上 市以来，累计现金分红总额已达34.13亿元，远超IPO募集资金规模。自2024年起，公司进一步实施"年 度+中期"双分红机制，持续增强股东获得感。 2024年佛燃能源完成两次派息：第三季度特别分红每10股派2.5元（合计3.25亿元）及年度分红每10股派 2.3元（合计2.98亿元），全年合计分红6.23亿元。2025年已公告前三季度利润分配预案，拟每10股派2.5 元，合计3.25亿元，若后续年度分红实施，全年总额将高于该金额。近三年（2023–2025年）累计分红 占年均归母净利润比例超过200%，符合公司在《未来三年（2025–2027年）股东回报规划》中"每年现 金分红不低于归母净利润65%"的承诺。 前瞻布局SOFC及绿醇产能，培育业绩增长新动能 面对能源行业绿色转型的浪潮，佛燃能源明确"能源+科技+供应链"三大战略方向，在持续深耕城市天 然气业务的基础上，积极推进氢能、热能、光伏及储能等清洁能源领域的布局，同时，进军绿色氢基能 源产业，投资布局绿色甲醇项目 ...

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

Core Viewpoint - 佛燃能源 has achieved record-high operating results for the fiscal year 2025, with total revenue reaching 33.754 billion yuan, a year-on-year increase of 6.85% [1] - The net profit attributable to shareholders has surpassed 1 billion yuan for the first time, reaching 1.001 billion yuan, with a growth rate of 17.26% [1] Financial Performance - Total revenue for 2025 is 33.754 billion yuan, up 6.85% year-on-year [1] - Net profit attributable to shareholders is 1.001 billion yuan, reflecting a 17.26% increase [1] - The net profit after deducting non-recurring gains and losses grew by 18.52% [1] - Basic earnings per share increased to 0.69 yuan, a rise of 13.11% [1] - Net asset value per share rose to 7.12 yuan, a growth of 5.64% from the beginning of the period [1] Shareholder Returns - Total cash dividends for 2025 reached 623 million yuan, significantly above the industry average [1] - A special dividend of 2.5 yuan per 10 shares was distributed in the first three quarters of 2025, totaling approximately 324 million yuan [1] - The company plans to distribute an additional 2.3 yuan per 10 shares in the 2024 annual profit distribution, expected to total around 298 million yuan [1][2] - Since its IPO in 2017, the company has distributed over 3.4 billion yuan in cash dividends, exceeding the IPO fundraising scale [2] - The company commits to a cash dividend of no less than 65% of the current year's net profit attributable to shareholders for the next three years (2025-2027) [2] Strategic Direction - 佛燃能源 is focusing on the "energy + technology + supply chain" strategy, actively advancing in clean energy sectors such as hydrogen, thermal energy, photovoltaics, and energy storage [2] - The company is increasing investment in technology research and equipment manufacturing, expanding supply chain business and related services [2] - The management's strategic vision and execution have successfully opened new growth points in energy and chemicals while maintaining stable operations in traditional energy [2] - The company is expected to leverage its diversified industry layout and technological accumulation to create long-term value in the comprehensive energy service sector amid the ongoing "dual carbon" goals and accelerated energy structure transformation [2]

Core Viewpoint - The preliminary financial data for 2025 indicates a positive growth trajectory for the company, with significant increases in net profit and cash flow, despite a decline in urban gas revenue. The company is focusing on diversifying its energy offerings through technology and supply chain enhancements [3]. Financial Performance and Indicators - The total natural gas supply for the year was 4.931 billion cubic meters - Total operating revenue reached 33.754 billion yuan, representing a year-on-year increase of 6.85% - Urban gas revenue was 12.493 billion yuan, a decrease of 14.83% year-on-year - Revenue from energy chemicals was 15.717 billion yuan, showing a year-on-year growth of 20.97% - Net profit attributable to shareholders was 1.001 billion yuan, an increase of 17.26% year-on-year - Net cash flow from operating activities was 1.955 billion yuan, up 11.44% year-on-year - Total assets amounted to 20.193 billion yuan, reflecting a growth of 4.05% from the beginning of the year [3]. Strategic Direction - The company is pursuing a strategic direction of "Energy + Technology + Supply Chain," focusing on urban natural gas while actively advancing into petrochemical products, hydrogen energy, thermal energy, photovoltaics, and energy storage [3].

Major Events - Hualing Cable announced the termination of the acquisition of control over Xingxin Aerospace due to failure to reach consensus on specific agreement terms, stating that this decision will not adversely affect its operations or financial status [1] - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for 2025, driven by continuous price increases in tungsten raw materials and improved market conditions [1] Company Announcements - Zhongwei Semiconductor is set to launch its first non-volatile memory chip, a low-power SPI NOR Flash with a capacity of 4M bits, filling a product gap in the Flash sector [2] - Nanshan Aluminum plans to invest approximately 437 million USD in a 250,000-ton electrolytic aluminum project in Indonesia [4] - Xinfengming intends to acquire a 35% stake in Dushan Port Development to enhance its supply chain capabilities [5] - Jiangxi Copper signed a cooperation framework agreement with China Ordnance Material Group for the purchase and sale of copper and nickel products [6] Performance Forecasts - Wan Tong Development expects a net loss of 500 million to 750 million yuan for 2025, attributed to strategic shifts and increased impairment losses [12] - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, driven by growth in lithium battery materials [13] - Tianjian Technology forecasts a net loss of 176 million to 250 million yuan for 2025, with potential delisting risk due to financial performance [14] - Leading companies like Guotou Securities and Xiangcai Securities project significant profit growth for 2025, with Guotou expecting 3.42 billion yuan, a 35.18% increase [27][28] Industry Trends - The tungsten market is experiencing improved supply-demand dynamics, benefiting companies like Xianglu Tungsten [1] - The photovoltaic industry continues to face challenges, with companies like Trina Solar projecting substantial losses due to market pressures [19] - The aluminum sector is seeing investment growth, particularly in overseas projects, as indicated by Nanshan Aluminum's plans [4] Stock Movements - Hualing Cable's stock will not be adversely affected by the termination of the acquisition [1] - Companies like Hunan YN and Guotou Securities are expected to see positive stock performance due to favorable profit forecasts [13][27]