Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its natural gas and wind power segments [5][74]. Core Insights - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's wind power segment is expected to benefit from favorable market conditions and a strong project pipeline, particularly in offshore wind projects [2][52]. - The natural gas segment faces short-term challenges but has potential for growth with the upcoming commissioning of the second phase of the LNG terminal [3][63]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a substantial wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and a strong market position due to favorable trading policies [2][21]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY/kWh, maintaining stability compared to the previous year, with a market transaction volume ratio of 44.71% [50][48]. - The company has a robust project pipeline, including 430.99 million kW of approved but unconstructed projects, with a significant focus on offshore wind development [52][55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected at 5.888 billion cubic meters, reflecting a 15.13% year-on-year increase, although Q4 2024 shows a decline of 24.43% [3][59]. - The LNG terminal project is progressing, with the first phase operational and the second phase expected to enhance capacity significantly, targeting a total unloading capacity of 10 million tons per year [63][64]. - The natural gas segment's revenue for 2024 is estimated at 15.004 billion CNY, with a gross profit margin of 3.52%, indicating pressure on profitability [3][59]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion CNY, 24.034 billion CNY, and 26.960 billion CNY for 2025-2027, with corresponding net profits of 2.549 billion CNY, 2.516 billion CNY, and 2.990 billion CNY [73][74]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74][76].

文/梧桐兄弟 2月6日，上交所公布对安顺控股股份有限公司主板IPO终止审核的决定，直接原因是公司及保荐机构东海证券撤回申请。安顺控股于2022年12月向证监会申请主板 IPO，2023年3月注册制平移至上交所受理。公司最新版招股书于2023年3月1日公布。公司申报IPO拟募资6.5亿元。 一、地方性民营燃气企业，或不符合主板"板块定位" 安顺控股是一家长期专注于清洁能源供应领域的专业化城市燃气综合运营服务商，主要从事天然气销售和天然气设施设备安装服务。 公司现已取得的经营区域为江苏省溧阳市、安徽省宁国市、歙县、黟县、福建省南平市、政和县。 其中溧阳市、黟县，公司在所取得特许经营权的经营范围内独 家经营，不存在其他竞争对手。 公司与行业龙头，如新奥股份、深圳燃气等燃气企业相比，在城市燃气项目数量、品牌影响力、综合能源业务拓展能力等方面处于劣势。 但与其他民营燃气企业 相比，公司的城市燃气项目数量、单位管网供气量、市场份额、经营规模等均处于平均以上水平。 2019 年-2022 年 1-6 月，公司营业收入分别为 104,905.23 万元、107,141.18 万元、151,543.58 万元、93,757.9 ...