Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report highlights that the company's core profit growth was below expectations, primarily due to slower growth in retail gas volume and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a P/E ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with retail gas volume up by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with new residential connections down by 15.8% [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume up by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year [7] - The total capital expenditure for 2024 is projected at HKD 4.42 billion, a decrease from the previous year [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a new estimate of HKD 5.38 billion for 2027 [7][8]

Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report indicates that the company's core profit growth is not meeting expectations, primarily due to lower-than-expected retail gas volume growth and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a price-to-earnings (P/E) ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with a segment profit margin of 65.1%. Retail gas volume grew by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with a significant drop in new connections for residential users [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume rising by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year. Capital expenditures are projected at HKD 4.42 billion [7] - The dividend for 2024 is set at HKD 0.95 per share, with expectations to increase the dividend amount or payout ratio in 2025 [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a growth rate of approximately 9.2% to 9.9% for the following years [7][8]

Core Viewpoint - On March 31, 2025, Xiaomi Group-W (01810), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Shanghai-Hong Kong Stock Connect, with trading amounts of 6.14 billion, 4.18 billion, and 4.06 billion respectively [1][2] Group 1: Southbound Trading Performance - In the southbound trading of the Shanghai-Hong Kong Stock Connect, the top three companies by trading volume were Xiaomi Group-W (01810) with 6.14 billion, Tencent Holdings (00700) with 4.18 billion, and SMIC (00981) with 4.06 billion [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, the top three companies were Xiaomi Group-W (01810) with 3.89 billion, Alibaba-W (09988) with 2.67 billion, and Tencent Holdings (00700) with 2.48 billion [1][2] Group 2: Net Inflow and Outflow - In the southbound trading of the Shanghai-Hong Kong Stock Connect, Xiaomi Group-W (01810) had a net inflow of 132 million, Tencent Holdings (00700) had a net inflow of 371 million, and SMIC (00981) had a net inflow of 40.28 million [2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810) had a net inflow of 209 million, while Alibaba-W (09988) and Tencent Holdings (00700) experienced net outflows of 585 million and 253 million respectively [2]

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 20.80, representing a potential downside of 26.2% from the current price of HKD 28.20 [1][4][17]. Core Insights - The company's operational and profit growth for 2024 is under pressure, necessitating a rebalancing of its future profit structure [2]. - The core profit for 2024 is expected to be significantly below market expectations, with a forecast of HKD 4.15 billion, which is 30% lower than the previous expectations [7]. - The company has seen a 20% year-on-year decrease in residential connections, which is a major factor contributing to the lower-than-expected profitability [7]. - The retail gas volume growth for the year is projected at 2.9%, below the anticipated 5%, influenced by a warmer winter [7]. - The dividend policy appears irregular, causing confusion among investors, with a projected decline in the full-year dividend payout ratio to 52% from 2023 [7]. Financial Overview - Revenue is projected to grow from HKD 101.27 billion in 2023 to HKD 102.68 billion in 2024, reflecting a modest year-on-year growth of 1.4% [3][18]. - Net profit is expected to decline from HKD 5.22 billion in 2023 to HKD 4.09 billion in 2024, marking a significant year-on-year decrease of 21.7% [3][18]. - The earnings per share (EPS) is forecasted to remain flat at HKD 1.79 for 2024, with a slight increase to HKD 1.89 in 2025 [3][18]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 15.7 in 2023 to 14.9 in 2025, indicating a declining valuation trend [3][18]. Operational Data - The residential gas sales volume is expected to increase from 9.44 million cubic meters in 2023 to 10.04 million cubic meters in 2024, representing a growth rate of 2.9% [10]. - The company anticipates a decrease in new residential connections, with projections of 2.69 million in 2024, down from 3.37 million in 2023 [10]. - The retail gas margin is expected to slightly improve to RMB 0.54 per cubic meter by 2025 [10].

