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国证国际:工商业客户具区位优势 料天伦燃气一季度销气量增长符合预期
Zhi Tong Cai Jing· 2025-07-03 03:36
国证国际证券提到,根据国家统计局,1-4月份全国规模以上工业增加值同比增长6.4%;根据白银市政 府,白银市规模以上工业增加同比增长15.5%,煤炭、化工、有色、电力等四大主导行业完成高速增 长。随着中西部承接东部工业转移,白银公司售气量有望快速增长。白银靖远售气规模2024年占公司总 售气量的3.5%,未来占比有望进一步增长。另外,白银地处中国西北部,上游资源充足且工商业占比 大,而工商业通常能比较好的顺价,毛差可观,预计未来甘肃公司有望成为公司售气业务的一大增长 极。 天伦燃气全年指引零售销气量4%-5%的增长,销气毛差小幅恢复至0.48-0.50元/方,增值业务收入10- 15%的增长,新增城燃居民用户数20-22万户。1-5月全国天然气表观消费量为1758.9亿立方米,同比下 降1.3%。在行业增速不佳的背景下,预计公司一季度销气量增速在行业当中表现亮眼。去年南玻停产 影响一部分供气,料今年4月份南玻一条产线已经恢复供气。在气源较为充裕的背景下,今年毛差预计 也有小幅恢复。 国证国际证券表示,天伦燃气负债结构不断优化。截至2024年底,公司拥有总负债96.48亿人民币,资 产负债率60.6%,平均融资 ...
爆了!超级盛宴,错过等一年
格隆汇APP· 2025-06-30 09:37
变局加速,机遇涌动!走过充满韧性的 2024 ,中国经济正以"新质生产力"为引擎,在 2025 年深化转型。政策红利持续释放,资本市场改 革深化,外资加速回流人工智能、高端制造、绿色能源等新经济赛道,一场以"新质"为核心的估值重构已然展开。 然而,全球棋局波谲云诡:地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠加 ……如何在百年大变局的深化期,把握未来航 向? 2025 年下半年,机遇与风险并存,投资者如何优化策略,行稳致远? 答案,就在深圳! 2025 年 7 月 4 日 -5 日,格隆汇 2025 中期策略峰会 将再度点亮鹏城! 我们力邀顶尖思想领袖与实战精英,为您: 深度剖析全球与中国经济核心变局; 前瞻 "新质生产力"驱动的投资主脉络; 拆解复杂环境下的风险与机遇; 共话资本市场改革红利与布局良机; TOP 级机构(合计管理超千亿)分享投资策略和方向。 这是一场智慧碰撞的盛宴,一次拨云见日的集结! 与远见者同行,与担当者共进! 会议组成及嘉宾阵容: 7 月 4 日上午 格隆汇 ·中期策略峰会· 2 025 宏观、策略、风投、实业大咖云集,莅临现场共同剖析中国资本市场发展趋势,共同展望 20 ...
洞见2025下半场:新质驱动,韧性突围
格隆汇APP· 2025-06-26 11:07
变局加速,机遇涌动!走过充满韧性的 2024 ,中国经济正以"新质生产力"为引擎,在 2025 年深化转型。政策红利持续释放,资本市场改 革深化,外资加速回流人工智能、高端制造、绿色能源等新经济赛道,一场以"新质"为核心的估值重构已然展开。 然而,全球棋局波谲云诡:地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠加 ……如何在百年大变局的深化期,把握未来航 向? 2025 年下半年,机遇与风险并存,投资者如何优化策略,行稳致远? 答案,就在深圳! 2025 年 7 月 4 日 -5 日,格隆汇 2025 中期策略峰会 将再度点亮鹏城! 我们力邀顶尖思想领袖与实战精英,为您: 深度剖析全球与中国经济核心变局; 前瞻 "新质生产力"驱动的投资主脉络; 拆解复杂环境下的风险与机遇; 共话资本市场改革红利与布局良机; TOP 级机构(合计管理超千亿)分享投资策略和方向。 这是一场智慧碰撞的盛宴,一次拨云见日的集结! 与远见者同行,与担当者共进! 会议组成及嘉宾阵容: 7 月 4 日上午 格隆汇 ·中期策略峰会· 2 025 宏观、策略、风投、实业大咖云集,莅临现场共同剖析中国资本市场发展趋势,共同展望 20 ...
