证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他（电话会议） | | 活动参与人员 | 广发证券、招商信诺资产、东方证券、中金公司、国泰基金、同泰基金、 | | | 逸桦（香港）有限公司、上海石锋资产、广东海辉华盛、上海利幄私募 | | 时间 2025 | 年 8 月 26 日 15:00-16:00 | | 地点 | 公司会议室 | | 形式 | 电话会议 | | 上市公司接待人 | 副总裁兼财务负责人：谢丹颖；证券事务代表：李瑛；SOFC 项目负责 | | 员姓名 | 人：陈锦芳；IR 负责人：潘攀 一、公司经营情况介绍 | | | 公司以"能源+科技+供应链"为发展方向，深耕城市燃气业务，不 断深挖能源产业链禀赋，创新业务模式，积极拓展新能源业务，同时加 | | | 大科技研发投入，积极推进供应链业务及其他延伸业务的发展。2025 | | | 年上半 ...

每经AI快讯，万憬能源（SZ 002700，收盘价：7.56元）8月20日晚间发布公告称，公司第五届第二十八 次董事会会议于2025年8月19日在新疆阿克苏地区阿克苏市兰干街道海江社区英阿瓦提路2号商业楼B座 D22会议室，以现场和通讯表决的方式召开。会议审议了《公司2025年半年度报告及摘要的议案》等文 件。 每经头条（nbdtoutiao）——最火游资不再是方新侠、章盟主、佛山无影脚？这名95后声名鹊起！ （记者 张喜威） 2025年1至6月份，万憬能源的营业收入构成为：城市燃气行业占比100.0%。 截至发稿，万憬能源市值为31亿元。 ...

Core Viewpoint - The insurance industry is increasingly engaging in stock acquisitions, with a focus on undervalued, low-volatility, high-dividend, and high-certainty performance assets, as evidenced by the recent stake increase in Hong Kong-listed company Honghua Wisdom Energy by Hongkang Life [1][2][4] Group 1: Recent Developments - Hongkang Life acquired an additional 458,000 shares of Honghua Wisdom Energy, raising its stake to 5% and triggering a regulatory notice [2] - The total value of Hongkang Life's holdings in Honghua Wisdom Energy is approximately RMB 660 million, representing 1.31% of its total assets as of Q2 2025 [2] Group 2: Industry Trends - The insurance sector has seen 22 instances of stock acquisitions this year, continuing a trend from the previous year, with a significant proportion involving H-shares [2][3] - Public utilities are a favored sector for insurance capital, along with banking, energy, transportation, environmental protection, and electrical equipment companies, which typically exhibit low valuations and high dividend yields [3] Group 3: Investment Strategy - Insurers are increasingly focused on stable cash flow and dividend income, driven by pressure for asset reallocation and the need for long-term stable investment returns [4] - The shift in accounting standards and increased investment pressure have led to a new wave of stock acquisitions by insurers, who are seeking high-dividend assets that align with their long-term investment goals [4] - Regulatory encouragement for long-term capital investment is expected to further enhance the space for insurance capital in the stock market [4]

Core Viewpoint - The company, Hong Kong and China Gas, is expanding its clean energy solutions and has shown significant growth in revenue and profit, particularly in its core natural gas sales and renewable energy sectors [1][2]. Group 1: Company Overview - Hong Kong and China Gas, established in 1862, is a leading utility provider in Hong Kong and one of the largest energy suppliers globally, focusing on smart energy solutions [1]. - The company operates city gas distribution and is actively expanding its smart energy systems, including renewable energy generation and digital energy management services [1]. Group 2: Financial Performance - The company's revenue has grown from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, with a CAGR of 13.5% [1]. - The net profit attributable to shareholders reached HKD 1.606 billion in 2024, marking a year-on-year increase of HKD 31 million, while core profit rose by 34.5% to HKD 1.601 billion [1]. - The natural gas sales segment remains the primary revenue source, accounting for 80% of total revenue in 2024 [1]. Group 3: Industry Trends - The growth rate of gas sales in the city gas industry is slowing, but the gross margin is expected to improve, with major companies like Hong Kong and China Gas seeing increases in their margins [1]. - The total number of city gas projects reached 191 in 2024, with gas sales volume hitting 17.201 billion cubic meters, a 4.5% increase year-on-year [1]. Group 4: Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power [2]. - The renewable energy business turned profitable in 2023, achieving a net profit of HKD 0.78 billion, and is projected to reach HKD 4.79 billion in 2024, a fivefold increase [2]. Group 5: Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are HKD 1.625 billion, HKD 1.68 billion, and HKD 1.734 billion, respectively, with corresponding EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [2]. - The company is currently valued below its peers in terms of PE and significantly lower in PB, indicating potential for valuation recovery [2].

