蓝天燃气：国资入股，强强联合

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.04 CNY over the next six months [1]. Core Views - The report highlights the strategic partnership with Henan Natural Gas Pipeline Co., which acquired a 5% stake in the company, indicating strong confidence in the company's future development [2][3]. - The company has a robust dual business model that integrates long-distance gas pipelines and urban gas services, which helps mitigate risks from upstream gas price fluctuations and ensures stable revenue growth [4]. - The company has a high dividend payout tradition, with cash dividend ratios of 69.51%, 54.97%, 83.55%, and 97.13% from 2020 to 2023, and a projected dividend payout ratio of no less than 70% of net profit for the next three years [4]. Financial Performance Summary - The company reported a revenue of 4,946.8 million CNY in 2023, with a projected revenue of 5,108.5 million CNY in 2024, reflecting a growth rate of 3.3% [8]. - The net profit for 2023 was 606.3 million CNY, with expectations to reach 651.3 million CNY in 2024, indicating a growth rate of 7.4% [8]. - The earnings per share (EPS) is projected to increase from 0.88 CNY in 2023 to 0.94 CNY in 2024 [8]. Market and Pricing Dynamics - The report notes that the implementation of residential gas pricing policies across various regions in China could enhance profit margins for urban gas sales [5]. - The company’s procurement costs are expected to decline, as the pricing policy for pipeline gas has been adjusted, potentially benefiting the company's bottom line [5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 51.08 billion CNY, 55.20 billion CNY, and 59.37 billion CNY, respectively, with corresponding net profits of 6.51 billion CNY, 6.94 billion CNY, and 7.53 billion CNY [7]. - The company maintains a stable net profit margin, projected at 12.8% for 2024, with a consistent return on equity (ROE) expected to rise to 17.4% by 2024 [8].