西北区域工业发展势头强劲 天伦燃气(1600.HK)或可长期受益
Ge Long Hui· 2025-06-23 03:10
6月19-20日,天伦燃气(1600.HK)组织分析师及投资者调研甘肃省白银市与靖远县的城燃项目,集中考察 了大型工业用户及城市更新项目。 白银市作为此次调研活动的重点城市,展现出巨大的工业发展潜力。据了解,2024年天伦燃气的白银城 燃项目工商业销气量已达到5,400余万方,同时,该项目于本年第一季度已超额完成业绩目标,2025年城 燃销气量或可进一步提升。 根据白银市统计局最新数据显示,1-4月,全市规模以上工业增加值同比增长15.5%,煤炭、化工、有 色、电力四大主导行业完成增加值同比增长17%,占全部规模以上工业的比重为87.7%,其中:有色、化 工、电力、煤炭行业分别增长27.7%、14%、6.9%、7.4%。 与此同时,国务院新闻办于近日公布了2025年5月份国民经济运行情况。5月份,全国规模以上工业增加 值同比增长5.8%,环比增长0.61%;1至5月份,全国规模以上工业增加值同比增长6.3%。 总体上看,在各项政策支持下,全国范围内工业生产实现较快增长,而作为以基础工业发展为主导的西 北区域,特别是此次参观的白银和靖远地区,更是表现出更强劲的工业增长态势。作为立足河南,布局 全国的中国领先城市 ...
多家分析师、投资者调研天伦燃气(01600) 西北区域城燃毛差回升向好
智通财经网· 2025-06-23 03:04
Group 1 - The core viewpoint of the articles highlights Tianlun Gas's strategic focus on the Northwest region's urban gas projects, particularly in Gansu Province, which is expected to provide long-term growth opportunities for the company's gas business [1][3] - The Northwest region is characterized by heavy industrial development, including chemicals, metallurgy, and new materials, which have high energy consumption and sensitivity to fuel costs, leading to strong and sustained industrial gas demand [3] - Tianlun Gas has established a gas source management experience that helps industrial users mitigate the pressures of fluctuating gas costs, contributing to the company's stable long-term development and improving gross margins [3] Group 2 - Gansu Province is implementing a natural gas price linkage mechanism, with the city of Baiyin completing a price linkage system for residential and non-residential users, allowing for responsive pricing to market supply and demand changes [3] - In the first quarter of 2024, the retail gas gross margin for the Baiyin urban gas project reached 0.56 yuan, and for the Jingyuan urban gas project, it reached 1 yuan, both showing an increase of 0.03 yuan compared to the same period last year, indicating a positive trend in gross margins [3]
中办国办发布关于持续推进城市更新行动的意见 天伦燃气(01600)城燃业务或可长期受益
智通财经网· 2025-05-16 07:35
Core Viewpoint - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Office and State Council is expected to benefit Tianlun Gas, which primarily generates revenue from urban gas sales, pipeline connections, and value-added services [1][2]. Group 1: Urban Renewal Policies - The "Opinions" emphasize the renovation of old residential areas, streets, factories, and urban villages, aiming to improve urban functions and infrastructure [1]. - Key tasks include updating aging gas pipelines to eliminate safety hazards and enhancing commercial areas with better facilities [1]. - The document sets higher and clearer requirements for the promotion and application of urban gas in cities [1]. Group 2: Company Performance - Tianlun Gas reported total revenue of 7.78 billion yuan for 2024, with gas sales volume increasing by 7.2% to 2.24 billion cubic meters [1]. - Revenue from gas sales grew by 5.9% to 6.51 billion yuan, while value-added business revenue rose by 14% to 420 million yuan [1]. - The company has over 3.87 million urban gas users [1]. Group 3: Future Growth Opportunities - In 2024, Tianlun Gas plans to leverage urban renewal actions to support its gas sales, engineering construction, and value-added services [2]. - The company aims to add 250,000 new urban gas users by focusing on old residential areas and urban villages [2]. - Value-added services related to urban renewal and smart kitchen upgrades are expected to grow by 30% to 310 million yuan [2]. - The "Opinions" provide a roadmap for urban renewal actions, with a goal set for 2030, allowing Tianlun Gas to seize policy opportunities for sustainable and steady growth [2].
