Core Viewpoint - Shenzhen Gas reported a net profit of 638 million yuan for H1 2025, a year-on-year decrease of 13.61% despite achieving record high operating metrics [1] Financial Performance - The company's gas resource revenue reached 3.406 billion yuan in H1 2025, marking a significant year-on-year increase of 123.88% [1] - The revenue from the smart services segment was 319 million yuan, reflecting a substantial decline of 68.76% year-on-year, with gross profit dropping by 68.96% to 177 million yuan [1] User Growth - As of June 30, 2025, the total number of pipeline gas users reached 8.62 million, with a net increase of 210,000 users since the beginning of the year [1] - In the Greater Bay Area, the user base expanded to 5.88 million, with a net increase of 120,000 users, while other regions accounted for 2.74 million users, with a net increase of 90,000 [1] Strategic Initiatives - The company is actively expanding its market presence in the Greater Bay Area, focusing on urban gas, power plants, and integrated energy solutions [1] - A strategic cooperation agreement was signed with the government of Shanwei City to promote collaboration in the Dongguan energy market [1] - In H1 2025, the company successfully expanded its user base by adding two power plant customers in the Greater Bay Area, continuing to enhance its gas-electricity integration strategy [1]
研报掘金丨东莞证券:维持深圳燃气“买入”评级,燃气资源收入大幅增长