售气量增速亮眼，顺价推进助力业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company reported a revenue of 30.93 billion yuan in 2023, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.44 billion yuan, up 17.8% [1] - The first quarter of 2024 is expected to see total revenue of 6.86 billion yuan, a decrease of 9.4% year-on-year, while net profit is projected to be 276 million yuan, an increase of 6.7% [1] - The company has experienced significant growth in gas sales, with a total pipeline gas sales volume of 4.84 billion cubic meters in 2023, representing an 18.28% increase year-on-year, outperforming the national average consumption growth rate [2] - The smart services segment saw a revenue increase of 33.9% to 2.18 billion yuan in 2023, with a gross margin of 49.54% [2] - The company is expected to continue benefiting from price adjustments in gas sales, with a projected sales volume of 1.17 billion cubic meters in Q1 2024, reflecting an 11.84% year-on-year growth [2] Financial Summary - The company achieved an EBITDA of 4.29 billion yuan in 2023, with a slight decrease expected in 2024 to 4.05 billion yuan [3] - The net profit attributable to shareholders is forecasted to reach 1.69 billion yuan in 2024, with a growth rate of 17.57% [3] - The company’s P/E ratio is projected to decrease from 15.62 in 2023 to 13.29 in 2024, indicating a more attractive valuation over the next few years [3][9] Sales and Growth - The company’s gas sales in Shenzhen and surrounding areas have shown resilience, with growth rates of 5.17% and 14.89% respectively in 2023 [2] - The comprehensive energy business, particularly in photovoltaic products, has also expanded, with a sales volume of 672 million square meters in 2023, marking a 32.32% increase [2] - The company is expected to maintain a double-digit growth rate in gas sales volume, supported by favorable pricing adjustments and increasing demand [2]