Investment Rating - The report assigns a "Neutral" rating to China Resources Gas (1193 HK) with a target price of HKD 28.90, indicating a potential upside of 9.9% from the current price of HKD 26.30 [1][11]. Core Insights - The report highlights a surprising growth in retail gas profits for the first half of the year, with core profits rising by 21% to HKD 3.46 billion, exceeding expectations by 8% [1]. - Retail gas volume increased by 5.3% year-on-year, with the gas sales margin improving to RMB 0.54 per cubic meter, compared to the expected RMB 0.50 [1][2]. - The company maintained a strong growth in comprehensive service revenue and operating profit, with year-on-year increases of 20% and 22% respectively, despite a 29% decline in profits from the connection engineering segment [1][2]. Financial Performance Summary - For the first half of 2023, total revenue was HKD 48.37 billion, with a gross profit margin of 18.7% [6]. - The company’s net profit for the first half of 2023 was HKD 3.55 billion, reflecting a year-on-year decrease of 2.5% [6][7]. - The report projects a compound annual growth rate (CAGR) of 9.8% for profits from 2023 to 2026, with net profits expected to reach HKD 7.03 billion by 2026 [2][5]. Earnings Forecast - The earnings forecast for 2024 and 2025 has been significantly raised, with retail gas volume expected to grow by 5.3% and 5.1% respectively, and gas sales margins projected at RMB 0.53 and RMB 0.54 per cubic meter [2][5]. - The anticipated new residential connections for 2024 and 2025 are 2.8 million and 2.4 million respectively, reflecting a decline from previous years [2][5]. Valuation and Dividend Outlook - The report maintains a conservative valuation approach, applying a 10x price-to-earnings ratio for 2025 forecasts, which is a 32% discount to the company's historical average [2]. - The interim dividend for the first half of 2023 was raised by 67% to HKD 0.25 per share, with expectations for a slight increase in the payout ratio for 2024 [1][2].

Financial Performance - Revenue for the first half of 2024 reached HKD 52,076 million, an increase of 7.7% compared to HKD 48,370 million in the same period of 2023[2] - Profit attributable to owners of the company was HKD 3,457 million, a decrease of 2.5% from HKD 3,545 million year-on-year[2] - Basic earnings per share decreased to HKD 1.52, down 2.6% from HKD 1.56[5] - Total comprehensive income for the period was HKD 4,001,829 thousand, compared to HKD 3,329,991 thousand in the previous year[5] - The net profit for the six months ended June 30, 2024, was HKD 3,456,742,000, compared to HKD 3,545,256,000 for the same period in 2023, reflecting a decrease of approximately 2.5%[21] - The group’s pre-tax profit for the six months ended June 30, 2024, was HKD 5,716,425,000, compared to HKD 5,592,066,000 for the same period in 2023, showing a slight increase of approximately 2.2%[13][14] Sales and Customer Growth - Total gas sales amounted to 20,901 million cubic meters, reflecting a growth of 5.3% from 19,842 million cubic meters in the previous year[2] - The total number of connected customers increased to 58.84 million, up by 5.3% from 55.85 million[2] - For the six months ended June 30, 2024, total external sales reached HKD 52,075,587,000, an increase from HKD 48,369,601,000 for the same period in 2023, representing a growth of approximately 5.5%[13][14] - The company developed 25,000 new industrial users and 1.031 million new residential users, with 882,000 from new housing connections and 134,000 from old housing connections[36] Assets and Liabilities - Non-current assets totaled HKD 103,213,990 thousand, slightly up from HKD 102,417,286 thousand at the end of 2023[6] - Current liabilities increased to HKD 57,056,620 thousand from HKD 51,108,934 thousand, indicating a rise in financial obligations[6] - The group’s total liabilities exceeded current assets by approximately HKD 20,583,243,000 as of June 30, 2024, raising concerns about liquidity[12] - The company's total liabilities decreased to HKD 74,783,013,000 from HKD 74,487,403,000, indicating a reduction in financial obligations[15] - As of June 30, 2024, total assets amounted to HKD 139,687,367,000, a slight increase from HKD 137,871,085,000 as of December 31, 2023[15] Dividends and Shareholder Returns - The company declared a final dividend of HKD 1.0069 per share, totaling HKD 2,283,866,000, for the year ended December 31, 2023[20] - The mid-term dividend declared is HKD 0.25 per share, an increase from HKD 0.15 per share in the same period