证券研究报告 昆仑能源 (135 HK) 港股通 天然气高效发展,价值重估进行时 零售气量有望高增长但价差或小幅承压,上调目标价 昆仑能源 1H24 零售气量增速有望领先同行,得益于工业气高增长;1H24 零售价差或小幅承压,受结构性因素和 LNG 竞争影响;远期看福建 LNG 接 收站投产填补市场空白。维持盈利预测,我们预计公司 2024-26 年核心利 润为 64.6/67.3/71.1 亿元。公司 2023 年核心利润派息比例 40%,目标在 2025 年达成派息比例 45%;我们预计 2024 年派息比例有望提升至 42%, 对应当前股息率 3.9%。目标价 10.71 港币(前值:8.15 港币),基于 13x 2024 年预期 PE 和港币/人民币汇率 0.91。目标 PE 高于三年平均 7.5 倍 PE,公 司长期价值有望重估,得益于更加明确的派息计划、强劲现金流支撑项目扩 张以及天然气终端市场地位提升。维持"买入"评级。 1H24 零售气量增速有望领先同行,得益于工业气高增长 公司零售气量增长表现优于同行,得益于工业客户的区位优势和市场开发的 气源优势;1H23/2023 年公司零售气量同比分 ...

证券研究报告·海外公司深度·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 中石油之子风鹏正举，随战略产业转移腾飞 2024 年 06月 01日 【勘误版】 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 [Table_EPS] 021-60199782 盈利预测与估值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 营业总收入（百万元） 172289 177726 190778 199725 211016 研究助理 谷玥 同比(%) 24.04 3.16 7.34 4.69 5.65 执业证书：S0600122090068 归母净利润（百万元） 5228 5682 6106 6560 7060 guy@dwzq.com.cn 同比(%) (77.29) 8.68 7.46 7.43 7.63 EPS-最新摊薄（元/股） 0.60 0.66 0.71 0.76 0.82 股价走势 P/E（现价&最新摊薄） 12.24 11.26 10.48 9.75 9.06 昆仑能源 恒生指数 [ [投TT aa 资b bl l要e e_ _点T S ...

证券研究报告·海外公司深度·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 中石油之子风鹏正举，随战略产业转移腾飞 2024 年 05月 31日 买入（首次） 证券分析师 袁理 [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600511080001 营业总收入（百万元） 172289 177726 190778 199725 211016 021-60199782 同比(%) 24.04 3.16 7.34 4.69 5.65 yuanl@dwzq.com.cn 归母净利润（百万元） 5228 5682 6106 6560 7060 研究助理 谷玥 同比(%) (77.29) 8.68 7.46 7.43 7.63 执业证书：S0600122090068 EPS-最新摊薄（元/股） 0.60 0.66 0.71 0.76 0.82 guy@dwzq.com.cn P/E（现价&最新摊薄） 12.45 11.45 10.66 9.92 9.22 股价走势 [ [TT aab bl le e_ _T Sa ug m] mary] 投资要点 昆仑 ...

研究报告Research Report 22 Apr 2024 昆仑能源 Kunlun Energy (135 HK) 工商业用户占比持续扩大，派息比例仍有上涨空间 Expansion of Industrial and Commercial User Proportion, Dividend Payout Ratio Still Has Upside Potential [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 2023年各业务板块全面盈利，期间费用率有所下降。公司2023年 现价 HK$7.00 实现营收 1,773.5 亿元，同比增长 3.2%；毛利率达 12.0%，同比下 目标价 HK$8.11 滑0.2pct；营业利润率达6.7%，同比增长0.2pct；净利率达5.2%， 同比增长 0.5pct；归母净利润 56.8 亿元，同比增长 8.7%。营收增 HTI ESG 4 ...

