Workflow
蓝天燃气2023年年报点评:业绩同比微增,分红比例达97%

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [18][34]. Core Insights - The company reported a revenue of 4.947 billion yuan in 2023, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 606 million yuan, up 2.33% year-on-year [2][29]. - The company plans to distribute a cash dividend of 0.85 yuan per share, resulting in a dividend payout ratio of 97.13%, reflecting a strong commitment to returning value to shareholders [2][34]. - The report highlights the gradual implementation of natural gas pricing policies in Henan Province, which is expected to benefit the company as residential price differentials improve [5][30]. Financial Performance Summary - The company's revenue from pipeline natural gas sales was 2.322 billion yuan, a decrease of 4.08% year-on-year, with a gross margin of 12.27% [28][33]. - Revenue from urban natural gas sales reached 1.897 billion yuan, an increase of 1.62%, with a gross margin of 16.18% [3][33]. - The gas installation engineering segment saw a significant revenue increase of 71.48% to 600 million yuan, driven by the completion of rural projects and increased installation activity post-pandemic [4][33]. - Other main business revenues increased by 37.56% to 100 million yuan, attributed to the ongoing development of gas value-added services [14][33]. Profit Forecast and Valuation - The company expects net profits for 2024, 2025, and 2026 to be 650 million, 690 million, and 710 million yuan respectively, with year-on-year growth rates of 7.9%, 5.4%, and 2.6% [18][34]. - The current market capitalization corresponds to a price-to-earnings ratio of 14.4, 13.7, and 13.3 for the years 2024 to 2026 [18][34].