last year[47] - The company will distribute the interim dividend for the first half of 2024 in Hong Kong dollars, with an option for shareholders to receive it in Renminbi at a conversion rate of HKD 1.0 to RMB 0.91310[49] - Shareholders choosing to receive the dividend in Renminbi will receive RMB 0.2282745 per share[49] Operational Highlights - The segment profit for gas fuel sales and related products was HKD 4,654,900,000, compared to HKD 3,509,041,000 in the previous year, indicating a year-over-year increase of about 32.5%[13][14] - The segment performance for gas connection services generated a profit of HKD 1,124,459,000, up from HKD 1,592,332,000 in the previous year, reflecting a decrease of about 29.5%[13][14] - The group achieved an operating revenue of HKD 52.08 billion in the first half of 2024, a year-on-year increase of 7.7%, with a gross profit margin of 18.6%, up by 0.4 percentage points[43] - The total energy sales volume reached 1.49 billion kWh, representing a year-on-year growth of 54.6%[40] - The number of charging stations increased to 263, up by 86 stations year-on-year, with electricity sales of 180 million kWh, a 20% increase compared to the previous year[40] Strategic Initiatives - The company continues to focus on expanding its gas distribution and related services in China, leveraging its established customer base and market presence[8] - The group plans to continue expanding and deepening the development scale of its dual business model, responding to the national call for clean energy development[44] - The penetration rate of the comprehensive service business remains low, indicating potential for rapid growth in the future[39] - The group signed 27 new distributed photovoltaic projects and 28 new distributed energy projects during the period, with a total of 208 and 211 projects developed respectively[40] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions, except for a deviation regarding formal appointment letters for directors[51] - All directors have confirmed compliance with the standard code of conduct for securities trading during the reporting period[52] - The group has not applied any new standards or interpretations that have not yet come into effect during the reporting period[11] Economic Outlook - The global economic growth is projected to stabilize at 2.6% in 2024, with China's GDP growing by 5.0% in the first half of 2024[33]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [3]. Core Views - The company is the largest city gas operator in China, with a retail natural gas sales volume of 38.78 billion cubic meters in 2023, leading among the top five city gas companies [1][9]. - The average sales price of natural gas is expected to recover due to the implementation of a pricing mechanism that aligns with market prices, which will improve profitability [1][21]. - The demand for natural gas is anticipated to grow continuously, driven by the "dual carbon" policy and urbanization trends [1][18]. - The company is projected to achieve revenue growth of 5% to 8% from 2024 to 2026, with net profit increasing by 8% to 9% during the same period [1][26]. Summary by Sections Company Overview - The company operates in 25 provinces with 276 projects, covering three municipalities and 15 provincial capitals [1][9]. - The gas sales volume structure shows that industrial gas accounts for 51.9%, residential gas for 24.3%, and commercial gas for 21.2% [1][18]. Financial Performance - In 2023, the company achieved an operating revenue of 101.27 billion HKD, a year-on-year increase of 7.35% [26]. - The net profit attributable to shareholders was 5.22 billion HKD, reflecting a growth of 10.36% compared to the previous year [26]. - The average sales price of gas was 3.50 HKD per cubic meter, with a gross margin of 0.51 HKD per cubic meter [21][26]. Market Dynamics - The international natural gas market is expected to stabilize, leading to lower gas prices, which will benefit both city gas companies and end-users [1][18]. - The implementation of a price linkage mechanism for residential gas is expected to alleviate the price inversion issue and improve profit margins for city gas companies [1][21]. Future Outlook - The company is expected to maintain a stable growth trajectory, with projected revenues of 106.73 billion HKD in 2024, 115.28 billion HKD in 2025, and 122.48 billion HKD in 2026 [26]. - The estimated reasonable valuation for the company is between 30.23 and 31.69 HKD, indicating a premium of 9% to 14% over the current stock price [1][3].