Natural Gas Sales and Volume - Natural gas sales business revenue reached RMB 140,600 million[3] - Total natural gas sales volume was 49,285 million cubic metres[3] - Sales volume of natural gas was 493 million cubic metres in 2023[7] - The total sales volume of natural gas reached 4.93 billion cubic meters in 2023, up from 4.50 billion cubic meters in 2022[13] - Natural gas sales volume was 49.285 billion cubic meters, a year-on-year increase of 9.6%, with retail gas sales volume at 30.312 billion cubic meters, up 9.2%[28] Revenue and Profit - Revenue for the year was RMB 177,354 million[5] - Profit attributable to shareholders was RMB 23,016 million[5] - Revenue for 2023 increased to RMB 177,354 million, up 3.15% from RMB 171,944 million in 2022[9] - Core profit before income tax expense for 2023 was RMB 13,101 million, compared to RMB 12,481 million in 2022[9] - The company achieved a revenue of RMB 177,354 million in 2023, a year-on-year increase of 3.1%[25] - Revenue for the year reached RMB 177.354 billion, a year-on-year increase of RMB 5.410 billion or 3.1%[26] - Revenue increased by 3.1% to RMB177,354 million compared to RMB171,944 million last year, driven by higher natural gas sales volume and prices[50] Earnings and Dividends - Basic earnings per share were RMB 265.80 cents[6] - Dividend per share was RMB 234.67 cents[6] - Earnings per share (Basic) rose to RMB 65.62 cents in 2023 from RMB 60.38 cents in 2022[11] - Dividend per share increased to RMB 28.38 cents in 2023 from RMB 25.39 cents in 2022[11] - Dividend payout ratio increased to 40.00% in 2023 from 35.00% in 2022[11] - The Group's 2023 final dividend is RMB28.38 cents per share, totaling approximately RMB2,457 million, with a payout ratio of 40%[184][187] - The company recommended a final dividend of RMB28.38 cents per share for 2023, totaling approximately RMB2,457 million, with a payout ratio of 40.00%[71] Profitability and Financial Ratios - Net profit margin improved to 5.22% in 2023 from 4.77% in 2022[11] - Return on total assets (ROA) increased to 6.55% in 2023 from 6.04% in 2022[11] - Liabilities-to-EBITDA ratio decreased to 3.17 in 2023 from 3.57 in 2022[11] - Profits before income tax increased by 10.5% to RMB 12,593 million in 2023[25] - Profit before income tax expense increased by 10.5% to RMB12,593 million compared to RMB11,392 million last year[49] - Profit attributable to shareholders increased by 8.7% to RMB5,682 million compared to RMB5,228 million last year[49] - Core profit attributable to shareholders decreased by 2.2% to RMB6,144 million compared to RMB6,281 million last year[49] LNG and Crude Oil Sales - LNG gasification, entrucking & processing volume was 191 million cubic metres in 2023[8] - Equity sales volume of crude oil was 1,354 10,000 barrels[8] - LNG gasification volume increased to 1.56 billion cubic meters in 2023, compared to 1.52 billion cubic meters in 2022[15] - The company's LNG processing volume remained stable at 28 million cubic meters in 2023[15] - Equity sales volume of crude oil decreased to 921,000 barrels in 2023 from 1,105,000 barrels in 2022[15] - LNG gasification and entrucking volume at Tangshan and Jiangsu LNG terminals totaled 16.326 billion cubic meters, a year-on-year increase of 3.1%[32] - Equity sales volume of crude oil was 9.21 million barrels, a year-on-year decrease of 1.84 million barrels or 16.7%, with sales revenue dropping 60.2% to RMB 911 million[33] User and Market Growth - Cumulative users reached 15,604,000 with 890,000 new users added[3] - The number of city gas projects in operation reached 280 across various provinces in 2023[17] - Cumulative number of users reached 15.604 million, a year-on-year increase of 6.1%[28] - The company added 12 new city gas projects and 15 new projects including Changzhou Kunlun were put into production and consolidated[34] - 48% of project companies achieved residential gas sales using the price linkage mechanism[34] - The annual apparent consumption of natural gas in China increased by 7.6% to 3,945.3 billion cubic meters in 2023[22] Environmental and Social Responsibility - Methane emission intensity decreased by 32% compared to 2020, and carbon dioxide emission intensity decreased by 6%[40] - The company achieved energy savings of 24 million tons of standard coal in 2023[40] - The company invested over RMB 16 million in social welfare, consumption assistance, and rural revitalization[41] - The Group emphasizes environmental protection and promotes energy conservation and emission reduction as part of its long-term strategy[182][185] Corporate Governance and Board Activities - The Board has a strong element of independence and effectively exercises independent judgement[84] - The Board consists of at least three independent non-executive