蓝天燃气：业绩稳健，中期高分红

Investment Rating - The report maintains a "Buy - A" investment rating for the company [4] Core Views - The company has demonstrated stable performance with a revenue of 2.62 billion yuan in the first half of 2024, reflecting a year-on-year growth of 2.84%, and a net profit of 341 million yuan, up 1.35% year-on-year [1][2] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 313 million yuan, which represents 91.52% of the net profit for the half-year [1] - The company has seen significant growth in its gas installation projects, with a year-on-year increase of 29.75%, driven by the launch of new pipeline projects [2] - The company has a clear dividend return plan, committing to a cash dividend ratio of no less than 70% of net profit for the years 2023-2025 [2] - The stock's dividend yield is calculated at 6.05% based on the total cash dividend of 589 million yuan for 2023 and the closing price on August 19, 2024 [2] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 5.11 billion yuan, 5.52 billion yuan, and 5.94 billion yuan, respectively, with growth rates of 3.3%, 8.1%, and 7.6% [8] - Net profits are expected to be 651 million yuan, 694 million yuan, and 753 million yuan for the same years, with growth rates of 7.4%, 6.6%, and 8.5% [8] - The company’s price-to-earnings ratio is projected to decrease from 15.6 in 2023 to 12.5 in 2026, indicating improving valuation [9][10] - The company’s dividend payout ratio has been consistently high, with 2023 showing a payout ratio of 97.13% [2][9] Strategic Developments - The company has entered into a strategic partnership with the Henan Natural Gas Pipeline Company, enhancing its operational capabilities and market position [3] - The partnership is expected to leverage synergies between the two companies, potentially leading to improved operational efficiencies and market expansion [3]