Financial Performance - Revenue grew by 7.3% year-on-year to HKD 101.27 billion in 2023[11] - The Group's profit attributable to owners increased by 10.4% to HK$5.22 billion, with a proposed final dividend of 100.69 HK cents and a total dividend of 115.69 HK cents for the year, representing a dividend payout ratio of 50.3%[15] - The Group's comprehensive service revenue increased by 27.0% to HK$4.04 billion, with segment profit growing by 19.0% to HK$1.37 billion, and excluding currency fluctuations, revenue and profit grew by 33.3% and 24.9%, respectively[24] - The Group achieved a turnover of HK$101.27 billion in 2023, representing a year-on-year increase of 7.3%[38] - The Group's operating cash flow increased by HK$5.8 billion to HK$10.16 billion, representing a 58.0% year-on-year growth[36] - The Group's share price increased by 7.5 times from HK$3.4 in 2008 to HK$25.6 in 2023, and its market capitalization grew by 19.2 times from HK$3.08 billion to HK$59.24 billion[41] - The Group's profit increased by 21.8 times from HK$240 million in 2008 to HK$5.22 billion in 2023, while turnover grew by 33.9 times from HK$2.99 billion to HK$101.27 billion[41] - In 2023, the Group's revenue increased by 7.3% to HK$101.27 billion, with profit attributable to owners rising by 10.4% to HK$5.22 billion[46] - The Group's operating profit increased by 6.3% to HK$9.21 billion in 2023, and cash generated from operations rose from HK$4.35 billion in 2022 to HK$10.16 billion in 2023[46] - Revenue for 2023 increased by 7.3% to HK$101,271,905,000 compared to HK$94,338,329,000 in 2022[66] - Gross profit rose by 2.0% to HK$18,451,671,000 from HK$18,081,851,000 in 2022[66] - Profit for the year grew by 11.9% to HK$7,058,886,000 from HK$6,308,519,000 in 2022[66] - Net cash from operating activities surged by 133.4% to HK$10,156,593,000 from HK$4,351,390,000 in 2022[66] - Total assets increased by 22.8% to HK$137,871,085,000 from HK$112,303,585,000 in 2022[69] - Bank balances and cash grew by 55.0% to HK$9,978,468,000 from HK$6,437,479,000 in 2022[69] - Net profit margin (attributable to shareholders) improved by 0.2ppt to 5.2% from 5.0% in 2022[70] - Return on equity increased by 0.8ppt to 12.8% from 12.0% in 2022[70] - Total equity rose by 20.6% to HK$63,383,682,000 from HK$52,545,423,000 in 2022[69] - The Group's annual revenue in 2023 amounted to HK$101.27 billion, a 7.3% increase from HK$94.34 billion in 2022, driven by rapid development in gas sales and rising upstream natural gas prices[74] - Profit attributable to owners of the Company increased by 10.4% to HK$5.22 billion in 2023 from HK$4.73 billion in 2022[74] - Net operating cash flow after tax in 2023 was HK$10.16 billion, with bank balances and cash totaling HK$9.98 billion at the end of the year[75] - Net cash inflow after tax from operations during the year amounted to HK$10.16 billion (2022: HK$4.35 billion)[77][79] - Bank balances and cash at year-end were HK$9.98 billion (2022: HK$6.44 billion), with 99.45% denominated in Renminbi[77][79] - The Group's reserves available for distribution to shareholders at 31st December 2023 amounted to HK$40,540,830,000[179] - The company recommended a 2023 Final Dividend of 100.69 HK cents per share, with a total distribution for 2023 of 115.69 HK cents per share (2022: 105 HK cents per share)[180][181] Gas Sales and Operations - Total natural gas sales volume increased by 8.1% year-on-year to 38.78 billion cubic meters in 2023[11] - Annual gas sales volume reached 38.784 billion cubic meters, serving 57.78 million customers by the end of 2023[8] - Natural gas sales increased by 8.1% to 38.78 billion cubic meters, with industrial gas sales accounting for 51.9% (20.11 billion cubic meters), commercial gas sales for 21.2% (8.21 billion cubic meters), and residential gas sales for 24.3% (9.44 billion cubic meters)[16][17] - The Group's national apparent consumption of natural gas reached 394.53 billion cubic meters, a 7.6% increase year-on-year, with a total