销气主业增长亮眼，双综业务发展方向明确

Investment Rating - The investment rating for the company is "Buy" [2][11][12] Core Insights - The company's gas sales profitability has improved, with steady recovery in performance. In 2023, the company achieved revenue of HKD 101.3 billion, a year-on-year increase of 7.4%. The total segment performance reached HKD 13.08 billion, up 15.0% year-on-year, with net profit attributable to shareholders at HKD 5.22 billion, reflecting a 10.4% increase [4][10][11] - The gas sales volume showed robust growth, with revenue from gas sales reaching HKD 85.9 billion, a 9.5% increase year-on-year. Retail gas volume reached 38.78 billion cubic meters, up 8.1% year-on-year [8][10] - The company is focusing on integrated energy services, with a clear direction for development in distributed energy and distributed photovoltaic sectors. In 2023, revenue from integrated services grew by 27% to HKD 4.04 billion [9][10] - The cash flow situation is strong, with net operating cash flow increasing by 133% to HKD 10.16 billion in 2023. The company plans to distribute a dividend of HKD 1.1569 per share, a 10.2% increase year-on-year, with a payout ratio of 50.3% [10][11] Summary by Sections Financial Performance - In 2023, the company reported total revenue of HKD 101.3 billion, with a year-on-year growth of 7.4%. The net profit attributable to shareholders was HKD 5.22 billion, marking a 10.4% increase [4][7][10] - The company plans to achieve revenues of HKD 105.8 billion, HKD 111.3 billion, and HKD 119.4 billion in 2024, 2025, and 2026 respectively, with expected year-on-year growth rates of 4.5%, 5.2%, and 7.3% [3][11] Business Segments - The gas sales segment generated revenue of HKD 85.9 billion, with a segment profit of HKD 7.6 billion, reflecting a 29% year-on-year increase. The connection business saw a revenue decline of 11% to HKD 10.89 billion [7][8] - Integrated services revenue increased by 27% to HKD 4.04 billion, with a segment profit of HKD 1.37 billion, up 19% year-on-year [9][10] Cash Flow and Dividends - The company reported a net operating cash flow of HKD 10.16 billion, a 133% increase year-on-year. The cash and bank deposits at the end of 2023 were HKD 9.98 billion, up 55% year-on-year [10][11] - The dividend per share is set at HKD 1.1569, a 10.2% increase from the previous year, with a payout ratio of 50.3% [10][11]