Investment Rating - The investment rating for China Resources Gas (01193) is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of HKD 102.68 billion for 2024, a year-on-year increase of 1.4%. The core profit was HKD 4.15 billion, showing a slight increase of 0.02%, while the profit attributable to shareholders decreased by 21.7% to HKD 4.09 billion [1]. - The gas sales business demonstrated resilience with a total gas sales volume of 39.91 billion cubic meters, up 2.9% year-on-year. The average gas sales cost decreased to HKD 2.89 per cubic meter, leading to a gross margin of HKD 0.53 per cubic meter, an increase of 0.02 year-on-year [2]. - The new user connection growth slowed down due to a decline in new construction in the real estate sector, with new residential users decreasing by 15.8% to 2.791 million. The profit from the connection business fell by 27.6% to HKD 2.93 billion [3]. - The comprehensive service business achieved a revenue of HKD 4.21 billion, with a profit of HKD 1.4 billion, while the comprehensive energy business saw a revenue increase of 13.8% to HKD 1.87 billion [4]. - The company maintained a stable dividend policy, proposing a core dividend of HKD 0.95 per share, a 3.4% increase year-on-year, with a payout ratio of 53% [5]. Summary by Sections Financial Performance - Revenue for 2024 was HKD 102.68 billion, a 1.4% increase year-on-year. Core profit was HKD 4.15 billion, with a slight increase of 0.02%. Profit attributable to shareholders decreased by 21.7% to HKD 4.09 billion [1]. Gas Sales Business - Total gas sales volume reached 39.91 billion cubic meters, up 2.9% year-on-year. The average gas sales cost was HKD 2.89 per cubic meter, down by HKD 0.1, resulting in a gross margin of HKD 0.53 per cubic meter, an increase of HKD 0.02 year-on-year. The profit from gas sales was HKD 7.975 billion, reflecting an 8.6% increase [2]. User Connections - New residential user connections decreased by 15.8% to 2.791 million due to a decline in real estate construction. The profit from the connection business fell by 27.6% to HKD 2.93 billion, with a profit margin of 31.6%, down approximately 5.5 percentage points [3]. Comprehensive Services and Energy - The comprehensive service business generated HKD 4.21 billion in revenue, with a profit of HKD 1.4 billion. The comprehensive energy business saw a revenue increase of 13.8% to HKD 1.87 billion, with a gross profit of HKD 360 million, a 33.6% increase [4]. Dividend Policy - The company proposed a core dividend of HKD 0.95 per share, a 3.4% increase year-on-year, with a payout ratio of 53% [5]. Profit Forecast and Valuation - The company expects pressure on connection business in 2025, but growth in gas volume and gross margin indicates resilience. Projected net profits for 2025-2027 are HKD 4.33 billion, HKD 5.02 billion, and HKD 5.87 billion, representing year-on-year growth of 5.9%, 15.9%, and 17% respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under pressure due to a warm winter and impacts from the real estate sector, but the dividend logic is gradually being realized [5] - The company reported a revenue of HKD 102.68 billion for 2024, a year-on-year increase of 1.4%, and a net profit of HKD 4.09 billion, a decrease of 21.7% compared to the previous year, which was below market expectations [7] - The company plans to distribute a dividend of HKD 0.95 per share for 2024, with the cash dividend amounting to 52.71% of the net profit [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: HKD 101.27 billion - 2024: HKD 102.68 billion - 2025E: HKD 105.54 billion - 2026E: HKD 108.01 billion - 2027E: HKD 110.57 billion - Net profit projections are as follows: - 2023: HKD 5.22 billion - 2024: HKD 4.09 billion - 2025E: HKD 4.72 billion - 2026E: HKD 5.51 billion - 2027E: HKD 6.19 billion - The company’s earnings per share (EPS) for 2025 is projected to be HKD 2.04, with a price-to-earnings (P/E) ratio of 14 [6][8] Operational Insights - Retail gas sales volume for 2024 is expected to reach 39.91 billion cubic meters, a year-on-year increase of 2.9%, with residential, industrial, and commercial sales volumes growing by 6.3%, 1.5%, and 3.8% respectively [7] - The company’s connection profit continues to shrink, with a reduction in new residential connections by 620,000 to 2.693 million, leading to a decline in connection business profits [7] - The company’s capital expenditure for 2024 is projected at HKD 4.42 billion, a decrease of HKD 3.47 billion year-on-year, contributing to an improvement in free cash flow [7] Future Outlook - The company is expected to see a rebound in performance as the real estate market stabilizes, with a focus on optimizing its gas sales business and improving profitability [7] - The long-term downward trend in gas prices is anticipated to enhance cost efficiency, with the company signing a 15-year LNG supply agreement starting in 2027 [7]