gas volume of approximately 3.00 billion cubic meters, representing a 68.0% year-on-year increase[15] - Gross gas sales volume increased by 8.1% from 35.89 billion m3 in 2022 to 38.78 billion m3 in 2023[48] - Revenue from sales and distribution of gas fuel and related products accounted for 81.6% of total revenue in 2023, up from 79.6% in 2022[46] - Gross gas volume in 2023 reached 38.78 billion cubic meters, an 8.1% increase compared to the previous year[74] - Total connected customers increased by 3,412,568 to 57,779,698 in 2023, with residential customers accounting for 57,294,810, a 3,369,962 increase from 2022[73] - Gross sales volume of gas increased by 8.1% to 38,784 million cubic meters in 2023, with residential, industrial, and commercial segments growing by 11.1%, 7.2%, and 9.0% respectively[73] Expansion and Acquisitions - CR Gas operates 276 city gas projects across 25 provinces in China, including 15 provincial capitals and 76 prefecture-level cities[5] - The total connectable population covered by CR Gas is 346 million[8] - CR Gas aims to expand through sustainable organic growth and quality external acquisitions while exploring new opportunities in the gas value chain[14] - The Group developed 41,310 new industrial and commercial users and 3,313,000 residential users, including 2,833,000 new house connections, 384,000 old house connections, and 46,000 rural "coal-to-gas conversion" users[19] - The Group signed 3 new projects and registered 8 projects, expanding its operational region by 4,057 square kilometers, and consolidated 重慶燃氣集團股份有限公司, acquired 51% equity in 昆明煤氣（集團）控股有限公司, and increased its shareholding in 廈門華潤燃氣有限公司 by 2%[20][21] - The Group's registered city gas projects reached 276, spanning 25 provinces, including 15 provincial capital cities and 76 prefecture-level cities[22] - The Group invested in 11 new projects in 2023, with expected improvements in return rates as these projects achieve higher operating efficiency and generate more returns[75] - The Group spent HK$2.74 billion in capital expenditure for acquisition expansion and HK$5.15 billion on upgrading and expanding city gas pipelines and related facilities (2022: HK$6.24 billion)[77][79] - In 2023, the Company invested or paid HK$2.74 billion in 11 city gas projects, with most projects wholly or majority-owned by the Group[190] - As of December 31, 2023, CR Gas's portfolio included 276 city gas projects, covering 25 Chinese provinces, including 15 provincial capitals and 76 prefecture-level cities[190] Operational Efficiency and Cost Management - The company focuses on improving operational efficiency and consolidating its core advantages in the city gas market of sophisticated regions[13] - Centralized procurement accounted for 90.14% of total material procurement expenditure by the end of 2023, reducing costs while maintaining product quality[53] - The company implemented benchmarking initiatives across all business sectors, leading to significant improvements in cost reductions and performance in 2023[50] - The company centralized design and construction activities, enhancing standardization and further reducing costs[52] - The company improved customer service by increasing household safety inspection success rates, shortening complaint processing times, and promoting internet payments[53] - The company enhanced cash management by including more member companies in the system, significantly increasing cash reserves and reducing overall borrowing costs[54] - The company streamlined supply chain management with rigorous tender systems and new guidelines for projects and quality control[53] - The company promoted IT systems across various operational levels, including project management, financial reporting, and customer service, to improve efficiency[53] - The Group centralized cash management, significantly increasing the cash pool size and reducing overall borrowing costs[55] - The Group implemented taxation rationalization measures to reduce