directors, with one possessing appropriate professional qualifications or financial management expertise[84] - Independent non-executive directors represent at least one-third of the Board[84] - The Board has adopted a Board Diversity Policy and a Nomination Policy to align with diversity requirements[86][90] - The Nomination Committee reviews the Board's structure, size, composition, and diversity at least once a year[91] - Board appointments are based on meritocracy, contributions to the Board, and objective criteria including skills, knowledge, experience, gender, age, ethnicity, and educational background[92] - As of 31 December 2023, the Board's age diversity includes 14% aged 50-59, 29% aged 60-69, and 57% aged above 70[94] - The Board currently has all male Directors and aims to appoint at least one female board member by 31 December 2024[97][98] - As of 31 December 2023, the Group had 27,138 employees, with male and female employees accounting for 68% and 32% respectively[99] - The Board held four meetings, three Audit Committee meetings, one Remuneration Committee meeting, two Nomination Committee meetings, and one Sustainability Committee meeting during the year[106] - All Executive Directors attended all four Board meetings, with Mr. Fu Bin and Mr. Gao Xiangzhong also attending Nomination Committee and Sustainability Committee meetings respectively[108] - Independent Non-executive Directors attended all Board meetings and relevant committee meetings, with Dr. Liu Xiao Feng and Mr. Tsang Yok Sing Jasper attending all committee meetings[108] - Notices for regular Board meetings are served at least 14 days in advance, with agenda and Board papers sent at least 3 days before each meeting[109] - The Chairman, CEO, CFO, and Company Secretary attend Board and committee meetings to advise on business developments, financial matters, and corporate governance[110] - The Audit Committee reviewed the company's annual results and found no material uncertainties affecting its ability to continue as a going concern[122] - The Audit Committee conducted three meetings during the year to deliberate on financial results, internal controls, and the re-appointment of the independent auditor[119][121] - The Remuneration Committee reviewed management's remuneration proposals and made recommendations based on corporate goals, individual performance, and market conditions[123] - The company's Board has four committees: Audit, Remuneration, Nomination, and Sustainability, each with defined written terms of reference[115] - The Chairman and Chief Executive Officer roles are held by separate individuals, with Mr. Fu Bin as Chairman and Mr. Qian Zhijia as CEO[113][116] - The Audit Committee comprises three Independent Non-executive Directors, including one with professional accounting or financial management expertise[118] - The company ensures Directors receive adequate, complete, and reliable information in a timely manner for decision-making[114] - The Remuneration Committee is chaired by Dr. Liu Xiao Feng and focuses on transparent procedures for determining remuneration[123] - The company supports the division of responsibilities between the Chairman and CEO to ensure a balance of power and authority[113][116] - The Audit Committee reviewed the company's financial reporting system, internal control system, and risk management system for adequacy and effectiveness[119] - The majority of the company's management received remuneration totaling around RMB 8 million in 2023[127] - The Remuneration Committee held one meeting during the year to review the company's remuneration policy and structure[126] - The Nomination Committee held two meetings during the year to review board composition and director re-election proposals[128] - The Board reviewed the effectiveness of the company's internal controls and risk management systems during the year[130] - The audit fees charged by PricewaterhouseCoopers for the Company and its subsidiaries amounted to approximately RMB14 million, a decrease from RMB15 million in 2022[133] - The fees charged by other auditors of the Group for audit services and non-audit services during the Year amounted to approximately RMB17 million and RMB2 million respectively, compared to RMB8 million and RMB2 million in 2022[133] - Two general meetings were held on 31 May 2023 and 16 November 2023, which were the 2023 annual general meeting and special general meeting[136] - The attendance records of the Directors to the 2023 annual general meeting and special general meeting show full attendance for most directors, except for Mr. Zhou Yuanhong who missed the special general meeting[137] - A special general meeting can be convened by shareholders holding at least one-tenth of the paid-up capital of the Company with