机构：天风证券 研究员：张樨樨/厉泽昭 中华煤气旗下大型城燃公司，领先布局智慧能源 从结构上看，管道天然气销售业务是公司最主要的收入来源，2024 年占总营收比例达到80%。 城燃行业销气量增速趋缓，毛差有望改善 五大城燃公司销气增速跟随行业放缓，行业集中度趋于集中。2024 年城燃行业毛差整体有所改善，除 昆仑能源因加气站移交影响下滑，华润燃气、中国燃气、港华智慧能源均有所增长，分别较2023 年提 升了0.02、0.037、0.02 元/方。伴随国际气价中枢下跌，主要城燃公司采购成本均呈现不同幅度下降。 公司从1994 年运营城燃业务至今已建立了庞大的客户资源及业务网络，基础稳健。2024 年集团的城市 燃气项目累计总数达191 个，2024 年燃气销售量达172.01 亿立方米，同比增长4.5%，其中零售气量136 亿方，同比增长3%。集团致力加强天然气供应的自主性，提升用气高峰季节的调峰能力并保持价格稳 定。 港华智慧能源致力为客户提供一站式的清洁能源方案，于内地营运城市管道燃气及建设燃气管网，并积 极拓展智慧能源系统业务，包括可再生能源发电、数码化能源管理服务及碳管理服务等。公司前身为港 华燃气，控 ...

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].