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 20.80, indicating a potential downside of 26.2% from the current price of HKD 28.20 [1][4][17]. Core Insights - The company's operational and profit growth for 2024 is under pressure, necessitating a rebalancing of its future profit structure [2]. - The core profit for 2024 is expected to be significantly below market expectations, with a forecast of HKD 4.15 billion, which is 30% lower than previous estimates [7]. - The company has seen a 20% year-on-year decrease in residential connections, which is a major factor contributing to the disappointing earnings [7]. - Despite a 67% increase in interim dividends, the final dividend is expected to drop by 30% due to weaker performance in the second half of the year [7]. - The company is projected to experience a compound annual growth rate (CAGR) of only 6% in profits from 2024 to 2027 [7]. Financial Overview - Revenue is projected to grow from HKD 101.27 billion in 2023 to HKD 111.29 billion by 2027, with a CAGR of 3.2% [3][18]. - Net profit is expected to decline from HKD 5.22 billion in 2023 to HKD 4.99 billion in 2027, reflecting a downward trend in profitability [3][18]. - The earnings per share (EPS) is forecasted to increase gradually from HKD 1.79 in 2023 to HKD 2.16 in 2027, with a notable adjustment of -32.5% for 2025 [3][18]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 15.7 in 2023 to 13.1 by 2027, indicating a declining valuation trend [3][18]. Operational Data - The residential gas sales volume is expected to grow from 9.44 million cubic meters in 2023 to 12.01 million cubic meters by 2027, with a growth rate of 3.3% [10]. - The company anticipates a decrease in new residential connections, projecting 2.30 million in 2025, down 14% from the previous year [10]. - The retail gas margin is expected to stabilize at RMB 0.54 per cubic meter by 2025 [10].

Core Viewpoint - China Resources Gas has experienced a significant decline in performance, leading to a sharp drop in its stock price, which fell by 17.55% to HKD 23.25 per share, with a total market capitalization of HKD 53.801 billion [1] Financial Performance - For the fiscal year 2024, China Resources Gas reported revenue of HKD 102.676 billion, a year-on-year increase of 1.4% [4] - Core profit was HKD 4.148 billion, showing a minimal increase of 0.02% [5] - Shareholders' profit attributable to the company was HKD 4.088 billion, a decrease of 21.7% compared to the previous year [4][5] - Basic earnings per share were HKD 1.8 [4] Business Segments - Retail gas sales volume reached 39.907 billion cubic meters, reflecting a year-on-year growth of 2.9%, with residential, industrial, and commercial gas volumes increasing by 6.3%, 1.5%, and 3.8% respectively [5] - The comprehensive service business generated revenue of HKD 4.21 billion, up 4% year-on-year, with profit increasing by 2.1% to HKD 1.4 billion [5] Capital Expenditure and Cash Flow - Capital expenditure for 2024 was HKD 4.42 billion, a significant decrease of 56%, which contributed to a 14.2% increase in free cash flow to HKD 2.58 billion [7] Dividends - The company proposed a final dividend of HKD 0.7 per share, bringing the total annual dividend to HKD 0.95 per share, with a payout ratio of 53%, down from HKD 1.16 per share the previous year [9] Future Outlook - Analysts remain optimistic about China Resources Gas, anticipating a potential revaluation of the company's value due to the stable profit contribution from gas sales and the effective compensation from dual comprehensive services for the decline in connection business profits [10] - Shenwan Hongyuan estimates a reasonable market value of HKD 80.38 billion based on a 16x PE ratio for 2025, indicating a potential upside of 23.2% from the current market capitalization [10] - Huatai Securities set a target price of HKD 28.5, based on a 15x PE ratio for 2025, reflecting an increase in the profit contribution from sustainable business segments [10]

