SGC(601139)2024-03-29 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (tax included) based on the total share capital at the time of the dividend distribution[4] - The proposed cash dividend for 2023 is RMB 1.6 per 10 shares, totaling RMB 460,276,879.04, representing 31.97% of the net profit attributable to shareholders[124] Corporate Governance and Compliance - The company has no instances of non-operational fund occupation by controlling shareholders or related parties[5] - The company has no violations of decision-making procedures for external guarantees[5] - The company has no issues where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[5] - The company's annual report is prepared at the Board of Directors Office[13] - The company's financial report is signed by the legal representative, chief financial officer, and accounting institution responsible person[8] - The company's board of directors and senior management team underwent several changes in 2023, with new appointments and resignations[91][92] - The company's total shareholding by directors and senior management remained unchanged at 2,328,885 shares in 2023[92] - The total pre-tax compensation for directors and senior management in 2023 was 13.45 million yuan[92] - The company's former chairman, Li Zhen, held 435,500 shares throughout 2023[91] - The company's vice president, Yang Guang, held the largest number of shares among senior management at 691,600 shares[92] - The company's chief financial officer, Cong Shufeng, was appointed in June 2023 with no shareholding[92] - The company's total shareholding by directors and senior management remained unchanged at 2,328,885 shares in 2023[92] - The company's total pre-tax compensation for directors and senior management in 2023 was 13.45 million yuan[92] - Company Chairman Wang Wenjie has been serving as the Chairman and Party Secretary since June 2023, with extensive experience in investment management and executive roles at Shenzhen Gas and Shenzhen Investment Holdings[93] - Deputy Chairman Huang Weiyi, also the Executive Director and CEO of Hong Kong and China Gas, has been with the company since 1997 and was appointed as Deputy Chairman in April 2022[93] - President Zhang Xiaodong has been serving as the company's President since June 2018 and as a Director since July 2018, with prior experience at Shenzhen Energy Group[93] - Director Liu Xiaodong has been a Director since December 2017, with a background in insurance and investment roles, including positions at Bank of China Insurance and Shenzhen International Holdings[93] - Director Xie Wenchun has been a Director since January 2022, with a career spanning finance and management roles at Shenzhen Duty-Free Group and Shenzhen Bus Group[93] - Director Shi Lan, appointed in November 2023, has a regulatory and investment background, including roles at China Securities Regulatory Commission and Shenzhen Capital Operation Group[94] - Director Ji Weiyi, appointed in May 2022, has extensive experience in the gas and energy sectors, including roles at Towngas and various regional energy companies[94] - Director Zhou Hengxiang, appointed in November 2023, has a long history with Towngas, including roles as Executive Vice President and Regional General Manager[94] - Independent Director Ju Xuecheng, with a background in materials science and investment, serves as the Executive President of Shenzhen New Materials Industry Association and holds multiple directorship roles[94] - The company's independent directors include Zhang Bin, Ma Li, Liu Xiaoqin, Li Yao, and Liao Haisheng, each with extensive professional backgrounds in law, accounting, and investment[95] - Yang Songkun, a company supervisor, has been involved in the management of Hong Kong and China Gas Co., Ltd. since 1988 and was appointed as the ESG Director and Secretary-General of the Mainland Business Strategy Office in 2022[95] - Li Wenjun, an employee supervisor, has been serving as the company's legal counsel and General Manager of the Legal Affairs Department since 2013[96] - Wang Xuying, another employee supervisor, has been in charge of supervision and management in the company's Discipline Inspection and Supervision Office since 2017[96] - Yang Guang, the company's Vice President, has been in his position since March 2015 and holds the title of Vice Chairman of the Gas Branch of the China Civil Engineering Society[96] - Zhang Wenhe, another Vice President, has been in his role since July 2017, previously serving as the General Manager of the Human Resources Department[96] - Wang Wenxiang, appointed as Vice President in June 2023, previously served as the company's Safety Director from April 2020 to March 2024[96] - Zhou Yunfu, Vice President since October 2023, previously held positions at Shenzhen Capital Operation Group Co., Ltd. and served as a company director from February 2021 to October 2023[96] - Yang Xi, the company's Board Secretary and Chief Compliance Officer, has been in her role since February 2019 and was appointed Chief Compliance Officer in September 2023[96] - Cong Shufeng, the company's Chief Financial Officer (CFO), was appointed in June 2023, having previously served in various financial roles at Towngas and other companies[97] - Total compensation for all directors, supervisors, and