tax exposure and expedite tax setoffs and refunds[55] Safety and Training - The Group conducted safety audits for 74 regional companies, identifying over 5,031 hidden safety hazards in 2023[57][58] - The Group provided a total of 372,800 person/times of safety training for employees in 2023[57][59] - The Group invested HK$0.111 billion in 2023 to complete the transformation of 80 km of cast iron pipeline[58] - The Group operates 5 regional training centers across China, located in Wuxi, Jining, Zhengzhou, Fuzhou, and Chengdu[60][61] Corporate Governance and Leadership - Mr. YANG Ping, aged 49, was appointed as Executive Director and CEO on 23rd December 2021, and is also the chairman of the Corporate Governance Committee[92][93] - Mr. LI Xiaoshuang, aged 45, was appointed as Executive Director on 8th December 2023, and has been Vice President since 2016 and CFO since 2017[94] - Mr. WANG Gaoqiang, aged 54, was appointed as Non-executive Director on 15th September 2021, with over 30 years of experience in corporate finance and internal audit[95] - Mr. LIU Jian, aged 63, was appointed as Non-executive Director on 15th September 2021, with extensive experience in international trade and sales[96] - Ms. GE Lu, aged 52, was appointed as Non-executive Director on 27th September 2023, with over 30 years of experience in the pharmaceutical industry[97] - Mr. WONG Tak Shing, aged 73, was appointed as an Independent Non-executive Director in 1998 and serves as the Chairman of the Remuneration Committee[98] - Mr. YU Hon To, David, aged 76, was appointed as an Independent Non-executive Director and Chairman of the Audit and Risk Management Committee on December 28, 2012[99] - Mr. YANG Yuchuan, aged 60, was appointed as an Independent Non-executive Director and a member of the Audit and Risk Management Committee in August 2018[100] - Mr. LI Pok Yan, aged 66, was appointed as an Independent Non-executive Director and a member of the Remuneration Committee on 27th September 2023[101] - The Company has adopted the mandatory provisions of the Corporate Governance Code and maintains a Corporate Governance Handbook, updated since 2005[107][108] - The Company complied with the Corporate Governance Code throughout the year, except for deviations from provisions C.3.3 and F.2.2[108][109] - The Board consists of 2 Executive Directors, 4 Non-executive Directors, and 4 Independent Non-executive Directors, with one-third of Directors required to retire by rotation at each annual general meeting[114] - The Board held 5 meetings in 2023, with detailed attendance records provided for each Director[115][116] - The company held one general meeting in 2023, with attendance details for Directors[117] - The company has a total of 58,608 employees as of the end of 2023, comprising approximately 19,341 females and 39,267 males, reflecting a gender ratio of 2:1[120][121] - To achieve gender diversity on the Board, the company appointed one female Director in 2023 to comply with the Listing Rules[120][121] - The Board will annually review the implementation and effectiveness of the Board diversity policy, considering it effective in achieving diversity[122] - The Nomination Committee did not set any measurable objectives for achieving diversity on the Board during the review year[120][121] - The company encourages all Directors to participate in continuous professional development to enhance and update their knowledge and skills[125][126] - The Audit and Risk Management Committee reviewed the financial statements and yearly results announcement for 2022, and the half-yearly and yearly results for 2023, including the Group's financial and accounting policies and practices[139] - The Audit and Risk Management Committee held four meetings in 2023, with detailed attendance records for each member[140] - The Remuneration Committee held three meetings in 2023 to review and determine the bonus and compensation of Executive Directors and senior management[142] - The remuneration