华润燃气：毛差显著改善，大幅提升中期派息

Investment Rating - The report maintains a "Buy" rating for China Resources Gas (1193) with a target price of HKD 32.60, representing a potential upside of 16% from the current price of HKD 28.15 [1]. Core Insights - The company has significantly improved its gross margin, leading to a substantial increase in interim dividends. The gross margin rose to HKD 0.54 per cubic meter, up from HKD 0.50 per cubic meter in the same period last year [1]. - For the first half of 2024, the company reported a year-on-year increase of 21.2% in core net profit attributable to shareholders, amounting to HKD 34.6 billion, despite a 2.5% decline when excluding one-time gains from the previous year [1]. - The total revenue for the first half of 2024 reached HKD 52.08 billion, reflecting a year-on-year growth of 7.7% [1]. Summary by Sections Financial Performance - The company achieved a total revenue of HKD 52.08 billion in the first half of 2024, with contributions from gas sales, connection fees, and comprehensive services [1]. - The overall gross margin improved to 18.6%, marking the first increase since 2020 [1]. - The natural gas sales volume reached 209 billion cubic meters, a year-on-year increase of 5.3% [1]. Business Segments - The comprehensive services segment saw a revenue increase of 20.0% to HKD 17.6 billion, with segment profit rising by 22.1% to HKD 7.6 billion [1]. - The comprehensive energy business generated revenue of HKD 8.3 billion, a year-on-year growth of 38.0% [1]. Future Outlook - The company is expected to maintain a stable capital expenditure, which will support ongoing shareholder returns. Revenue projections for 2024 to 2026 are estimated at HKD 105.9 billion, HKD 111.8 billion, and HKD 119.0 billion, respectively [1]. - The net profit attributable to shareholders is projected to be approximately HKD 57 billion, HKD 62 billion, and HKD 71 billion for the years 2024 to 2026 [1].