Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a slight decline in revenue for 2025, achieving HKD 20.912 billion, down 1.9% year-on-year, with a core profit of HKD 1.573 billion, also down 1.7% [7]. - The gross margin is steadily recovering, with a guidance for 2026 indicating an increase in city gas price difference to HKD 0.59 per cubic meter, up from HKD 0.58 in 2025 [7]. - The renewable energy business is experiencing significant profit growth, with a 36% increase in photovoltaic power generation to 2.48 billion kWh, despite a decrease in profit due to lower unit margins [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: HKD 21,314 million - 2025: HKD 20,912 million - 2026E: HKD 21,852 million - 2027E: HKD 21,908 million - 2028E: HKD 22,392 million - Net profit forecasts are: - 2024: HKD 1,606 million - 2025: HKD 1,585 million - 2026E: HKD 1,605 million - 2027E: HKD 1,714 million - 2028E: HKD 1,837 million [6][8].
港华智慧能源（01083）：毛差稳步回升，低碳利好可再生能源业务