of senior management for the year ended 31st December 2023 is categorized into bands, with 3 individuals earning between HKD2,000,001 to HKD2,500,000 and 4 individuals earning between HKD2,500,001 to HKD3,000,000[144] - The Nomination Committee held two meetings in 2023, with attendance details provided for each member[149][150] - The Nomination Committee evaluates candidates based on criteria including diversity, commitment, industry experience, integrity, and potential contributions to the Board[151] - The Nomination Committee may consult various sources for identifying suitable candidates, such as referrals, advertising, and third-party recommendations[153] - The Nomination Committee considers factors like attendance, participation, and performance when recommending retiring Directors for re-appointment[151] - The Nomination Committee follows a structured process for evaluating and recommending candidates, including interviews, background checks, and submission of personal information[153] - The Investment Committee was responsible for making investment decisions within the threshold of US$8 million to US$20 million or other thresholds authorized by the Board[155] - The Investment Committee was dissolved and discharged on 25th August, 2023[155] - The Corporate Governance Committee held one meeting on 31st March, 2023, with full attendance from its members[158] - The Board maintains an effective risk management and internal control system to manage risks related to ESG and other business objectives[159] - The Internal Audit Division conducted reviews of key risk management systems and reported findings to the Audit and Risk Management Committee for further improvement[159] - The Company has adopted anti-corruption and whistleblowing policies to regulate employee conduct and report any misconduct[160] - The Board is satisfied with the effectiveness of the current risk management and internal control systems based on the annual review[160] - The Company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors complied with the code during the year[161] - The company paid HK$12.234 million for audit services and HK$1.335 million for interim review services in 2023[167] - Non-assurance services, including assurance on continuing connected transactions and agreed-upon procedures on annual results, cost HK$556,000 and HK$111,000 respectively in 2023[167] - Total fees paid or payable to the external auditor, KPMG, amounted to HK$14.236 million for the year ended 31st December 2023[167] - The company's risk management and internal control systems were deemed effective by the Board based on the annual review[162] - The company has adopted an anti-corruption and anti-bribery policy and a whistleblowing policy to address improprieties[162] - All directors complied with the Model Code for Securities Transactions by Directors during the year[163] - The company's shareholders holding at least one-tenth of the paid-up capital can convene a special general meeting[170] - Shareholders holding at least 5% of the paid-up capital or 100 registered shareholders can request the company to circulate a statement of up to 1,000 words for a general meeting[170] - The company's Company Secretary, Mr. LO Chi Lik Peter, resigned effective 1st January 2024, and Ms. CHENG Kwai Yuk was appointed as the new Company Secretary[169] - The primary contact for the Company Secretary is Mr. LI Xiaoshuang, the Executive Director and Chief Financial Officer[169] Sustainability and ESG - The Group's ESG rating was maintained at A by MSCI, reflecting its commitment to sustainable development[35] - The company aims to become a world-class energy service enterprise trusted by the public, focusing on reducing energy costs and carbon emissions for customers[110][111] - The company's strategy includes innovation in development models, upgrading products and services, and adhering to a low-carbon cycle to enhance sustainability[112] - Charitable donations by CR Gas amounted to