Soochow Securities·2026-03-31 10:04Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company reported a total revenue of HKD 97.73 billion in 2025, a decrease of 4.81% year-on-year, and a net profit attributable to shareholders of HKD 3.55 billion, down 13.24% year-on-year [9] - The dividend per share (DPS) was declared at HKD 0.65, with a total annual dividend of HKD 0.95, resulting in a payout ratio of 61.98%, an increase of 8.21 percentage points year-on-year [9] - The company faced pressure on its performance due to lower-than-expected retail gas volume growth and a significant decline in connection profits [9] - The company aims for a mid-single-digit growth in retail gas volume for 2026, with a stable or slightly declining gross margin [9] Financial Summary - Total revenue forecast for 2024A is HKD 102.68 billion, with a projected decrease to HKD 97.73 billion in 2025A, followed by a slight recovery to HKD 99.03 billion in 2026E [1] - The net profit attributable to shareholders is expected to decrease from HKD 4.09 billion in 2024A to HKD 3.55 billion in 2025A, with a slight recovery to HKD 3.58 billion in 2026E [1] - The earnings per share (EPS) is projected to decline from HKD 1.77 in 2024A to HKD 1.53 in 2025A, with a gradual increase to HKD 1.71 by 2028E [1] - The price-to-earnings (P/E) ratio is forecasted to be 12.48 for 2026E and decrease to 11.18 by 2028E [1]