天伦燃气(01600)发布2024年度ESG报告 彰显成熟企业可持续发展能力
智通财经网· 2025-04-17 12:23
Core Viewpoint - Tianlun Gas is committed to green development and social responsibility, aiming to become a leading low-carbon energy supplier in China while adhering to its "dual carbon" commitment and expanding its operations nationwide [1] Group 1: Environmental Commitment - The company has been monitoring its carbon dioxide emissions and has disclosed greenhouse gas data for the past three years, with direct emissions totaling 2,485.22 tons of CO2 equivalent and indirect emissions at 29,856.88 tons, leading to a total of 32,342.10 tons of CO2 equivalent, showing a significant decrease compared to previous years [2] - Water management is prioritized, with total municipal water usage recorded at 82,317.07 tons (excluding drinking water), a reduction of 9.98% from 91,438.22 tons in 2023 [2] Group 2: Compliance and Safety Governance - The company has established a three-dimensional mechanism for compliance governance, focusing on system building, training, and supervision to prevent corruption and fraud [3] - A total of 10 specialized training sessions were conducted, covering over 200 participants, along with 14 anti-monopoly compliance training sessions for core management [3] - Safety measures include regular inspections and leak detection at critical points, achieving zero accidents throughout the year [3] Group 3: Innovation and Digital Transformation - Tianlun Gas is increasing investments in digitalization and smart technologies to enhance operational efficiency and customer service [4] - The company employs various intelligent operational systems for comprehensive digital management across engineering, safety monitoring, and construction [4] - Integration of cloud service management with WeChat allows users to handle gas-related services seamlessly [4] Group 4: Social Responsibility - The company integrates social responsibility into its development strategy, focusing on employee growth and welfare, with a total of 3,691 online courses offered [5] - Active participation in public welfare initiatives supports rural revitalization and community development, fostering harmonious coexistence between the company and society [5]
天伦燃气(01600) - 2024 - 年度财报
2025-04-17 09:58
Financial Performance - Tian Lun Gas Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year 2024[5]. - The company achieved a net profit of HKD 300 million, representing a 10% increase compared to the previous year[5]. - Future guidance indicates projected revenue growth of 12% for the next fiscal year, with a target of HKD 1.35 billion[5]. - For the year ended December 31, 2024, the Group's revenue amounted to RMB 7,781 million, representing a slight growth of 0.7% compared to the previous year[61]. - Revenue from gas retail business decreased by 1.5% to RMB 5,042 million, down from RMB 5,120 million in the previous year[62]. - Revenue from gas wholesale business increased by 43.0% to RMB 1,471 million, compared to RMB 1,029 million in the previous year[63]. - Revenue from engineering construction services decreased by 25.0% to RMB 784 million, down from RMB 1,045 million in the previous year[64]. - The Group achieved a gross profit of RMB 1,335 million, a decrease of 8.1% from RMB 1,453 million in the previous year, with an overall gross margin of 17.2%[67]. - Net profit for the year was RMB 325 million, representing a decline of 35.8% compared to the previous year[70]. - The net profit attributable to the owners of the Company was RMB 301 million, down 37.2% from the previous year[71]. Customer Growth and Market Expansion - User data showed a growth in customer base by 20%, with total users reaching 1.5 million[5]. - The company plans to expand its market presence in Jiangsu and Guangdong, targeting a 25% increase in market share by 2025[5]. - The cumulative installations of users reached 5,599,925 households by 2023, with a steady increase expected in 2024[24]. - Retail gas sales are projected to account for 64.8% of total revenue in 2024, with wholesale gas sales contributing 18.9%[34]. - The company plans to explore existing user potential through big data analysis to provide personalized value-added services, enhancing user satisfaction and loyalty[48]. Operational Efficiency and Technology Investment - New product development includes the launch of a smart gas meter, expected to enhance operational efficiency by 30%[5]. - Investment in technology upgrades is set at HKD 50 million, aimed at improving customer service and data analytics[5]. - The company aims to enhance the gross profit of its gas sales business by optimizing gas source management and improving operational efficiency[47]. - The company aims to reduce operating costs and enhance profitability through optimized natural gas scheduling and resource allocation[47]. Sustainability and Environmental Commitment - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[5]. - The Group is committed to environmental protection and has adopted relevant environmental protection standards in the PRC[173]. - The Group will regularly review its environmental protection work and adopt more measures to strengthen sustainability[175]. - The Group distributed a total of 2,940 million m³ of natural gas in 2024, helping to reduce emissions by approximately 4.90 million tons of coal[173]. Financial Guidance and Dividends - Tian Lun Gas Holdings Limited's dividend payout ratio is expected to remain at 40%, reflecting a stable return to shareholders[5]. - The final dividend recommended for the year ended 31 December 2024 is RMB9.79 cents per share, totaling RMB14.58 cents per share when combined with the interim dividend[102]. - The Group's distributable reserve as of 31 December 2024 was RMB81,317,000, which is the sum of the share premium and accumulated losses[191]. - The Group has established a long-term steady dividend policy to thank shareholders for their support[187]. Management and Governance - The company has complied with all code provisions of the Corporate Governance Code for the period from 1 January 2024 to 31 December 2024[111]. - The external auditor, KPMG, issued an unqualified opinion on the consolidated financial statements for the year ended 31 December 2024[115]. - Mr. Zhang Yingcen, the founder, resigned as executive director and chairman on January 27, 2025, after over 28 years of management experience, including 23 years in gas enterprise management[119]. - Mr. Liu Min, who resigned as executive director and general manager on October 10, 2024, has extensive experience in clean energy and financial management[126]. - The Group has maintained appropriate directors and senior management liability insurance policies for all Directors and members of senior management, reviewing the coverage annually[198]. Risks and Challenges - The Group faces financial risks including foreign currency risk, interest rate risk, and liquidity risk, which are monitored by management to mitigate potential impacts[162][164]. - The performance of the Group's major business is influenced by various factors, including overall market conditions and the performance of the property and industrial sectors in its operational areas[166][169]. - The Group aims to achieve growth through internal expansion and strategic investments and acquisitions, with the possibility of revising or delaying strategies based on market conditions[167][170].