voting rights[138] - The Company has adopted a new arrangement for the dissemination of corporate communication, allowing shareholders to request printed copies in addition to electronic distribution[139] - The company adopted new bye-laws on 31 May 2023 to comply with the Core Shareholder Protection Standards and incorporate housekeeping amendments[143] - The company maintains a website (http://www.kunlun.com.hk) for extensive business updates, financial information, and corporate governance practices[143] - The company’s internal control system includes a well-established organizational structure, comprehensive policies, and an internal audit department[144] - The Board annually assesses the effectiveness of the Group’s internal control system, covering financial, operational, compliance controls, and risk management[145] - The company identified and monitored eight major risks in 2023, focusing on dynamic monitoring and alert systems[148] - The company ensured winter natural gas supply by coordinating incremental resources to balance market demand and supply[150] - The company strengthened terminal purchase and marketing price differential management, incorporating it into annual performance contracts[150] - The company implemented a weekly dynamic analysis mechanism to stay updated on market changes and optimize marketing strategies[150] - The company achieved a 100% pipeline digitization rate through the production management system, realizing comprehensive factor coverage and online management mode[153] - The company strengthened cooperation with key chemical users, promoting regional resource recycling and repurchase of by-product resources through raw material supply[151] - The company expanded import resource procurement channels, opening a Russian gas import route in the Hunchun direction and organizing sales of Kazakhstan gas beyond Xinjiang to the Ningxia region[151] - The company formulated the "Four Principles" for third-party management, including detailed data, complete markers, and graded control for pipeline management[153] - The company implemented the "Five-step Method" for third-party pipeline construction management, achieving closed-loop management of third parties[153] - The company strengthened risk prevention and control, clarifying conditions and strategies for project termination or withdrawal based on market risks[152] - The company improved the efficiency of pre-planning work, simplifying feasibility study procedures and implementing project classification and authorization management[152] - The company promoted the use of vibration warning, smart AI video surveillance, and drones for pipeline inspection, constructing an all-round three-dimensional protection network[153] - The company standardized safety inspection procedures, enhancing the capability of safety inspectors and improving the quality of safety inspections[154] - The company implemented IoT-powered gas meters, stainless steel corrugated hoses, self-closing valves, and combustible gas alarms to reduce safety incidents caused by improper customer-end operation[154] - Strengthened policy research and response by collecting and studying national and local policies, enhancing analysis and response strategies at bi-weekly and monthly meetings[156] - Promoted two contango exercises for heating and non-heating periods, ensuring a stable year-on-year increase in the purchase and marketing price differential[156] - Integrated gas station business by leasing stations to refined oil sales enterprises to eliminate uncertainty and expand gas supply scale[156] - Increased end-user development to diversify user structure and offset lower gas consumption in a single industry due to policy reasons[156] - Revised the "Management Measures for the Selection of Cooperative Shareholders" to improve standards and implement risk prevention and compliance management[157] - Strengthened communication with cooperative shareholders and monitored their operating conditions to adopt early risk mitigation measures[157] - Conducted annual special inspections of guarantee and credit business, identifying no new irregularities in guarantee matters[160] - Strengthened project supervision and inspection, implementing closed-loop management of identified problems[162] - Regularly convened special coordination meetings and provided onsite guidance to strengthen project process control and management[162] - Enhanced accountability management by holding responsible units and persons accountable for serious and typical problems found during inspections[162] Future Development and Strategy - The company aims to achieve "multi-energy integration" and "new energy" installed capacity of one million kilowatts by 2025[46] - The company is focusing on the integration of