佛燃能源（002911）：点评报告：城燃主业保持稳健，供应链业务成长性凸显

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 31.589 billion yuan for 2024, representing a year-on-year increase of 23.70%. The operating profit was 1.229 billion yuan, down 9.38% year-on-year, while the net profit attributable to shareholders was 0.853 billion yuan, up 1.03% year-on-year. The net profit after deducting non-recurring items was 0.808 billion yuan, reflecting a year-on-year increase of 13.81% [1][5] Summary by Sections City Gas Business - The city gas business is expected to grow steadily, with a domestic natural gas supply of 4.907 billion cubic meters in 2024. The sales volume for city gas is projected to be 4.499 billion cubic meters, a slight decrease of 1.52% year-on-year, with a unit price of approximately 3.26 yuan per cubic meter, down 5.19% year-on-year. The revenue from city gas is expected to decline by 6.63% [2] R&D and Equipment Business - The R&D and equipment manufacturing segment achieved significant breakthroughs, including the construction of a 300kW SOFC system and the addition of 10 energy-saving transformation projects for kiln production lines. This segment's revenue reached 0.069 billion yuan, marking a substantial year-on-year increase of 80.83% [3] Supply Chain Business - The supply chain business, which includes natural gas and refined oil products, saw a revenue increase of 83.21% year-on-year, reaching 15.847 billion yuan. This growth is attributed to the establishment of a supply chain network centered around Nansha storage and the participation in international LNG trade [4] Financial Summary - The company is projected to achieve revenues of 39.270 billion yuan, 49.226 billion yuan, and 60.453 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.31%, 25.35%, and 22.81%. The net profit attributable to shareholders is expected to be 0.979 billion yuan, 1.162 billion yuan, and 1.400 billion yuan for the same years, with corresponding growth rates of 14.76%, 18.71%, and 20.48% [5][9]