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 102,676 million, an increase of 1.4% from HKD 101,272 million in 2023[3] - Core profit for the same period was HKD 4,148 million, showing a marginal increase of 0.02% compared to HKD 4,147 million in 2023[3] - Profit attributable to the company's owners decreased by 21.7% to HKD 4,088 million from HKD 5,224 million in 2023[3] - Total comprehensive income for the year was HKD 4,410 million, a decrease from HKD 5,428 million in 2023[5] - Basic earnings per share for the year were HKD 1.80, down from HKD 2.30 in 2023[5] - Total revenue for the year ended December 31, 2024, was HKD 102,675,888,000, with a pre-tax profit of HKD 7,746,214,000[17] - The company achieved a total classified profit of HKD 13,079,019 for the year, with significant contributions from various service segments[20] - The company’s interest income from loans to subsidiaries increased significantly to HKD 53,772 in 2024 from HKD 12,024 in 2023, indicating improved financial management[25] - The company’s employee costs totaled HKD 6,642,541 for the year, showing an increase from HKD 6,338,861 in the previous year, reflecting growth in workforce and compensation[26] Sales and Revenue Breakdown - Total gas sales volume increased by 2.9% to 39,907 million cubic meters from 38,784 million cubic meters in 2023[3] - The revenue breakdown includes sales of gas fuel and related products at HKD 85,565,630,000, gas connection services at HKD 9,250,793,000, and integrated services at HKD 4,205,793,000[17] - Total natural gas sales increased by 2.9% to 39.91 billion cubic meters, with industrial sales at 20.42 billion cubic meters (up 1.5%) and residential sales at 10.04 billion cubic meters (up 6.3%) [37] - The company developed 53,000 new industrial users and 2.693 million new residential users, with the average gasification rate increasing from 59.3% to 60.4% [38] Assets and Liabilities - Non-current assets increased to HKD 103,014 million from HKD 102,417 million in 2023[6] - Current liabilities rose to HKD 53,837 million from HKD 51,109 million in 2023[6] - Total assets as of December 31, 2024, amounted to HKD 132,482,695,000, with classified assets of HKD 92,618,333,000[18] - Total liabilities were reported at HKD 68,511,719,000, with classified liabilities of HKD 31,456,819,000[18] - Trade receivables decreased to HKD 9.82 billion from HKD 11.44 billion, with receivables aged 0 to 90 days at HKD 6.15 billion [32] - Trade payables decreased to HKD 11.98 billion from HKD 14.44 billion, with payables aged 0 to 90 days at HKD 9.16 billion [33] Dividends and Shareholder Information - The proposed final dividend for the year is HKD 0.70 per share, down from HKD 1.0069 per share in the previous year, totaling HKD 1.58777 billion [29] - The proposed final dividend for 2024 will be paid in Hong Kong dollars, with an option for shareholders to receive it in Renminbi at a rate of HKD 1.0 to RMB 0.92319[51] - The final dividend per share in Renminbi will be RMB 0.6462358 for those opting for this currency[51] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.70 per share, totaling HKD 0.95 per share for the year, down from HKD 1.1569 per share in 2023[48] Strategic Initiatives and Market Expansion - The company plans to continue expanding its market presence and enhancing operational efficiency in response to the green energy transition [35] - The company is focusing on strategic partnerships and market expansion to leverage opportunities in urban redevelopment and industrial customer development [38] - In 2024, the company signed 7 new projects and registered 4 projects, expanding its franchise area by 2,678 square kilometers, with a potential gas sales volume of 610 million cubic meters and 98,000 new residential users[39] - The company is actively expanding into Hong Kong and overseas markets, establishing investment platforms and joint ventures to promote business growth[42] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with most applicable provisions[53] - The company deviated from the governance code regarding the formal appointment letters for directors and the separation of roles between the chairman and CEO[54] - All directors have complied with the standard code of conduct for securities trading during the reporting period[55] - No significant events occurred after the reporting date that could impact the company's operations or performance[56] Environmental, Social, and Governance (ESG) Focus - The company emphasizes ESG management, maintaining an MSCI ESG rating of A, and is committed to sustainable development and compliance with environmental standards[44] - The company aims to enhance its comprehensive energy solutions and capitalize on the growing demand for clean energy in the Chinese market[46] Miscellaneous - The chairman expressed gratitude to business partners, customers, and shareholders for their support and acknowledged the hard work of all employees[58] - The annual report will be sent to shareholders and published on the Hong Kong Stock Exchange website and the company's website[57] - The company will suspend share transfer registration from May 23, 2025, to May 28, 2025, for the annual general meeting[50]

加税40天已过，中方转守为攻，美国想要的15年大单，中方给了澳 自中方对美加征关税至今，已经过去了40天，中方所说的"奉陪到底"，特朗普终究是没能领会，中方这次转守为攻，将美国的大单，转头交给了澳大利亚。 今年2月10日，为反制美国对中国输美产品加征10%关税，中国对原产于美国的部分进口商品加征关税，其中，对液化天然气（LNG）加征的关税达到了 15%。到今天，40天过去了，美媒突然发现中方的反制措施不止加征关税而已，这回中方似乎要反过来先和美国"脱钩"了。 当地时间3月18日，彭博社发布报道称，从船舶跟踪数据来看，中国已经40天没有从美国进口LNG了，并且中国买家已经找到了新供应商，这似乎预示着， 中国之后也没有恢复美国LNG进口的打算。 美国的能源供应商和肉品加工厂之所以过得这么艰难，都要归咎于美国政府对所谓"公平贸易"的狂热追求。特朗普上任短短五十几天，美国已经借由各种名 目对中国加征了至少三轮关税，中国外交部、商务部几次强调，"美方如果别有所图，执意损害中国的利益，中方必将奉陪到底"，表明已经做好了应战的准 备。这四十天的时间也已经给到了美方，但美方还是没能做出正确的决定，中方也只能为自保主动出击。 ...