gas and new energy to broaden the road of green and low-carbon transformation[171] - The company is accelerating the building of smart gas enterprises by strengthening data intelligence and establishing a full-process data management chain[174] - The company is promoting the local price linkage mechanism to improve the upstream and downstream cost transmission mechanism[171] - The company is actively exploring emerging businesses such as carbon sink, carbon trading, and methane escape detection[171] - The company is striving to create a safe gas enterprise that allows the government to rest assured and the people to rest assured[174] - The company is enhancing modern governance by focusing on ESG management efficiency[174] - The company is expanding the new mode of service system based on customer needs to achieve sustainable development[170] - The company is promoting the integration of "One City, One Gas Supplier" projects to maintain a market size with steady growth[171] - The company is actively carrying out the exploration of photovoltaic, wind energy, geothermal, and biomass fields[171] - National natural gas consumption is expected to grow by approximately 6% in 2024, with power generation gas leading the growth[42][44] - The company is confident in its performance guidance and future development under the national "carbon peak and carbon neutrality" goals[43][45] Financial and Operational Costs - Purchases, services, and others increased by 3.4% to RMB151,091 million compared to RMB146,077 million last year, in line with natural gas sales growth[50] - Employee compensation costs increased by 3.8% to RMB5,970 million compared to RMB5,749 million last year, remaining stable at 3.37% of operating revenue[51] - Depreciation, depletion, and amortization increased by 2.1% to RMB4,992 million compared to RMB4,887 million last year[52] - Other selling, general, and administrative expenses decreased by 3.0% to RMB3,656 million compared to RMB3,770 million last year due to strict cost control[53] - Interest expenses for the year increased by 6.8% to RMB960 million compared to RMB899 million last year[54] - Total interest expenses for the year increased by 2.8% to RMB995 million compared to RMB968 million last year[54] - Capitalized interest expenses under construction-in-progress decreased by 49.3% to RMB35 million compared to RMB69 million last year[54] - Share of profits less losses of associates decreased by 11.2% to RMB466 million compared to RMB525 million last year[55] - Employee compensation costs increased by 3.8% to RMB5,970 million compared to RMB5,749 million last year[56] - Depreciation, depletion, and amortization increased by 2.1% to RMB4,992 million compared to RMB4,887 million last year[57] - Other selling, general, and administrative expenses decreased by 3.0% to RMB3,656 million compared to RMB3,770 million last year[57] - Share of profits less losses of joint ventures increased by 24.0% to RMB579 million compared to RMB467 million last year[60] - Total assets of the Group increased by 3.3% to RMB143,519 million compared to RMB138,892 million last year[61] - The gearing ratio of the Group decreased by 1.55% to 22.71% compared to 24.26% last year[63] - The company has formulated a three-year dividend distribution plan aiming to achieve an annual dividend payout ratio of 45% of the Group's annual profit attributable to shareholders by the financial year ending 31 December 2025[71] - The company plans to declare interim and final dividends twice a year for the financial years ending 31 December 2024 and 2025[71] - The company's distributable reserves as of 31 December 2023 were RMB 10,284 million, including RMB 109 million in contributed surplus and RMB 10,175 million in retained earnings[197] - The company's distributable reserves as of 31 December 2022 were RMB 10,949 million, including RMB 109 million in contributed surplus and RMB 10,840 million in retained earnings[197] Customer and Market Satisfaction - Customer survey satisfaction rate increased to 99.5%[39][40] - The company secured new energy installation indicators totaling 4.302 million kilowatts in regions such as Xinjiang, Hebei, and Shandong[39] - Value-added business revenue increased by 21% year-on-year[39] - The company operated

业绩点评 业绩点评 24 年零售气量持续增长，派息率将稳步提升 昆仑能源（0135.HK） 2024-03-27 星期三 主要财务指标 关键指标 2020A 2021A 2022A 2023A 营业总收入(人民币 109,251 138,547 171,944 177,354 百万元) 增长率(%) 7.33 26.82 24.11 3.15 归母净利润(人民币 6,063 23,016 5,228 5,682 百万元) 增长率(%) 9.22 279.61 -77.29 8.68 EPS(稀释)（元） 0.70 2.66 0.60 0.66 ROE(摊薄)(%) 11.31 40.90 8.73 8.96 ROA(%) 5.60 7.53 8.42 8.98 相关报告 数据来源：Wind、公司公告、国元证券经纪（香港）整理 业绩点评： ➢ 23年核心利润低于预期： 2023 年公司实现收入为人民币 1,773.54 亿元，同比增加 3.15%；公司股 东应占溢利 56.82 亿元，同比增加8.68%；每股基本盈利 65.62 分，拟派 发股息每股 28.38 分。股东应占核心溢利为人民币 61.4 亿元，同 ...

