Core Viewpoint - The gas sector is expected to show weak performance in 2024 and Q1 2025 due to low natural gas demand, but urban gas companies still hold certain α investment value, with stable dividends and attractive yields [1][2] Industry Summary - Natural gas apparent consumption growth is expected to slow significantly by the end of 2024, primarily due to warm winter factors suppressing demand. In Q1 2025, the apparent consumption is projected to be 1,057.50 billion cubic meters, a year-on-year decrease of 2.2% [1] - The gas supply outlook for 2024 indicates a 6.2% year-on-year increase in natural gas production and a 9.9% increase in imports. However, in Q1 2025, production is expected to grow by 4.3%, while imports may decrease by 10% [2] - The average import price of natural gas in Q1 2025 is projected to be 3,388 yuan/ton, a year-on-year decrease of 5.62%, while the average LNG ex-factory price is expected to be 4,478.34 yuan/ton, down 3.73% year-on-year [2] Company Summary - Tianlun Gas (01600) has increased its dividend payout ratio, boasting a high dividend yield of 6.00%, significantly above the industry average of 5%, highlighting the company's strong cash flow and commitment to shareholder returns [1] - The overall performance of Hong Kong gas companies in 2024 shows a 2.53% year-on-year revenue growth in RMB terms, but a decline of 6.99% in net profit attributable to shareholders. Despite this, dividend ratios remain stable, with Tianlun Gas, Honghua Smart Energy (5.43%), and Beijing Holdings (5.09%) leading in dividend yields [2]