新奥能源：净利居首，业务有涨有跌

Core Viewpoint - The performance of four major gas companies in 2024 shows mixed results, with two companies reporting profit increases and two experiencing declines in net profit [1] Group 1: Financial Performance - Xinao Energy (02688.HK) reported a revenue of 109.85 billion yuan, a decrease of 3.5% year-on-year, and a net profit of 5.99 billion yuan, down 12.2% [1] - Kunlun Energy (00135.HK) achieved a revenue of 187.05 billion yuan, an increase of 5.5%, with a net profit of approximately 5.96 billion yuan, up 4.9% [1] - China Resources Gas (01193.HK) had a revenue of 102.68 billion HKD (approximately 96.70 billion yuan) and a net profit of 4.09 billion HKD (approximately 3.85 billion yuan), reflecting a significant decline of 21.7% [1] - Honghua Smart Energy (01083.HK) reported a revenue of 21.31 billion HKD (approximately 20.07 billion yuan), an increase of 7.4%, and a net profit of 1.61 billion HKD (approximately 1.51 billion yuan), up about 2% [1] - Overall, the four companies' net profit totaled approximately 17.31 billion yuan, a decrease of 1.59 billion yuan year-on-year, representing an 8.4% decline [1] Group 2: Gas Sales and Revenue Sources - Gas sales remain the primary revenue source for urban gas companies, with limited growth in natural gas revenue across the four companies [1] - Kunlun Energy led in total natural gas sales volume at 54.17 billion cubic meters, a year-on-year increase of 9.91% [1] - China Resources Gas reported natural gas sales of 39.91 billion cubic meters, up 2.9% year-on-year [1] - Xinao Energy's natural gas sales volume was 33.65 billion cubic meters, showing a slight increase of 0.09% [1] - Honghua Smart Energy's gas sales volume rose by 5% to 17.20 billion cubic meters [1] Group 3: Non-Gas Business Performance - The gas connection business revenue for urban gas companies declined due to the impact of the real estate market [1] - China Resources Gas saw a 15% decrease in gas connection revenue, while Honghua Smart Energy's connection sales fell slightly by 0.15% [1] - Xinao Energy's gas connection installation revenue dropped by 23.3%, and Kunlun Energy does not engage in gas connection business [1] - In non-gas business areas, the four urban gas companies showed better growth [1] - Xinao Energy's diversified energy business revenue grew by 5.2%, and its smart home business revenue increased by 24.1% [1] - China Resources Gas's comprehensive service revenue rose by 4%, with net profit increasing by 2.3% [1] - Honghua Smart Energy's renewable energy business revenue surged by 76.5%, with net profit increasing fivefold [1] - Kunlun Energy added multiple users, boosting industrial user sales and achieving profitability in its newly unified management of renewable and comprehensive energy businesses [1]