Investment Rating - The report maintains an "Overweight" rating for Kunlun Energy with a target price of HKD 8.45 [2] Core Views - Kunlun Energy's 2023 performance met expectations with stable retail price spreads and a focus on shareholder returns through a three-year dividend plan [2] - The company aims for growth in 2024 with rapid expansion in value-added services [2] - Kunlun Energy's retail gas price spread met expectations at RMB 0.501 per cubic meter, with LNG terminal utilization rate significantly improving to 90.6% in 2023 [2] - The company announced a three-year dividend plan, aiming to increase the payout ratio from 40% to 45% by 2025 [2] - Kunlun Energy's 2024 operational targets include a 10% YoY increase in natural gas retail volume and a 7% YoY increase in LNG plant processing volume [2] - Value-added services showed strong growth, with e-commerce platform sales reaching RMB 74.65 million, a 366% YoY increase, and gas appliance sales reaching 45,900 units, a 58.8% YoY increase [2] Financial Summary - Kunlun Energy's 2023 revenue was RMB 177.35 billion, a 3.1% YoY increase, with net profit attributable to shareholders of RMB 5.682 billion, an 8.7% YoY increase [3] - Natural gas sales revenue reached RMB 140.6 billion, a 6.6% YoY increase, with pre-tax profit of RMB 8.32 billion, a 6.3% YoY increase [3] - LNG business revenue was RMB 9.04 billion, a 5.9% YoY increase, with pre-tax profit of RMB 3.65 billion, a 15.6% YoY increase [3] - The company's 2024-2026 EPS forecasts were adjusted to RMB 0.74, RMB 0.78, and RMB 0.85, respectively [3] Comparable Company Valuation - Kunlun Energy's 2024E PE ratio is 8.46x, lower than the industry average of 9.25x [4] - The company's 2024E EPS is forecasted at RMB 0.74, with a target price of HKD 8.45 based on a 10.5x PE ratio [4]

港股公司报告 | 公司点评 昆仑能源（00135） 证券研究报告 2024年03月 27日 投资评级 分红有效提升，工商业销气量维持高增 行业 公用事业/公用事业 6个月评级 买入（维持评级） 昆仑能源2023年业绩发布 当前价格 6.79港元 目标价格 港元 2023 年公司实现收入人民币1,773.54 亿元，同比+3.1%；归母净利润人民 币56.82亿元，同比+8.7%。净利率为5.22%（2022年为4.77%），净资产回 基本数据 报率达到11.12%（2022 年为 10.48%）。公司 2023 年派息率从35%提升至 港股总股本(百万股) 8,658.80 40%，每股股息达到0.2838元人民币，同比+11.78%。 港股总市值(百万港元) 58,793.26 每股净资产(港元) 8.09 天然气销售：工商业持续高增长，毛差水平保持稳定。 资产负债率(%) 40.23 一 年内最高/最低(港元) 7.75/5.45 2023 年公司新增12 个城燃项目，总项目数量达到280 个。实现天然气销 量492.85 亿立方米，同比增长9.6%，其中，实现零售气量303.12 亿立方 作者 米，同比 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 公共事业 | 公司研究 工业气量保持高增，毛差仍具修复空间 2024年3月26日 昆仑能源 (00135:HK) 买入 昆仑能源发布2023年业绩报告，2023年公司实现营业收入1773.54亿元，同比增长3.1%； 归属于上市公司股东的净利润为 56.82 亿元，同比增加8.68%；归母核心利润61.44亿元， 维持评级 同比下跌 2.18%。公司2023 年分红率为 40%，每股派息0.2838元/股，根据3 月26 日收 盘价计算股息率为4.55%。公司业绩表现略低于我们的预期，主要受下半年公司受员工激励、 资产减值、原油销售价格下降及零售气顺价进度慢于预期等因素叠加所致。 市场数据：2024年3月26日 工业气表现强劲引领天然气销量稳健增长，顺价进度较缓拖累下半年业绩。2023全年公司天 收盘价（港币） 6.79 然气总销售量492.85亿m³，同比增加9.6%，零售气量303.11亿m³，同比增加9.2%。其 恒生中国企业指数 5825.42 中占零售气量比重达69% ...

