分红有效提升，工商业销气量维持高增

Investment Rating - The investment rating for the company is "Buy" with a target price not specified, maintaining the rating for the next six months [1][6]. Core Viewpoints - The company has shown a steady increase in revenue and profit, with a 3.1% year-on-year increase in revenue to RMB 177.35 billion and an 8.7% increase in net profit to RMB 5.68 billion in 2023 [2]. - The company has implemented a three-year dividend distribution plan, increasing the payout ratio from 35% to 40% in 2023, with a target to reach 45% by the end of 2025 [5]. - Natural gas sales have seen significant growth, with a total sales volume of 49.285 billion cubic meters, a 9.6% increase year-on-year, outperforming the industry average [3]. Summary by Sections Basic Data - Total shares outstanding: 8,658.80 million shares - Total market capitalization: 58,793.26 million HKD - Net asset value per share: 8.09 HKD - Debt-to-asset ratio: 40.23% - Price range over the past year: 7.75 HKD (high) / 5.45 HKD (low) [1]. Financial Performance - The company achieved a net profit margin of 5.22% in 2023, up from 4.77% in 2022, and a return on equity of 11.12%, compared to 10.48% in the previous year [2]. - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.75, 0.81, and 0.88 RMB respectively, with corresponding price-to-earnings (PE) ratios of 8.2, 7.6, and 7 times [6]. Natural Gas Sales - The company added 12 new city gas projects, bringing the total to 280 projects, with retail gas sales reaching 30.312 billion cubic meters, a 9.2% increase year-on-year [3]. - The industrial and commercial gas sales volumes were 21.045 billion cubic meters and 2.945 billion cubic meters, reflecting year-on-year growth of 15.5% and 11.1% respectively [3]. LNG Processing and Storage - The LNG processing and storage segment generated revenue of RMB 9.042 billion, a 5.9% increase year-on-year, with an average load factor of 90.6% for the LNG receiving stations [4]. - The LNG plants turned a profit with a pre-tax profit of RMB 0.02 billion, achieving a processing volume of 2.827 billion cubic meters [4]. Dividend Policy - The company has announced a three-year dividend distribution plan, aiming to increase the payout ratio progressively, with a capital expenditure of RMB 5.348 billion in 2023, a decrease of 16.66% year-on-year [5].