华安证券：给予华光环能增持评级

Core Viewpoint - The company has faced short-term pressure on its performance due to challenges in its power station and municipal engineering businesses, alongside seasonal impacts on revenue in Q1 2025 [2] Financial Performance - In 2024, the company achieved revenue of 9.113 billion, a year-over-year decline of 13.31%; net profit attributable to shareholders was 704 million, down 4.98%; and non-recurring net profit was 388 million, down 24.00%. The gross margin was 19.18%, an increase of 0.86 percentage points year-over-year [1] - For Q4 2024, the company reported revenue of 1.881 billion, a decrease of 33.03% year-over-year; net profit attributable to shareholders was 223 million, down 1.34%; and non-recurring net profit was 159 million, up 510.88%. The gross margin was 30.97%, an increase of 11.49 percentage points year-over-year [1] - In Q1 2025, the company recorded revenue of 1.965 billion, a year-over-year decline of 32.25%; net profit attributable to shareholders was 129 million, down 30.77%; and non-recurring net profit was 117 million, down 35.23%. The gross margin was 20.34%, an increase of 4.26 percentage points year-over-year [1] Business Challenges - The revenue decline in Q1 2025 was primarily due to a contraction in the power station and municipal engineering businesses, as well as seasonal fluctuations in boiler product shipments [2] - The decrease in non-recurring net profit in Q1 2025 was attributed to a reduction in dividends from the company's associate, York Air Conditioning, by 30 million, and losses from Highjia Solar, leading to a decrease in investment income by 36 million, alongside the decline in engineering business revenue [2] Growth Opportunities - The company has achieved a breakthrough in hydrogen energy orders, which is expected to become a new growth point. In 2024, the company launched its 1500Nm3/h alkaline electrolyzer product, reaching the highest industry standards and filling a domestic gap [3] - The company completed the first phase of a 500MW intelligent production base for hydrogen production in 2024 and secured orders for 2×100Nm3/h from Shanghai Lianfeng, as well as winning part of the equipment and systems for the world's largest integrated green hydrogen and ammonia project [3] - The company continues to be shortlisted for the 2025 hydrogen production project by China Energy Construction, indicating high industry recognition. Since 2024, multiple hydrogen energy incentive policies have been introduced at the national level, with a public tender volume of 1.77GW for electrolyzers expected [3] Investment Recommendations - The company is projected to achieve net profits attributable to shareholders of 819 million, 900 million, and 1.008 billion for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 11, 10, and 9 times, maintaining an "overweight" rating [4]