2024-03-27 16:00Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has shown a steady increase in retail gas volume, with a projected growth of 10% for 2024 [5] - The company plans to increase its dividend payout ratio to 45% by 2025, supported by strong cash flow and stable capital expenditures [4] - The company's LNG processing and storage business has seen a revenue increase of 5.9% in 2023, indicating robust performance across various business segments [6] Financial Performance Summary - In 2023, the company achieved total revenue of RMB 177.354 billion, a year-on-year increase of 3.15% [3] - The net profit attributable to shareholders was RMB 5.682 billion, reflecting an increase of 8.68% year-on-year [3] - The diluted EPS for 2023 was RMB 0.66, with a return on equity (ROE) of 9% [3][4] - The company reported a free cash flow of RMB 9.017 billion in 2023, indicating strong liquidity [4]