senior management at the end of the reporting period was 13.4548 million yuan[100] Financial Performance - Revenue in 2023 increased by 2.88% to RMB 30.93 billion compared to 2022[17] - Net profit attributable to shareholders rose by 17.80% to RMB 1.44 billion in 2023[17] - Operating cash flow surged by 55.33% to RMB 2.54 billion in 2023[17] - Total assets grew by 15.89% to RMB 44.27 billion at the end of 2023[17] - Basic earnings per share increased by 19.05% to RMB 0.50 in 2023[18] - Weighted average ROE improved by 0.82 percentage points to 10.47% in 2023[18] - Revenue growth driven by increased urban pipeline gas sales in 2023[19] - Profit growth attributed to urban gas and smart gas segments in 2023[19] - Total liabilities increased by 18.38% to RMB 26.99 billion at the end of 2023[17] - Non-recurring gains and losses amounted to RMB 75.76 million in 2023[24] - The company achieved operating revenue of 30.929 billion yuan, a year-on-year increase of 2.88%, and net profit attributable to shareholders of 1.44 billion yuan, up 17.80% year-on-year[26] - The company achieved a revenue of 30.93 billion yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 1.44 billion yuan, a year-on-year increase of 17.80%[53] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 25.67% to 1,364,177,382.67 yuan in 2023 compared to 1,085,566,309.49 yuan in 2022[180] - The company's current ratio improved by 26.00% in 2023 compared to 2022[180] - The quick ratio increased by 35.00% in 2023 compared to the previous year[180] - The company's asset-liability ratio rose slightly by 2.14% to 60.98% in 2023[180] - The cash interest coverage ratio improved significantly by 39.95% to 5.99 in 2023[180] - The EBITDA to total debt ratio decreased by 14.81% to 0.23 in 2023[180] - The interest coverage ratio slightly decreased by 1.67% to 5.30 in 2023[180] - Total current assets increased to 13.55 billion RMB in 2023, up from 10.67 billion RMB in 2022[196] - Monetary funds grew significantly to 5.84 billion RMB in 2023, compared to 3.30 billion RMB in 2022[196] - Accounts receivable rose to 2.78 billion RMB in 2023 from 2.34 billion RMB in 2022[196] - Fixed assets increased to 16.70 billion RMB in 2023, up from 14.66 billion RMB in 2022[196] - Construction in progress expanded to 4.76 billion RMB in 2023, compared to 3.83 billion RMB in 2022[196] - Other current assets grew to 474.99 million RMB in 2023 from 332.01 million RMB in 2022[196] - Long-term equity investments slightly increased to 372.88 million RMB in 2023 from 370.06 million RMB in 2022[196] - Other equity instrument investments rose to 1.57 billion RMB in 2023 from 1.46 billion RMB in 2022[196] - Prepayments increased to 895.78 million RMB in 2023 from 672.24 million RMB in 2022[196] - Inventory decreased to 1.95 billion RMB in 2023 from 2.26 billion RMB in 2022[196] - Total assets increased to 44.27 billion RMB in 2023, up from 38.20 billion RMB in 2022, reflecting a growth of 15.9%[197] - Intangible assets grew to 2.46 billion RMB in 2023, a 9.1% increase from 2.26 billion RMB in 2022[197] - Long-term loans surged to 1.85 billion RMB in 2023, a significant rise from 678.76 million RMB in 2022, marking a 172% increase[197] - Total liabilities increased to 26.99 billion RMB in 2023, up from 22.81 billion RMB in 2022, a growth of 18.3%[198] - Shareholders' equity rose to 17.27 billion RMB in 2023, compared to 15.39 billion RMB in 2022, an increase of 12.2%[198] - Cash and cash equivalents in the parent company's balance sheet increased to 3.29 billion RMB in 2023, up from 1.55 billion RMB in 2022, a 112% growth[200] - Long-term equity investments in the parent company reached 12.03 billion RMB in 2023, up from 11.43 billion RMB in 2022, a 5.3% increase[200] - Fixed assets in the parent company grew to 5.78 billion RMB in 2023, a 8.4% increase from 5.33 billion RMB in 2022[200] - Construction in progress in the parent company decreased to 1.62 billion RMB in 2023, down from 1.73 billion RMB in 2022, a 6.5% decline[200] - Other non-current assets in the parent company increased to 176.56 million RMB in 2023, up from 89.69 million RMB in 2022, a 96.8% growth[200] Business Operations and Market Performance - The company's natural gas users reached 7.63 million, an increase of 1.2 million year-on-year, with a natural gas supply of 6.259 billion cubic meters, up 17.98% year-on-year[26] - The company's pipeline natural gas sales volume was 4.84 billion cubic meters, an increase of 18.28% year-on-year, with city gas sales volume of 3.331 billion cubic meters, up 11.07% year-on-year[28] - The company's natural gas wholesale sales volume was 530 million cubic meters, an increase of 59.64% year-on-year, while liquefied petroleum gas wholesale sales volume was 433,500 tons, down 24.69% year-on-year[29] - The company's photovoltaic film sales reached 672 million square meters, an increase of 32.32% year-on-year, maintaining the second-largest global market share[30] - The company's comprehensive energy sector revenue was 6.885 billion yuan, a decrease of 5.09% year-on-year, with Siwick's sales revenue of 5.835 billion yuan, down 8.43% year-on-year[31] - The company's smart service sector revenue was 2.177 billion yuan, an increase of 33.97% year-on-year[32] - The company completed the "bottle-to-pipe" project, with 840,000 residential households and 11,500 non-residential households connected, achieving a pipeline gas penetration rate of 92% in Shenzhen[27] - The company installed 2.3 million NB smart gas meters with automatic shut-off functions, enhancing gas safety[34] - The company completed the renovation of 110 kilometers of old steel pipelines, achieving the task two years ahead of the national schedule[34] - The company's 5G+ smart gas construction has achieved significant milestones, including the deployment of 50 self-developed industrial control applications at gas stations and the successful application of the "Shenran Brain" system, which won the 2023 Shenzhen Science and Technology Progress Award[35] - The company operates 57 urban pipeline gas projects across 11 provinces in China, with gas sources primarily from CNPC, Sinopec, and international suppliers[39] - The company's LPG storage capacity includes two 80,000 cubic meter tanks and a 50,000-ton berth, with an annual processing capacity of 1 million tons. It also holds a 10% stake in Guangdong Dapeng LNG Receiving Station[40] - The company's subsidiary, SVEK, is the world's second-largest photovoltaic encapsulation film manufacturer, with an annual production capacity exceeding 900 million square meters[41] - The company's natural gas power generation subsidiary operates two 180MW gas-steam combined cycle units, with plans to expand to two 470MW units during the "14th Five-Year Plan" period[42] - The company's comprehensive energy business includes photovoltaic power generation, energy storage, and hydrogen energy, with a total installed capacity of over 245MW and an annual power generation of nearly 300 million kWh[42] - The company operates 57 city (district) pipeline gas projects nationwide, with over 7.63 million pipeline gas users, covering a population of over 26 million[47] - The company signed a natural gas supply agreement with Guangdong Dapeng Company for an annual supply of 271,000 tons and has processing rights of approximately 270,000 tons/year at Guangdong Dapeng's receiving station[46] - The company operates the world's largest shallow-water channel fourth-generation LNG carrier, "Dapeng Princess," with an annual capacity of approximately 800,000 tons[46] - The company has built the first LNG storage and peak-shaving facility in the Guangdong-Hong Kong-Macao Greater Bay Area, with a storage capacity of 80,000 cubic meters and an annual turnover capacity of 800,000 tons[46] - The company has 7 national high-tech enterprises and 5 specialized and sophisticated "little giant" enterprises, with a total of 637 authorized intellectual property rights, including 1 international patent (PCT) and 118 invention patents[50] - The company has 53 gas business franchise rights in 11 provinces (regions) in China[52] - The company's sales expenses increased by 7.15% to 1.64 billion yuan, and management expenses increased by 26.11% to 391.39 million yuan[54] - Operating cash flow increased by 55.33% to RMB 2,542,673,035.51, primarily due to reduced working capital占用[55] - R&D expenses rose by 19.77% to RMB 731,891,609.33, driven by increased material投入 and薪酬费用[55] - City pipeline gas sales revenue grew by 13.63% to RMB 15,583,569,664.28, contributing to a 2.30 percentage point increase in毛利率[58] - Total revenue from gas resources decreased by 21.58% to RMB 4,128,163,482.96, with天然气批发 revenue down 0.80%[58] - Top five customers accounted for 20.13% of total sales, with no关联方 sales[59] - Top five suppliers accounted for 27.40% of total采购, with no关联方采购[60] - Management expenses increased by 26.11% to RMB 391,394,142.56 due to expanded personnel规模[61] - R&D投入占营业收入比例 was 2.37%, with a total R&D投入 of RMB 731,891,609.33[62] - The company has 1,066 R&D personnel, representing 11.37% of total employees[63] - R&D personnel学历结构 includes 11博士研究生, 86硕士研究生, and 469本科[64] - Sales of goods and services received cash increased to 31.78 billion yuan, up 11.88% year-on-year, driven by growth in urban pipeline gas sales[65] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets increased to 3.95 billion yuan, up 48.39% year-on-year, due to investments in projects like Shenran Thermal Power expansion and gas pipeline projects[65] - Cash received from issuing bonds increased to 16.98 billion yuan, up 126.43% year-on-year, mainly due to increased short-term financing bills and convertible bonds[65] - Net cash flow from operating activities increased to 2.54 billion yuan, up 55.33% year-on-year, primarily due to reduced working capital占用 such as inventory[65] - Net cash flow from financing activities increased to 4.03 billion yuan, up 151.37% year-on-year, driven by increased short-term financing bills and issuance of convertible bonds[65] - Monetary funds increased to 5.84 billion yuan, up 77.12% year-on-year, accounting for 13.18% of total assets, due to increased cash flow from financing activities[66] - Long-term borrowings increased to 1.85 billion yuan, up 171.99% year-on-year, driven by capital expenditure needs for LNG transport ships and gas thermal power expansion projects[67] - Overseas assets totaled 1.03 billion yuan, accounting for 2.33% of total assets[68] - Total investment in the reporting period was 194.08 million yuan, a decrease of 84.08% year-on-year[