HK$3,695,000 with cumulative volunteer services of 79,000 persons/times in 2023[65] Market and Economic Environment - China's GDP grew by 5.2% year-on-year in 2023, with natural gas consumption expected to continue steady growth[11] - Natural gas sales are expected to grow steadily in 2024, supported by declining international natural gas prices and China's push for carbon neutrality[42] - Moody's, Standard & Poor's, and Fitch maintained the Group's credit rating at A2, A-, and A- respectively in 2023, reflecting strong financial performance[39][41] - The Group plans to adhere to the "1+2+N" business strategy in 2024, focusing on steady growth in principal business and

Investment Rating - The investment rating for the company is "Buy" [2][11][12] Core Insights - The company's gas sales profitability has improved, with steady recovery in performance. In 2023, the company achieved revenue of HKD 101.3 billion, a year-on-year increase of 7.4%. The total segment performance reached HKD 13.08 billion, up 15.0% year-on-year, with net profit attributable to shareholders at HKD 5.22 billion, reflecting a 10.4% increase [4][10][11] - The gas sales volume showed robust growth, with revenue from gas sales reaching HKD 85.9 billion, a 9.5% increase year-on-year. Retail gas volume reached 38.78 billion cubic meters, up 8.1% year-on-year [8][10] - The company is focusing on integrated energy services, with a clear direction for development in distributed energy and distributed photovoltaic sectors. In 2023, revenue from integrated services grew by 27% to HKD 4.04 billion [9][10] - The cash flow situation is strong, with net operating cash flow increasing by 133% to HKD 10.16 billion in 2023. The company plans to distribute a dividend of HKD 1.1569 per share, a 10.2% increase year-on-year, with a payout ratio of 50.3% [10][11] Summary by Sections Financial Performance - In 2023, the company reported total revenue of HKD 101.3 billion, with a year-on-year growth of 7.4%. The net profit attributable to shareholders was HKD 5.22 billion, marking a 10.4% increase [4][7][10] - The company plans to achieve revenues of HKD 105.8 billion, HKD 111.3 billion, and HKD 119.4 billion in 2024, 2025, and 2026 respectively, with expected year-on-year growth rates of 4.5%, 5.2%, and 7.3% [3][11] Business Segments - The gas sales segment generated revenue of HKD 85.9 billion, with a segment profit of HKD 7.6 billion, reflecting a 29% year-on-year increase. The connection business saw a revenue decline of 11% to HKD 10.89 billion [7][8] - Integrated services revenue increased by 27% to HKD 4.04 billion, with a segment profit of HKD 1.37 billion, up 19% year-on-year [9][10] Cash Flow and Dividends - The company reported a net operating cash flow of HKD 10.16 billion, a 133% increase year-on-year. The cash and bank deposits at the end of 2023 were HKD 9.98 billion, up 55% year-on-year [10][11] - The dividend per share is set at HKD 1.1569, a 10.2% increase from the previous year, with a payout ratio of 50.3% [10][11]

研究报告Research Report 4 Apr 2024 华润燃气 China Resources Gas (1193 HK) 城燃主业增长稳健，接驳业务受宏观环境制约承压 Town Gas Business Grow Steadily, Whilst Connection Business Under Pressure as Affected by Slowing Economy [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) 2023年业绩增速低于市场预期。公司 2023年实现营收1012.72 亿 评级 优于大市OUTPERFORM 港元，同比增长 7.4%；股东应占溢利 52.24 亿港元，同比增长 现价 HK$22.80 目标价 HK$25.39 10.36%；每股盈利2.3港元，同比提升0.21港元。盈利能力方面， 2023年公司毛利率18.2%，同比下滑0.95%；营业利润率9.3%，同 HTI ESG ...

业绩点评 业绩点评 综合服务及综合能源业务具增长潜力 华润燃气（1193.HK） 2024-04-02 星期二 主要财务指标 关键指标 2020A 2021A 2022A 2023A 营业总收入(百万港元) 55,864 78,175 94,338 101,272 增长率(%) -1.95 39.94 18.45 7.35 归母净利润(百万港元) 5,151 6,395 4,733 5,224 增长率(%) 2.14 24.15 -25.99 10.36 EPS（港元） 2.31 2.82 2.09 2.30 ROE(摊薄)(%) 14.20 15.50 12.03 12.81 ROA(%) 10.38 11.24 8.19 7.58 数据来源：Wind、公司公告、国元证券经纪（香港）整理 相关报告 业绩点评： ➢ 2023年盈利同比增长10.36%，派息率稳定提升： 2023 年公司实现收入 1,012.72 亿港元，同比增加 7.35%；股东应占溢利 52.23 亿港元，同比增加 10.36%；已付中期股息及拟派每股末期股息 1.1569 港元，同比增长 10.18%。公司每股派息额由 2016 年的 0 ...