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 4.62, based on a 10x PE valuation for 2026 [5]. Core Insights - The company, Honghua Smart Energy, is a leading urban gas company under China Gas Holdings, focusing on providing integrated clean energy solutions and expanding into renewable energy systems [1][12]. - The company has shown significant revenue growth, with a CAGR of 13.5% from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, and a core profit increase of 34.5% to HKD 1.601 billion in 2024 [2][23]. - The urban gas industry is experiencing a slowdown in gas sales growth, but the gross margin is expected to improve due to a decrease in international gas prices [3][59]. - The renewable energy segment has rapidly expanded, with net profits from this sector reaching HKD 4.79 billion in 2024, a fivefold increase from the previous year [4][19]. Summary by Sections Company Overview - Honghua Smart Energy is committed to providing one-stop clean energy solutions, operating urban pipeline gas and expanding into renewable energy systems, including digital energy management and carbon management services [1][12]. Revenue and Profitability - The company’s revenue has grown significantly, with a projected core profit of HKD 1.606 billion in 2024, marking a 34.5% increase [2][23]. - The main revenue source is pipeline natural gas sales, accounting for 80% of total revenue in 2024, while renewable energy revenue has increased from 5.3% in 2023 to 8.7% in 2024 [25][27]. Industry Trends - The urban gas industry is seeing a general slowdown in gas sales growth, with the company’s sales volume expected to reach 17.201 billion cubic meters in 2024, a 4.5% increase [3][71]. - The gross margin for the urban gas industry is improving, with the company’s procurement costs decreasing due to lower international gas prices [59][60]. Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power by the end of 2024 [4][19]. - The renewable energy business has turned profitable, achieving a net profit of HKD 0.78 billion in 2023 and projected to reach HKD 4.79 billion in 2024 [4][19]. Financial Forecast and Valuation - The forecasted net profits for the company are HKD 1.625 billion, HKD 1.680 billion, and HKD 1.734 billion for 2025, 2026, and 2027 respectively, with an EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [5][19].

Core Viewpoint - The urban gas industry is undergoing a transformation towards comprehensive energy services, embracing smart technologies and exploring international expansion opportunities, driven by the dual carbon goals and market reforms in China [1][5][9]. Industry Overview - The urban gas industry in China has evolved significantly since the "West-East Gas Pipeline" project in 2004, transitioning from a phase of rapid expansion to a period of deep adjustment due to market reforms and increased competition [1][7]. - The industry is now characterized by a fragmented structure with major players and numerous small enterprises, facing challenges such as aging infrastructure and intensified competition from electrification [1][7]. Transition to Comprehensive Energy Services - Urban gas companies are shifting from traditional gas sales to becoming comprehensive energy service providers, integrating electricity, gas, heat, and renewable energy sources [4][5]. - New opportunities are emerging under the dual carbon goals, prompting companies to innovate and adapt their business models to include energy efficiency and carbon reduction strategies [3][9]. Case Study: Dunhuang Textile - Dunhuang Textile has successfully reduced energy costs by 14% through energy efficiency upgrades and the implementation of a comprehensive energy management system, showcasing the potential benefits of transitioning to a comprehensive energy model [3][12]. - The company’s experience reflects a broader trend in the industry where traditional high-energy-consuming sectors are seeking to lower costs and improve competitiveness through integrated energy solutions [3][12]. Market Dynamics and Challenges - The demand for natural gas is declining, with a reported 1.3% year-on-year decrease in consumption from January to May, leading to financial pressures on urban gas companies [7][8]. - Companies are facing challenges from price fluctuations and regulatory constraints, which complicate their ability to maintain profitability in the face of rising operational costs [7][8]. Policy and Technological Support - Government policies are increasingly focused on establishing zero-carbon parks and promoting renewable energy integration, which is expected to drive the growth of comprehensive energy services [9][10]. - Technological advancements in renewable energy and energy management systems are reducing costs and enhancing the economic viability of comprehensive energy solutions [10][16]. Business Model Innovation - Urban gas companies are exploring different business models, including fixed-price and sharing models, to enhance profitability and align interests with customers [15][16]. - The shift towards a service-oriented approach requires companies to rethink their operational strategies, focusing on customer needs and collaborative value creation [15][16]. Future Outlook - The comprehensive energy market presents significant growth potential, particularly in energy efficiency retrofits and carbon reduction investments, estimated to be in the range of $0.7 trillion to $2.7 trillion for industrial sectors [14]. - As the market evolves, urban gas companies will need to enhance their operational and trading capabilities to remain competitive in the integrated energy landscape [16].

