Core Viewpoint - North Gas Blue Sky (06828.HK) is making significant progress in its new energy transformation strategy in 2024, optimizing its business structure and expanding into the new energy sector [1][2]. Financial Performance - In 2024, North Gas Blue Sky achieved a total revenue of 1.688 billion RMB, with a net profit attributable to the parent company of 85.066 million RMB, and a pre-tax profit of 116 million RMB, reflecting a year-on-year growth of 16.4% [3]. - Despite a decline in revenue, the increase in profit highlights the company's effectiveness in cost control and business restructuring [3]. - The company successfully reduced financial costs by 36.3% through optimizing its financing structure, providing solid financial support for its transformation [3]. - The net asset size reached 1.48 billion RMB, with cash on hand amounting to 360 million RMB, indicating strong financial health [3]. Business Strategy - The overall operational strategy for 2024 focuses on leveraging the full industry chain advantages, consolidating the natural gas base, and steadily advancing new energy business [4]. - The total gas sales volume for 2024 was 546.7 million cubic meters, with the company holding a 29% stake in PetroChina's Jing-Tang project, which plays a crucial role in energy supply for the Beijing-Tianjin-Hebei region [4]. - The LNG receiving station at PetroChina Jing-Tang maintained stable operations, contributing approximately 302 million RMB in investment income for the company [4]. New Energy Business Development - North Gas Blue Sky is actively exploring opportunities in energy storage, distributed energy, and multi-energy complementarity, aiming to integrate its natural gas business with new energy [5][6]. - The company has increased the revenue share from its new energy business to nearly 1%, achieving this in less than six months, demonstrating effective execution [5]. - The acquisition of a 49% stake in Beijing Unait Energy Engineering Technology Co., Ltd. enhances the company's technical capabilities and accelerates its renewable energy business layout [7]. - The company also acquired assets related to the North Seven Business Park Energy Center project for 33 million RMB, which provides cooling and heating services to commercial and residential areas [8]. Market Potential and Future Outlook - The rapid development of the energy storage industry presents significant opportunities for North Gas Blue Sky, with a projected compound annual growth rate of 30.40%-37.1% for new energy storage installations in China from 2024 to 2030 [9]. - The company is strategically positioning itself in regions with advantageous electricity pricing policies, focusing on technology innovation and business model transformation to increase its market share in energy storage [9]. - The successful transition of the new energy business from "0 to 1" marks a critical step in the company's transformation, establishing a foundation for long-term development in technology reserves, market experience, and industry chain collaboration [10]. - With ongoing support from policies, technological advancements, and market demand, the long-term value of North Gas Blue Sky is expected to become more prominent as it continues to expand its energy storage applications [11].
北燃蓝天(06828.HK) 新能源转型成效显现，高效构筑增长新引擎