交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年4月1日 港元24.95 港元22.90↓ -8.2% 华润燃气 (1193 HK) 2023 年费率高于预期及派息增长有限，维持中性评级  经营开支增长较快下盈利不及预期，末期息没有惊喜。华润燃气2023年 个股评级 盈利同比增长10%，低于我们/市场预期8%/7%。当中主要因为公司管理及 中性 行销开支高出我们预期10%/16%，这是在往年较少出现的情况。同时，联 营/合营盈利贡献亦低于我们预期34%/18%，我们相信是民用气顺价比率 1年股价表现 低于预期所致。期内公司零售气量增长8%，毛差为每方0.51人民币，合 乎预期。新增居民接驳337万户，略高于我们预期5%。值得留意的是公 1193 HK 恒生指数 5% 司派息比率只维持在50%，末期息只随盈利增长10%至每股1港元。 0% -5% -10%  新增接驳量的下降趋势将继续拖累公司盈利增长。管理层解释管理及行销 -15% 开支去年的上升主要因为合营项目并表所致，我们预期在售气量同比增长 -20% -25% 下，费率占收入比率将有所收窄。售气量方面，管理层表示今年1-2月份 -3 ...

港股公司报告 | 公司点评 华润燃气（01193） 证券研究报告 2024年04月 02日 投资评级 持续看好城燃主业量价齐升带来的业绩修复 行业 公用事业/公用事业 6个月评级 买入（维持评级） 事件 当前价格 24.95港元 目标价格 港元 公司公布 2023 年年报。2023 年公司实现营业收入 1012.72 亿港元，同比 增加7.35%；公司拥有人应占溢利 52.24 亿港元，同比增长 10.36%；已付 基本数据 中期股息及拟派每股末期股息共1.1569港元/股，同比增长10.18%。 港股总股本(百万股) 2,314.01 点评 港股总市值(百万港元) 57,734.62 零售：零售气规模稳健增长，盈利能力大幅改善 每股净资产(港元) 17.62 资产负债率(%) 54.03 销气量方面，2023年全国天然气表观消费量3945.3亿方，同比增长7.6%。 一 年内最高/最低(港元) 29.75/20.40 公司全年零售气量同比增长8.1%至387.8亿方，高于同年全国增速。销气 量结构方面，居民气量同比增长11.1%至94.4亿方；商业气量同比增长9% 作者 至82.1亿方，工业气量同比增长7. ...

Investment Rating - The report maintains a "Buy" rating for China Resources Gas (01193.HK) [5] Core Views - China Resources Gas reported a 2023 revenue of HKD 101.27 billion, a year-on-year increase of 7.35%, and a net profit attributable to shareholders of HKD 5.22 billion, up 10.36% year-on-year, aligning with expectations [5] - The company’s operating cash flow grew by 133.4% year-on-year, indicating strong financial health [5] - The retail natural gas sales volume reached 38.78 billion cubic meters, a growth of 8.1% year-on-year, with residential, industrial, and commercial gas volumes increasing by 11.1%, 7.2%, and 9.0% respectively [5] - The company is actively expanding its gas projects, having registered four new natural gas projects at the group level and signed three new projects at the member enterprise level [5] - The gas sales gross margin improved significantly, reaching HKD 0.51 per cubic meter, an increase of HKD 0.06 year-on-year, driven by a focus on core city markets and growth in high-margin industrial gas sales [5] - The company’s liquidity remains stable, with cash and bank deposits of HKD 9.98 billion, a 55% increase year-on-year, and a low interest-bearing debt ratio of 29.6% [5] - The construction of a new gas receiving station is expected to lower long-term comprehensive gas intake costs, enhancing the company’s resource acquisition capabilities [5] - The comprehensive energy business is rapidly growing, with a 58.5% year-on-year increase in energy sales volume, contributing to a significant rise in revenue and gross profit [5] Financial Data and Profit Forecast - Revenue (in million HKD): 2022: 94,338, 2023: 101,272, 2024E: 107,041, 2025E: 113,507, 2026E: 111,004 [6] - Net Profit (in million HKD): 2022: 4,733, 2023: 5,224, 2024E: 6,248, 2025E: 6,812, 2026E: 7,809 [6] - Earnings per Share (in HKD): 2022: 2.09, 2023: 2.30, 2024E: 2.75, 2025E: 3.00, 2026E: 3.44 [6] - Price-to-Earnings Ratio: 2024E: 9.1, 2025E: 8.3, 2026E: 7.2 [6]