Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company reported a stable performance in the first half of 2025, with a slight decrease in revenue but an increase in core profit [7] - The company plans to distribute its first interim dividend of HKD 0.05 per share [7] - The gas sales margin has shown a steady recovery, supported by cost reduction and pricing strategies [7] - The company aims to increase its self-sourced gas supply to 10 billion cubic meters by 2030, enhancing its profitability [7] - The photovoltaic power generation segment has seen significant growth, with a 44% increase in output [7] - The company has successfully raised funds through REITs, enhancing its cash flow and investment capacity in renewable energy projects [7] Financial Data and Profit Forecast - Revenue for 2023 is projected at HKD 19,842 million, with a slight increase to HKD 21,463 million in 2025 [6][8] - The net profit attributable to shareholders is expected to grow from HKD 1,575 million in 2023 to HKD 1,729 million in 2025, reflecting an 8% increase [6][8] - Earnings per share are forecasted to remain stable, with a slight increase from HKD 0.48 in 2023 to HKD 0.48 in 2025 [6][8] - The price-to-earnings ratio is projected to be 9.0 for 2025, indicating a reasonable valuation [6][8]
港华智慧能源（01083）：上半年量价稳中有增，核心利润保持增长