Summary of the Conference Call Company Overview - The conference call is regarding Shenzhen Gas, discussing its performance for the fiscal year 2023 and the first quarter of 2024 [1] Key Points and Arguments - The call was hosted by Yang Xi, the Secretary of Shenzhen Gas, and included participation from key executives such as Chairman Wang Wenjie, Independent Director Qu Xuechen, and CFO Cong Shufeng [1] Additional Important Content - The call emphasized the importance of investor engagement and appreciation for the support received from investors [1]

Summary of the Conference Call Company Overview - The conference call is regarding Shenzhen Gas, discussing its performance for the fiscal year 2023 and the first quarter of 2024. The call is hosted by the company secretary, Yang Xi, and includes key executives such as Chairman Wang Wenjie, Independent Director Qu Xuechen, and CFO Cheng Sufeng [1]. Key Points and Arguments - The company expresses gratitude to the investors for their support and participation in the earnings call, indicating a focus on investor relations and transparency [1]. Other Important Content - The call highlights the importance of the interactive platform provided by the investment roadshow center, suggesting a commitment to engaging with stakeholders and enhancing communication [1].

Investment Rating - The investment rating for Shenzhen Gas (601139) is maintained at "Buy" with a target price of 9.86 CNY, unchanged from the previous rating [1][2]. Core Views - The report highlights that the company's gas supply is stable, and the gross margin is expected to recover. The improvement in performance is primarily attributed to the reduction in management expenses [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit reached 280 million CNY, representing a year-on-year increase of 10.0%. Revenue grew by 6.7% year-on-year to 686 million CNY, aligning with the performance guidance [1][2]. - The management expense ratio improved to 1.2%, down by 0.5 percentage points year-on-year, contributing to the overall performance enhancement [1][2]. Gas Supply and Pricing - The company has a robust gas supply with a new long-term contract signed with PetroChina for 10 billion cubic meters in 2024. This is expected to enhance the company's gas procurement capabilities [1][2]. - The report anticipates that the recent price adjustments in Shenzhen will positively impact the company's gross margin, with an estimated annual contribution of approximately 260 million CNY to net profit [1][2]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is 0.58 CNY, 0.65 CNY, and 0.74 CNY respectively, maintaining the target price of 9.86 CNY [1][2]. - The company's revenue is expected to grow from 30,929 million CNY in 2023 to 34,342 million CNY in 2024, reflecting a growth rate of 11% [5]. Valuation Metrics - The report provides various valuation metrics, including a PE ratio of 15.12 for 2023, which is projected to decrease to 12.97 in 2024, indicating an improving valuation outlook [5][6]. - The company's dividend yield is projected to increase from 1.7% in 2023 to 2.3% in 2024, reflecting a positive trend in shareholder returns [5][6].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,862,512,498.65, a decrease of 9.44% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was CNY 275,678,322.80, an increase of 6.73% year-on-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 269,393,264.85, reflecting a year-on-year growth of 15.87%[11]. - Total operating revenue for Q1 2024 was CNY 6,862,512,498.65, a decrease of 9.4% compared to CNY 7,577,665,500.43 in Q1 2023[16]. - Net profit for Q1 2024 reached CNY 315,505,230.08, an increase of 10% from CNY 286,779,319.26 in Q1 2023[17]. - Total comprehensive income for Q1 2024 was CNY 316,178,013.14, compared to CNY 286,779,319.26 in Q1 2023[17]. - The company reported a decrease in tax expenses to CNY 59,758,355.49 from CNY 79,798,262.62 in Q1 2023[17]. Cash Flow and Assets - The net cash flow from operating activities was CNY 198,760,080.04, down 30.26% year-on-year, primarily due to increased working capital requirements[6]. - Cash flow from operating activities for Q1 2024 was CNY 198,760,080.04, down 30.3% from CNY 284,996,148.04 in Q1 2023[18]. - The company's cash and cash equivalents increased to ¥6.17 billion from ¥5.84 billion, representing a growth of approximately 5.68%[12]. - The ending balance of cash and cash equivalents was approximately 6.15 billion, up from 3.34 billion year-over-year[19]. - Cash inflow from financing activities reached approximately 6.63 billion, up from 4.82 billion year-over-year[19]. - The net increase in cash and cash equivalents was approximately 381.04 million, compared to 73.47 million in the same period last year[19]. - Total cash outflow for investment activities was approximately 1.10 billion, compared to 1.34 billion in the previous year[19]. Sales and Revenue - Natural gas sales volume reached 1.307 billion cubic meters, a year-on-year increase of 9.74%[11]. - Pipeline natural gas sales volume was 1.171 billion cubic meters, up 11.84% from the previous year[11]. - The company experienced a decrease in gas wholesale revenue, which contributed to the overall decline in operating revenue[11]. - Sales revenue from goods and services received in cash for Q1 2024 was CNY 6,596,753,237.37, a decrease of 16.4% from CNY 7,896,393,872.41 in Q1 2023[18]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 45,696,065,345.99, an increase of 3.22% from the end of the previous year[4]. - As of March 31, 2024, the company's total assets amounted to approximately ¥45.70 billion, an increase from ¥44.27 billion at the end of 2023, reflecting a growth of about 3.22%[12]. - Accounts receivable rose to ¥3.63 billion, up from ¥2.78 billion, indicating a significant increase of about 30.54%[12]. - The total current liabilities reached ¥21.87 billion, compared to ¥21.42 billion, marking an increase of approximately 2.10%[15]. - Long-term borrowings increased to ¥2.42 billion from ¥1.85 billion, reflecting a growth of about 29.06%[15]. - The company's total equity stood at approximately ¥17.61 billion, up from ¥17.27 billion, which is an increase of about 1.96%[15]. - The company's inventory decreased to ¥1.52 billion from ¥1.95 billion, showing a decline of approximately 22.14%[12]. Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[11]. - The company is focusing on expanding its market presence and investing in new technologies to drive future growth[14]. - The company plans to enhance its product offerings and explore potential mergers and acquisitions to strengthen its competitive position in the market[14]. - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth[16]. Research and Development - R&D expenses for Q1 2024 amounted to CNY 158,146,298.58, up 10.3% from CNY 143,348,502.98 in Q1 2023[16]. Accounting Standards - The company did not apply new accounting standards for the first quarter of 2024[20].

