ENN-NG(SH:600803)2024-03-22 16:00Financial Performance - For the year 2023, the company achieved a total operating revenue of RMB 143.754 billion and a net profit attributable to shareholders of RMB 7.091 billion, resulting in a basic earnings per share of RMB 2.30[3]. - The company's operating revenue for 2023 was CNY 14,375,398, a decrease of 6.68% compared to CNY 15,404,417 in 2022[23]. - Net profit attributable to shareholders for 2023 was CNY 709,111, an increase of 21.34% from CNY 584,391 in 2022[23]. - The net profit after deducting non-recurring gains and losses was CNY 245,925, a decrease of 47.35% compared to CNY 467,089 in 2022[23]. - The net cash flow from operating activities was CNY 1,375,945, down 8.31% from CNY 1,500,578 in 2022[23]. - The company's total assets at the end of 2023 were CNY 13,457,350, a slight decrease of 1.19% from CNY 13,619,744 at the end of 2022[23]. - The net assets attributable to shareholders increased by 34.57% to CNY 2,365,482 from CNY 1,757,812 in 2022[25]. - Basic earnings per share for 2023 were CNY 2.30, up 21.05% from CNY 1.90 in 2022[24]. - The weighted average return on net assets was 34.39%, an increase of 0.96 percentage points from 33.43% in 2022[24]. - The core profit attributable to shareholders was CNY 637,756, an increase of 5.12% from CNY 606,671 in 2022[23]. Dividend Distribution - The board proposed a cash dividend of RMB 9.1 per 10 shares (including tax), which includes a special dividend of RMB 10.505 billion from the divestment of coal assets, totaling an expected cash distribution of RMB 2.814 billion[3][8]. - The total number of shares eligible for the proposed dividend distribution is 3,091,806,493 after excluding repurchased shares[8]. - The cash dividend per share for 2023, 2024, and 2025 is set at 0.25 CNY, 0.22 CNY, and 0.18 CNY (tax included) respectively[199]. - The company plans to distribute cash dividends of no less than 10% of the annual distributable profits each year from 2023 to 2025[199]. - The company has committed to a cash dividend policy where the annual cash dividend ratio will not be less than 30% of the core profits attributable to shareholders[199]. Strategic Focus and Development - The company has outlined its strategic focus on high-quality development and the expansion of its market presence in the natural gas sector[4]. - The company aims to enhance its intelligent gas industry ecosystem through the development of the "Good Gas Network," focusing on intelligent matching of supply and demand, and innovative business models[4]. - The company is advancing its strategy as a "smart ecological operator" in the natural gas industry, leveraging the "Good Gas Network" platform[31]. - The company is actively responding to digital transformation initiatives, establishing smart platforms for gas management and trading[34]. - The company is focusing on the development of biomass natural gas as a strategic renewable energy source, aligning with national energy development plans[39]. - The company is committed to high-quality development and expanding domestic demand, particularly in the smart home sector, as part of national economic strategies[43]. Market Trends and Opportunities - The apparent consumption of natural gas in China reached 394.53 billion cubic meters, a year-on-year increase of 7.6%[32]. - The GDP of China grew by 5.2% in 2023, contributing to the recovery of the natural gas market[30]. - In 2023, China's LNG import volume reached 71.32 million tons, representing a year-on-year increase of 12.6%[37]. - The company anticipates natural gas demand in China to reach 420 billion cubic meters in 2024 and 450 billion cubic meters in 2025, with a peak of 600 billion cubic meters[135]. - The company expects a 70-80 billion cubic meter increase in pipeline gas imports in 2024, primarily from the China-Russia East Line[136]. Infrastructure and Technology - The company has established a natural gas intelligent platform, "Good Gas Network," which has aggregated over 2,000 ecosystem partners, enhancing transaction efficiency and reducing procurement costs[49]. - The company operates a LNG receiving station with a gas supply capacity of 18,204 million cubic meters per day and a total pipeline length of 81,604 kilometers[50]. - The company’s gas storage capacity is 560 million cubic meters, crucial for balancing production, transportation, and sales[50]. - The company has completed the construction of 46 intelligent operation centers and connected over 50,000 IoT devices to enhance safety and operational efficiency[155]. - The company is focusing on low-carbon development in its construction business, leveraging its natural gas industry advantages to expand into new energy sectors, including hydrogen energy[151]. Risk Management and Governance - The company has implemented a comprehensive risk management system for hedging operations, including scenario simulations and real-time monitoring of market value and cash flow[127]. - The company has established a governance system that includes a board of directors, supervisory board, and management team, ensuring clear responsibilities and compliance with legal requirements[160]. - The company has established several specialized committees, including the Audit Committee and the ESG Committee, to enhance governance[189]. - The company has not faced any penalties from securities regulatory agencies in the past three years[185]. Human Resources and Management - The company reported a total of 38,321 employees, with 23,295 in production, 2,354 in sales, and 7,614 in technical roles[196]. - The company has established a layered training system to enhance employee capabilities and promote stable development[198]. - The company has experienced turnover in key positions, with several executives leaving due to work adjustments and contract expirations[184]. - The company has a strong focus on human resources management, with Lin Yan serving as Chief Human Resources Officer since 2009[180]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on current market trends and expansion strategies[172]. - The company plans to enhance its customer service capabilities, aiming for a 90% customer satisfaction rate by the end of 2024[177]. - The company is actively pursuing market expansion, targeting new regions in Southeast Asia, which could potentially increase market share by 10%[174]. - The company has set a target to reduce carbon emissions by 30% over the next five years, aligning with global sustainability goals[173].