香港中华煤气：城燃业务稳健，绿色能源成为公司业务增长的新亮点

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company's core profit for the first half of 2024 is HKD 3.186 billion, a 2% increase year-on-year, despite total revenue decreasing by 5.76% to HKD 27.496 billion [3] - The urban gas business in mainland China shows steady growth, with gas sales volume increasing by 7% to 18.6 billion cubic meters and the average gas price margin rising to RMB 0.5 per cubic meter [4] - Green energy initiatives, including hydrogen, sustainable aviation fuel, and green methanol, are highlighted as new growth areas for the company [6] Financial Performance Summary - Total revenue (in million HKD) for the years 2020 to 2024H1: 40,927, 53,564, 60,953, 56,971, and 27,496 respectively, with a growth rate of -1.15% for 2024H1 [2] - Net profit attributable to shareholders (in million HKD) for the same period: 6,007, 5,017, 5,248, 6,070, and 3,040 respectively, with a growth rate of 63.2% for 2024H1 [2] - Earnings per share (EPS) for 2024H1 is HKD 0.163, with a mid-year dividend of HKD 0.12 [3] Cash Flow and Capital Expenditure - The company expects total cash inflow of approximately HKD 9 billion for 2024, with HKD 7.5 billion coming from gas operations and asset sales contributing over HKD 1 billion [5] - The management emphasizes controlling capital expenditure and maintaining a stable debt ratio without increasing liabilities to boost dividends [5]