Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company's revenue for 2024 is projected to be 9.033 billion yuan, representing a year-on-year increase of 15.62%, while the net profit attributable to shareholders is expected to reach 724 million yuan, up 33.01% year-on-year [1] - The company has a dividend payout ratio of 69.12% for 2024, which is an increase of 7.83 percentage points compared to the previous year [1] - The natural gas transmission volume has increased significantly, reaching 13.017 billion cubic meters, a year-on-year growth of 20.26% [2] - The gross margin for the long-distance pipeline segment improved to 19.77%, up 3.63 percentage points year-on-year, while the urban gas segment's gross margin decreased to 7.3%, down 1.17 percentage points [2] Financial Performance - The company's revenue for 2024 is expected to be 9.033 billion yuan, with a growth rate of 19.57% in 2025 and 10.58% in 2026 [4] - The net profit attributable to shareholders is forecasted to be 907.53 million yuan in 2025, with a growth rate of 25.36% [4] - Earnings per share (EPS) are projected to be 0.82 yuan in 2025, 0.92 yuan in 2026, and 1.00 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to be 10.32 in 2025, 9.16 in 2026, and 8.39 in 2027 [4] Industry Context - The national long-distance natural gas pipeline construction is progressing rapidly, with over 4,000 kilometers expected to be completed in 2024 [3] - The company is accelerating the construction of pipelines within Shaanxi province to meet the increasing natural gas consumption [3]