Investment Rating - The report does not explicitly state an investment rating for the company [41] Core Insights - The company operates primarily in urban gas sales, pipeline installation, and natural gas transportation across 8 provinces and 2 cities in China [4] - The group achieved a total gas sales volume of over 2.2 billion cubic meters in 2023, representing a year-on-year increase of 9.4%, with pipeline gas sales growing by 12.3% [6] - The gross margin for 2023 was RMB 0.47, an increase of RMB 0.09 year-on-year, with expectations for further expansion in 2024 due to cost reductions and price adjustments [2][32] Financial Performance - The group's revenue for 2023 increased by 5% to HKD 6.41 billion, while net profit decreased by 21% to HKD 260 million, primarily due to increased financing costs [28] - The company maintained a dividend payout ratio of 40%, with an expected dividend of HKD 0.076 per share [28] - The group's operating cash flow for 2023 was HKD 830 million, significantly up from HKD 350 million in 2022 [20] Business Growth Highlights - The company aims to achieve a total gas sales target of 2.5 billion cubic meters in 2024, a 15% increase from 2023, driven by stable demand from existing customers and new large users [40][49] - The value-added services segment, which includes small installations and gas appliance sales, recorded a 44% year-on-year increase in gross profit, contributing significantly to overall profitability [34] - The group has established strategic partnerships to enhance upstream resource procurement, which is expected to lower costs and improve profitability [30][24] Market Position and Strategy - The company is well-positioned with connections to four LNG receiving stations, allowing it to access low-cost gas sources without heavy capital investment [8][24] - The major shareholders, including Tianjin TEDA Investment and Sinopec's subsidiary, are expected to support the group's long-term development and enhance its competitive edge [19][51] - The group has completed several strategic contracts to secure gas supply, which will further strengthen its market position [30][17]
个股研究：滨海投资