佛燃能源：稳健高股息标的，多元能源业务开花

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 9.51 CNY and a fair value of 11.64 CNY [12]. Core Insights - The company has shown robust performance with a five-year CAGR of 18% in net profit, driven by a strong urban gas business and expansion into diversified energy services [2][17]. - Revenue from the urban gas business increased from 5.094 billion CNY to 25.538 billion CNY from 2018 to 2023, reflecting a CAGR of 38% [2][54]. - The company maintains a high dividend payout ratio, with a dividend rate of over 65% in the past five years and an expected dividend yield of over 5% for 2024 [41][67]. Summary by Sections Company Overview - The company is a leading urban gas distributor in South China, with over 30 years of experience and 13 regional gas operation licenses in Foshan [2][47]. - It has expanded its operations beyond Foshan to other cities, enhancing its market presence [24][50]. Financial Performance - The company reported a net profit of 844 million CNY in 2023, with a projected increase to 997 million CNY in 2024 [3][11]. - The EBITDA for 2023 is estimated at 1.638 billion CNY, with a steady growth forecast for the coming years [3][11]. - The company’s return on equity (ROE) reached 14.9% in 2023, indicating strong profitability [2][61]. Business Segments - The company operates in five main business segments: urban gas, new energy, technology research and development, supply chain, and extended services [29][56]. - The supply chain business contributed significantly to revenue, accounting for 36.3% of total revenue in 2023, with a year-on-year increase of 15.7 percentage points [29][56]. Market Demand - The demand for natural gas is expected to grow steadily, with urban gas consumption contributing significantly to this increase [70][74]. - The company benefits from favorable pricing policies and a decrease in gas source costs, enhancing its profitability [9][18].