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2024-032 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | | 深圳燃气关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024 年 5 月 22 日(星期三) 下午 15:00-16:30 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度暨 2024 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 22 日（星期三）下午 15:00-16:30 （二）会议召开地点：上证路演中心 （三） ...

| 证券代码：601139 证券简称：深圳燃气 公告编号：2024-030 | | --- | | 债券代码：113067 债券简称：燃 23 转债 | 深圳燃气第五届董事会第二十二次会议（临时会议） 决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二）发行价格：按面值发行，单位面值为人民币100元； 三）发行期限：每期超短期融资券不超过270天 含270天）; 四）发行利率：发行利率根据各期发行时银行间债券市场状况，以簿记建 档的最终结果确定； 五）发行对象：全国银行间债券市场机构投资者； 六）还本付息方式：采用单利计息，利息随本金到期兑付时一起支付； 七）募集资金用途：包括但不限于用于补充流动资金和归还有息负债等。 深圳市燃气集团股份有限公司（ 以下简称（ 公司"）第五届董事会第二十二 次会议 临时会议）于2024年4月25日 星期四）以现场结合通讯方式召开，会 议应到董事13名，实际表决13名（ 黄维义、谢文春董事，马莉独立董事通讯表决） 符合（ 公司法》及（ 公司章程》的规定。会议由公司董事长王文杰先生主持， ...

深圳市燃气集团股份有限公司（以下简称"公司"）第五届监事会第十次会 议（临时会议）于 2024 年 4 月 25 日（星期四）16:00 在深圳市福田区梅坳一路 268 号深燃大厦十四楼会议室以现场结合通讯方式召开，会议应到监事 4 名，实 际表决 4 名，符合《公司法》及《公司章程》的规定。会议由监事会主席廖海生 先生召集和主持，公司部分高级管理人员列席了会议。 会议审议通过了以下议案： | 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2024-031 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | | 深圳燃气第五届监事会第十次会议（临时会议） 决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 （三）在公司 2024 年第一季度报告编制过程中，参与编制和审议的人员严 格遵守保密制度，未发现泄密情况。 特此公告。 深圳市燃气集团股份有限公司监事会 2024 年 4 月 27 日 一、会议以 4 票同意，0 票反对，0 票弃权的结果审议通 ...

上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2023年年度股东大会的 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：86 755-82816698 传真：86 755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2023 年年度股东大会的 法律意见书 致：深圳市燃气集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市燃气集 团股份有限公司（以下简称"公司"）的委托，指派本所刘晓驰律师、韩欣茹律 师出席了公司于 2024 年 4 月 25 日召开的公司 2023 年年度股东大会（以下简称 "本次股东大会"），并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）以及《上市公司股东大 会规则》（中国证券监督管理委员会公告〔2022〕13 号）（以下简称"《股东 大会规则》"）、《上海证券交易所股票上市规则》（上证发〔2023〕127 号） ...

证券代码：601139 证券简称：深圳燃气 公告编号：2024-029 深圳市燃气集团股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 15 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,220,096,156 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 77.1741 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长王文杰先生主持。本次会议以现场方式 (一) 股东大会召开的时间：2024 年 4 月 25 日 (二) 股东大会召开的地点：深圳市福田区梅坳一路 268 号深燃大厦十四楼第 7 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 和网络投票相 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2024-028 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 | 转债 | 深圳燃气2024年度第四期超短期融资券发行结果公告 本期超短期融资券发行的有关文件已在中国货币网（www.chinamoney.com.cn）和 上海清算所网站（www.shclearing.com）公告。 特此公告。 深圳市燃气集团股份有限公司董事会 2024年4月23日 深圳市燃气集团股份有限公司（以下简称"公司"）2022年第四届董事会第四十一 次临时会议已于2022年7月19日审议通过关于申请发行超短期融资券的议案，同意公司于 董事会会批准之日起24个月内，向中国银行间市场交易商协会申请注册并在中国境内发 行本金总额不超过80亿元人民币的超短期融资券，注册有效期为2年，公司可以在2年内 分期发行，每期发行超短期融资券的期限不超过270天。 公司于2022年11月30日完成80 ...