Core Insights - The urban gas industry is undergoing a transformation from resource-driven to service-oriented, driven by the breaking of licensing restrictions on gas franchise operations and the push towards comprehensive energy services under the "dual carbon" goals [1][2][7] Industry Overview - The urban gas sector in China has evolved significantly since the "West-to-East Gas Transmission" project in 2004, leading to a fragmented market dominated by a few large companies and thousands of smaller firms [1] - The industry is currently facing challenges due to market reforms, increased safety regulations, and competition from electrification [1][2] Transition to Comprehensive Energy Services - Urban gas companies are shifting from traditional gas sales to becoming comprehensive energy service providers, integrating electricity, gas, heat, and renewable energy systems [6][12] - New opportunities are emerging as companies adapt to the "dual carbon" goals, with a focus on energy efficiency and carbon reduction [2][5] Case Study: New Energy Solutions - New Energy has implemented energy-saving measures for clients, such as converting steam supply methods and installing rooftop solar panels, resulting in a 14% reduction in energy costs for a textile company [5][12] - The company plans to expand its energy efficiency initiatives to other industrial areas, emphasizing the importance of low-carbon energy solutions [5][12] Market Dynamics and Challenges - The demand for natural gas is declining, with a reported 1.3% decrease in consumption in early 2023, prompting companies to adjust their business models [8][10] - Urban gas companies are experiencing pressure from rising operational costs and market competition, leading to a decline in profit margins [10][11] Policy and Technological Support - Government policies are increasingly focused on zero-carbon initiatives, with a push for renewable energy integration and energy efficiency improvements [11][12] - Technological advancements in energy management, such as AI and big data, are being leveraged to optimize energy supply and demand [16][17] Business Model Innovations - Urban gas companies are exploring new business models, including fixed-price and sharing models, to enhance profitability and customer engagement [15][16] - The shift towards electricity as a core service is becoming a consensus in the industry, with companies developing integrated energy solutions [16][17]