Natural Gas Sales Performance - Natural gas total sales volume increased by 9.55% to 49,285 million cubic meters in 2023 from 44,988 million cubic meters in 2022[1] - Natural gas retail sales volume grew by 9.19% to 30,312 million cubic meters in 2023 from 27,762 million cubic meters in 2022[1] - Revenue from natural gas sales increased to RMB 140,600 million in 2023, up from RMB 131,892 million in 2022[16] - Natural gas sales segment contributed the highest revenue at RMB 142.887 billion in 2023, an increase from RMB 133.987 billion in 2022[12][13] - Natural gas sales volume reached 49.285 billion cubic meters, a year-on-year increase of 9.6%[31] - Retail gas volume was 30.312 billion cubic meters, up 9.2% year-on-year, with cumulative users reaching 15.604 million, a 6.1% increase[31] Financial Performance - Revenue increased by 3.15% to RMB 177,354 million in 2023 from RMB 171,944 million in 2022[1] - Profit before tax rose by 10.54% to RMB 12,593 million in 2023 from RMB 11,392 million in 2022[1] - Net profit attributable to shareholders increased by 8.68% to RMB 5,682 million in 2023 from RMB 5,228 million in 2022[1] - EBITDA grew by 8.31% to RMB 17,675 million in 2023 from RMB 16,319 million in 2022[1] - Basic earnings per share increased by 8.68% to RMB 65.62 in 2023 from RMB 60.38 in 2022[1] - Total revenue for 2023 reached RMB 182.861 billion, with external customer revenue at RMB 177.354 billion, up from RMB 178.404 billion and RMB 171.944 billion respectively in 2022[12][13] - Segment performance (excluding tax and share of profits/losses from associates and joint ventures) for 2023 was RMB 11.548 billion, up from RMB 10.400 billion in 2022[12][13] - Profit before tax for 2023 was RMB 12.593 billion, compared to RMB 11.392 billion in 2022[12][13] - Revenue for the year reached RMB 177.354 billion, an increase of RMB 5.410 billion or 3.1% year-on-year[30] - Net profit attributable to shareholders was RMB 5.682 billion, up RMB 454 million or 8.7% year-on-year[30] - The company achieved a pre-tax profit of approximately RMB 12,593 million, a 10.5% increase compared to the previous year's RMB 11,392 million[39] - Revenue for the year was approximately RMB 177,354 million, a 3.1% increase from the previous year's RMB 171,944 million, driven by higher natural gas sales volume and prices[40] - The company's net profit attributable to shareholders was approximately RMB 5,682 million, an 8.7% increase from the previous year's RMB 5,228 million[39] - The company's core profit attributable to shareholders was RMB 6,144 million, a 2.2% decrease from the previous year's RMB 6,281 million[39] Assets and Liabilities - Total assets increased to RMB 143,519 million in 2023 from RMB 138,892 million in 2022[5] - Total equity rose to RMB 85,783 million in 2023 from RMB 80,702 million in 2022[5] - Net current assets increased to RMB 22,615 million in 2023 from RMB 16,955 million in 2022[6] - Total assets increased to RMB 143.519 billion in 2023 from RMB 138.892 billion in 2022[14] - The company's non-current segment assets increased by RMB 4.803 billion in 2023, compared to RMB 6.230 billion in 2022[12][13] - Accounts receivable (net of impairment) decreased to RMB 1,977 million in 2023 from RMB 2,887 million in 2022[25] - Contract liabilities increased to RMB 13,596 million in 2023 from RMB 12,621 million in 2022[26] - Accounts payable decreased to RMB 2,790 million in 2023 from RMB 3,112 million in 2022[28] - The company's total assets as of December 31, 2023, were approximately RMB 143,519 million, a 3.3% increase from the previous year's RMB 138,892 million[45] - The company's capital-to-liability ratio decreased to 22.71% from 24.26% in the previous year[46] - Total assets pledged as collateral for bank loans amounted to RMB 818 million as of December 31, 2023, down from RMB 958 million in 2022[47] LNG and LPG Sales Performance - The LNG processing and storage segment saw a decrease in revenue from RMB 12.810 billion in 2022 to RMB 12.167 billion in 2023[12][13] - LNG processing and storage service revenue rose to RMB 9,042 million in 2023, compared to RMB 8,542 million in 2022[16] - LPG sales revenue decreased to RMB 26,801 million in 2023 from RMB 29,224 million in 2022[16] - LPG sales volume was 5.7677 million tons, up 2.7% year-on-year, but revenue decreased by 8.3% to RMB 26.801 billion[32] - LNG processing and storage business revenue increased by 5.9% to RMB 9.042 billion, with LNG gasification and loading volume reaching 16.326 billion cubic meters, up 3.1% year-on-year[32] Exploration and Production Performance - Exploration