2024-05-06 05:02Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a positive outlook for the second quarter and confidence in achieving annual targets [1]. Core Insights - The company reported a 2.7% year-on-year increase in retail gas volume for Q1, reaching 7.237 billion cubic meters, and a 29.4% increase in comprehensive energy sales to 9.136 billion kWh [1]. - The company maintains its annual guidance of over 5% growth in retail gas volume, with expectations for significant recovery in Q2 [1]. - The gross margin is expected to see a slight year-on-year increase, with a projected growth of 3-4 cents due to improved pricing and lower natural gas costs [1]. - New household user connections decreased by 18.1% year-on-year, but the smart home and comprehensive energy businesses are expected to grow by 20-30% [1]. - LNG trade revenue is anticipated to decrease significantly after Q1, with Q2 expected to show reduced impact from LNG trading on overall performance [1]. Summary by Sections Retail Gas Volume - Retail gas volume increased by 2.7% year-on-year to 7.237 billion cubic meters, with industrial and commercial gas volume growing by 2.9% and residential gas volume by 2.5% [1]. - The company expects Q2 gas volume growth to reach high single digits due to low base effects from last year [1]. Financial Performance - The company achieved a 54% pricing ratio in Q1, with expectations for a gross margin increase of over 10% in the retail gas business for the year [1]. - LNG trade revenue was reported at 24 million RMB in Q1, down from 1 billion RMB in the same period last year, indicating a significant decline in this segment [1]. User Connections and Business Growth - New household user connections totaled 343,000 in Q1, a decrease of 18.1% year-on-year, with an annual target of 1.4 to 1.6 million new connections [1]. - The smart home business saw a 35.8% increase in sales volume for certain products, while service orders for the e-city home service grew by 16.8% [1].