Core Viewpoint - The increasing focus on ESG (Environmental, Social, and Governance) has positioned it as a key indicator of long-term corporate value in capital markets, with Tianlun Gas recognized for its outstanding ESG performance [1][2]. Group 1: ESG Implementation - Tianlun Gas integrates ESG principles into its core business, aligning with national "dual carbon" goals and rural revitalization strategies, aiming to become a leading green and low-carbon energy supplier in China [3]. - By the end of 2024, Tianlun Gas operates in 70 cities, serving over 5.8 million households and 52,000 businesses, with a total pipeline length of 9,507 kilometers and 51 gas stations [3]. - In 2024, Tianlun Gas reduced its total greenhouse gas emissions to 32,300 tons of CO2 equivalent, a decrease of 6.74% from the previous year, with emissions intensity down 7.35% to 4.16 tons per million revenue [3]. Group 2: Social Responsibility - The company emphasizes a people-centric approach, creating a win-win ecosystem for employees, customers, and communities, with 2,540 training sessions conducted in 2024, reaching 217,200 participants [4]. - Customer service has been enhanced through digital upgrades, achieving a 90% satisfaction rate in complaint handling in 2024 [4]. - Tianlun Gas has invested over 160 million yuan in public welfare initiatives, reflecting its commitment to corporate citizenship [4]. Group 3: Financial Performance and Market Position - Companies with strong ESG performance often achieve better financial outcomes, as seen with Tianlun Gas maintaining stable dividends and a high dividend yield of 6%, surpassing the industry average of 5% [6][7]. - Despite market pressures, Tianlun Gas has secured a $125 million green loan from the Asian Development Bank at an interest rate of approximately 3.8%, aiding in reducing overall financing costs [6]. - The company's current price-to-book ratio is 0.5, indicating a valuation at the lower end of its historical range, presenting a potential opportunity for long-term investors [7][8]. Group 4: Conclusion - As green and low-carbon practices become essential for survival, ESG is increasingly viewed as a source of internal growth for companies like Tianlun Gas, which aligns its strategies with national priorities [9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of HKD 80.25 billion for the fiscal year 2024/25, a decrease of 1.96% year-on-year, while the net profit attributable to shareholders increased by 2.09% to HKD 3.25 billion [8] - The company has improved its free cash flow, reaching HKD 4.66 billion, which exceeds the planned dividend payout of HKD 2.72 billion, indicating a sustained ability to distribute dividends [8] - The report highlights that retail gas sales volume faced pressure, but the progress in pricing adjustments was slightly better than expected [8] Summary by Sections Financial Performance - Total revenue for FY2024A is projected at HKD 81.86 billion, with a year-on-year decrease of 11.43% [1] - Net profit for FY2024A is estimated at HKD 3.19 billion, reflecting a year-on-year decrease of 25.82% [1] - The earnings per share (EPS) for FY2024A is projected at HKD 0.58, with a price-to-earnings (P/E) ratio of 12.54 [1] Business Segments - Natural gas sales segment profit increased by 7.94% to HKD 3.31 billion, but retail gas volume only grew by 0.02% to 23.52 billion cubic meters [8] - The connection business segment profit decreased by 25.39% to HKD 508 million, with residential connections declining by 15.5% [8] - The LPG sales segment profit dropped by 56.68% to HKD 52 million, influenced by international market conditions [8] - Value-added services segment profit grew by 10.59% to HKD 1.75 billion, supported by new business initiatives [8] Future Projections - The report projects net profit for FY2026E at HKD 3.48 billion, with a year-on-year growth of 6.93% [1] - The company aims to achieve a retail gas gross margin of HKD 0.55 per cubic meter and a retail gas volume growth of 2%+ for FY2026 [8] - The report introduces FY2028 profit forecasts of HKD 3.99 billion, with a projected P/E ratio of 9.99 [1]

Group 1 - Tianlun Gas (1600.HK) organized an analyst and investor tour in Gansu Province, focusing on urban gas projects in Baiyin City and Jingyuan County, with an emphasis on large industrial users and urban renewal projects [1] - Baiyin City demonstrated significant industrial development potential, with Tianlun Gas's urban gas project expected to achieve over 54 million cubic meters in commercial gas sales by 2024, having already exceeded performance targets in Q1 of this year [3] - The latest data from Baiyin City Bureau of Statistics indicated that from January to April, the industrial added value of above-scale industries grew by 15.5% year-on-year, with the coal, chemical, non-ferrous, and electricity sectors contributing to 87.7% of this growth [3] Group 2 - The State Council Information Office recently released the national economic operation data for May 2025, showing a year-on-year increase of 5.8% in industrial added value for above-scale industries, with a month-on-month increase of 0.61% [3] - From January to May, the national industrial added value for above-scale industries increased by 6.3% year-on-year, indicating robust industrial production growth supported by various policies [3] - Tianlun Gas has established 10 mature urban gas projects in the northwest region, leveraging the ongoing industrial development in local areas to provide strong internal growth momentum for its urban gas projects [3]