天伦燃气20250331
2025-04-15 14:30
Company and Industry Summary Company Overview - The company discussed in the conference call is Tianlun Gas, which operates in the gas supply industry in China. The year 2024 marks the 75th anniversary of the establishment of China and is a critical year for achieving the goals set in the 14th Five-Year Plan [1][2]. Key Financial Performance - In 2024, the company's total revenue was 7.781 billion RMB, remaining stable compared to 2023. The gross profit was 1.34 billion RMB, and the core profit was 430 million RMB [8]. - The company proposed a final dividend of 0.1458 RMB per share, with a payout ratio of 33% of core profits, reflecting a commitment to shareholder returns [3][8]. - The revenue from core business activities accounted for 83.7% of total revenue, with a 5.9% increase in core business revenue to 6.5 billion RMB [8]. Business Segments - The company reported a 5.9% increase in negative business revenue, reaching 6.5 billion RMB, while value-added business revenue grew by 14.3% to 420 million RMB [2][3]. - Retail business consumption remained stable, with industrial consumption declining by 1.5% to 10.8 million cubic meters. However, excluding the impact of large industrial users, industrial consumption increased by 3.3% [4]. - The average retail price for gas in 2024 was 2.93 RMB per cubic meter, with a slight decrease in the price difference compared to 2023 [4]. Strategic Initiatives - The company emphasized the importance of gas source optimization to ensure stable gas supply in 2024, including cross-regional gas supply and reducing end-user gas prices [5]. - The company has been actively involved in urban renewal projects, focusing on the renovation of old residential areas and the integration of smart kitchen upgrades [6][7]. - The company aims to enhance service response speed and implement flexible pricing strategies to improve user satisfaction [6]. Future Outlook - For 2025, the company plans to achieve a connection target of 200,000 to 220,000 households, reflecting a 12% decrease from the previous year [15]. - The company anticipates a growth rate of over 10% in value-added business revenue, targeting a 15% increase in 2025 [16]. - The company will continue to strengthen its marketing capabilities and explore new business models in response to government policies promoting consumption [16]. Risk Management - The company maintains a strong focus on risk prevention and ensuring sufficient liquidity and a healthy capital structure, with a debt-to-asset ratio of 60.6% and an average financing cost of 5.5% [9]. - The company plans to reduce foreign currency borrowings gradually to lower financing costs [9][12]. Additional Insights - The company has successfully completed the restructuring of 19 companies, with over 50% of residential gas installations now under the new pricing structure [13]. - The company is adapting to the current economic environment by implementing gas price reduction policies to support user operations [4]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, future outlook, and risk management practices.
销气业务稳健、增值业务持续成长,低估值高派息的天伦燃气(01600)投资价值凸显
智通财经网· 2025-03-31 02:25
Core Viewpoint - Tianlun Gas aims to become a leading green low-carbon energy supplier in China, achieving stable financial performance in 2024 with revenue of 7.781 billion yuan, a year-on-year increase of 0.7% [1] Financial Performance - The core profit for Tianlun Gas in 2024 was 434 million yuan, with a revenue decline of 3.3% in the first half of the year, followed by a 5% growth in the second half, indicating a return to growth [1] - The total revenue from gas sales reached 6.514 billion yuan, a year-on-year increase of 5.9%, accounting for 83.72% of the total revenue [6] Business Development - The company has focused on optimizing gas sources and expanding its customer base, resulting in a 6.5% increase in urban residential users to approximately 3.826 million [4] - The number of commercial users increased by 10.6% to about 51,817, contributing to a total pipeline gas user growth of 4.2% to approximately 5.838 million [5] Market Environment - The natural gas industry in China is expected to see a consumption increase of 7.8% in 2024, driven by strong economic growth, although challenges remain due to a sluggish real estate market [3] - The company has implemented strategies to mitigate the impact of market fluctuations, including optimizing gas sources and enhancing infrastructure [3][6] Growth Strategies - Tianlun Gas plans to enhance its core business by improving gas supply stability and operational efficiency, targeting high-value commercial users [12] - The company aims to boost its value-added services, projecting a growth rate of 10%-15% for these services in 2025 [13] Future Outlook - The company anticipates a retail gas volume growth of 4%-5% in 2025, with a projected increase in gas sales margin to 0.48-0.50 yuan per cubic meter [13] - Tianlun Gas's current market valuation is significantly undervalued at a PB ratio of 0.41, compared to a historical average of 1.9, indicating potential for long-term investment returns [14]