智通财经网·2025-09-16 09:07Core Viewpoint - Hong Kong and China Gas Company Limited has maintained a fixed dividend policy since 2009, with a consistent dividend payout of HKD 0.35 per share, leading to a significant increase in dividend payout ratio and total dividend amount over the years [1] Group 1: Dividend Policy and Financial Performance - The company has increased its dividend payout ratio from 44% in 2009 to 114% in 2024, with total dividends rising from HKD 2.3 billion to HKD 6.5 billion, reflecting a compound annual growth rate (CAGR) of 7.2% [1] - Forecasted net profit attributable to shareholders for 2025-2027 is expected to be HKD 58.48 billion, HKD 60.44 billion, and HKD 64.56 billion, representing year-on-year growth of 2.4%, 3.4%, and 6.8% respectively [1] Group 2: Hong Kong Gas Operations - The company is the sole gas supplier in Hong Kong, serving 2.04 million users with a penetration rate of 74% [2] - Despite a decline in gas consumption from 28,556 TJ to 27,159 TJ (a decrease of 4.9%) from 2013 to 2024, the company's EBITDA from Hong Kong operations has grown from HKD 4.2 billion to HKD 5.8 billion, with a CAGR of 3.0% [2] - The company benefits from a price adjustment mechanism that allows for biannual rate increases, which helps maintain stable revenue despite declining consumption [2] Group 3: Mainland China Operations - The company has expanded its mainland operations since 1994, covering 23 provincial regions, primarily in first and second-tier cities along the eastern coast and Chengdu-Chongqing area [3] - From 2019 to 2024, the gas sales volume has grown at a CAGR of 7.3%, aligning with the national consumption growth rate of 7.0% [3] - The company anticipates an increase in gas price differentials in mainland China, with projections of HKD 0.54, HKD 0.55, and HKD 0.58 per cubic meter for 2025-2027 [3] Group 4: Business Diversification and Green Energy - The company is restructuring its extended business segments, which include smart kitchens, insurance, and home safety, with significant market shares in Hong Kong but lower penetration in mainland China [4] - The company is also focusing on green energy initiatives, including green methanol, sustainable aviation fuel, and hydrogen, with production capacity expected to be released gradually from 2025 to 2028 [4] Group 5: Capital Expenditure and Cash Flow Management - Operating cash flow has slightly decreased from HKD 10.5 billion to HKD 9.0 billion between 2021 and 2024, while capital expenditure has reduced from HKD 10.2 billion in 2023 to HKD 6.0 billion in 2024 [5] - The company is optimizing non-core business operations and plans to introduce strategic investors to enhance its extended business segments [5] - Free cash flow is expected to gradually cover the annual fixed dividend of HKD 6.5 billion due to improved cash flow management and asset disposal strategies [5]