and production segment revenue dropped significantly from RMB 2.286 billion in 2022 to RMB 911 million in 2023[12][13] - Crude oil sales revenue was RMB 2,286 million in 2023[16] - Crude oil equity sales volume decreased by 16.7% to 9.21 million barrels, with average realized crude oil sales price dropping to $66.9 per barrel[32] Dividend and Shareholder Information - The proposed final dividend for 2023 is RMB 2,457 million, compared to RMB 2,198 million for 2022[23] - The company's basic earnings per share (EPS) for 2023 was RMB 5,682 million, up from RMB 5,228 million in 2022[22] - The proposed final dividend for 2023 is RMB 28.38 per share, totaling approximately RMB 2,457 million, with a payout ratio of 40.00%[55] - The company plans to gradually increase its annual dividend payout ratio, aiming to reach 45% of the annual profit attributable to shareholders by the fiscal year ending December 31, 2025[50] - The company has a dividend policy that ensures a minimum annual dividend payout of 25% of the consolidated annual profit attributable to shareholders, subject to certain considerations[49] - Shareholders choosing to receive the 2023 final dividend in RMB must ensure they have an appropriate bank account to cash RMB checks, and no guarantee is provided regarding fees, delays, or the ability to cash RMB checks outside Hong Kong[56] - Beneficial owners of shares registered in the name of a nominee, trustee, or other registered holder must make appropriate arrangements to receive the 2023 final dividend in RMB, or they will receive it in HKD[56] - Shareholders must return share transfer documents by June 4, 2024, to be eligible to receive the 2023 final dividend[57] - Share transfer registration will be suspended from June 5 to June 6, 2024, for determining eligibility to receive the 2023 final dividend[57] Corporate Governance and Compliance - The company adopted revised accounting standards, including HKFRS 17 for insurance contracts, with no material impact on financial statements[9] - The company is evaluating the potential impact of new accounting standards set to take effect from 2024 onwards, currently expecting no significant impact[10] - The company maintains high corporate governance standards and has complied with all code provisions of the Corporate Governance Code[52] - The audit committee reviewed and confirmed the annual results for the year ended December 31, 2023[53] - The company has no significant acquisitions or disposals during the year[47] - The company has no significant contingent liabilities that would materially affect its financial position or performance[48] - The company has not purchased, sold, or redeemed any of its shares during the year[51] Operational and Strategic Developments - The company added 12 new city gas projects and achieved a retail gas volume increase of 9.2% year-on-year[33] - The company secured new energy installation indicators totaling 4.302 million kilowatts in regions such as Xinjiang, Hebei, and Shandong[33] - Methane emission intensity decreased by 32% compared to 2020, and CO2 emission intensity decreased by 6%[34] - The company aims to achieve a "multi-energy integration" and "new energy" installed capacity of 1 million kilowatts by 2025[37] Employee and Cost Management - The company's procurement, services, and other costs were approximately RMB 151,091 million, a 3.4% increase from the previous year's RMB 146,077 million, mainly due to increased natural gas procurement[41] - The company's employee compensation costs were approximately RMB 5,970 million, a 3.8% increase from the previous year's RMB 5,749 million[42] - The company employed 27,138 employees globally as of December 31, 2023, a decrease from 30,916 in 2022[47] Interest and Financing - Interest expenses on bank loans increased to RMB 566 million in 2023 from RMB 541 million in 2022[17] - The company's interest expense for the year was approximately RMB 960 million, a 6.8% increase from the previous year's RMB 899 million[44] Shareholder Meetings and Reporting - The 2024 Annual General Meeting (AGM) will be held on May 30, 2024, and the notice of the AGM will be sent to shareholders along with the 2023 Annual Report[56] - Shareholders must return share transfer documents by May 24, 2024, to be eligible to attend and vote at the 2024 AGM[56] - Share transfer registration will be suspended from May 27 to May 30, 2024, for determining eligibility to attend and vote at the 2024 AGM[56] - The 2023 Annual Report will be published on the company's website and the Hong Kong Stock Exchange website in due course[57]