Summary of Conference Call Industry and Company Overview - The conference call focused on the natural gas industry and a specific company, referred to as "Consumption Energy" [1][6] - The company has been involved in market research related to the natural gas sector since last year, emphasizing the importance of marketization in the industry [1] Key Points and Arguments - **Market Trends**: The natural gas sector is experiencing a bottoming out, with cost expectations stabilizing, which is favorable for the industry [1][5] - **Price Dynamics**: The company highlighted that stable price differences in the industrial sector could lead to lower terminal sales prices, enhancing the penetration of clean energy [2] - **Growth Potential**: There is significant potential for natural gas penetration, with estimates suggesting over 50% growth in energy proportion [3] - **Supply Factors**: Increased investment in natural gas supply facilities post the Ukraine conflict is seen as a critical factor for enhancing domestic gas penetration [3] - **Company Performance**: The company’s performance has exceeded expectations, particularly in Macau, and the pricing policies between China and Russia are evolving, which may benefit the company [4] Financial Insights - **Valuation Concerns**: Consumption Energy is currently undervalued compared to its peers, with a significant discount in its price-to-earnings (PE) ratio [8][9] - **Profit Structure**: The company’s core profits are expected to return to a growth trajectory by 2025, driven by improved business fundamentals [6][9] - **Dividend Plans**: The company plans to increase its dividend payout ratio to 44% in 2024, with a gradual increase in subsequent years, indicating a strong commitment to returning value to shareholders [10][26] Business Segments - **Revenue Composition**: The company’s revenue is primarily derived from natural gas retail, which constitutes 42% of its gross profit, followed by natural gas wholesale and engineering installation [15] - **International Operations**: The company has established a strong presence in overseas markets, particularly in Europe, which has contributed to its profitability amid geopolitical tensions [8][21] - **Installation Services**: The engineering installation segment is declining, but the company is managing this through diversification into other service areas [22][23] Additional Considerations - **User Base**: The company has a substantial user base of approximately 30 million residential users, which supports its product sales and service offerings [24] - **Cash Flow Management**: The company reported a strong operating cash flow of 9.61 billion yuan in 2023, indicating good financial health and capital expenditure alignment [12] - **Market Position**: As a private enterprise, the company holds a significant position in the natural gas market, with flexibility in its business structure compared to state-owned enterprises [11] Conclusion - The natural gas industry is poised for growth, with Consumption Energy positioned to benefit from market dynamics and internal strategies. The company’s focus on improving profitability, increasing dividends, and expanding its market presence underlines its potential as a strong investment opportunity moving forward [9][26]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the urban gas industry, highlighting its growth driven by economic expansion and decreasing natural gas costs, which leads to significant volume increases. The improvement in price differentials under residential pricing and the expansion into residential and commercial customer services are also emphasized [4][3]. Company Insights Kunlun Energy - **Strong Shareholder Background**: Kunlun Energy is backed by PetroChina, providing a comprehensive layout in the natural gas industry and significant synergy effects. Its main business segments include LNG processing, storage, and transportation, with natural gas sales contributing 65-69% of pre-tax profits [5][3]. - **Cost Advantages**: As PetroChina's sole natural gas terminal sales and management platform, Kunlun Energy benefits from lower resource costs among its member companies from 2017 to 2024, particularly in the central and western regions of China [5][3]. - **Financial Performance**: For 2024, Kunlun Energy expects a revenue growth of 5% and a net profit growth of 4.9%. The company anticipates a net profit growth rate of 5-6% in the coming years, with a stable dividend payout ratio of around 45% [6][3]. - **Valuation Metrics**: The projected PE ratio for 2025 is approximately 9 times, with a PB ratio of about 0.8 times and a dividend yield of around 5% [6][3]. Xinao Energy - **Business Growth**: Xinao Energy maintains a strong recommendation, with rapid growth in its smart home and comprehensive services segments, which have significantly increased their gross profit contribution, offsetting uncertainties in its main business [7][3]. - **Financial Projections**: The company expects economic profit growth of 6-7 percentage points from 2025 to 2026, with a projected PB of about 1.2 times and a PE of around 8 times for 2025, alongside a dividend yield exceeding 5% [8][3]. - **Privatization Plans**: Xinao Holdings aims to privatize Xinao Energy and relist it on the Hong Kong Stock Exchange, which is expected to provide a safety margin for the current stock price and future upside potential. The privatization is intended to achieve integrated operations across upstream resources, terminals, and downstream city gas operations [9][10]. - **Risks in Privatization**: The privatization plan faces risks including compliance with market regulations, valuation recognition, and potential discounts in A-shares, which require further analysis [11][3]. Performance in Public Utilities - Both Kunlun Energy and Xinao Energy demonstrate strong performance in the public utilities sector, characterized by robust free cash flow and cash holdings, positioning them as leading companies in the industry [12][3].

美能能源是一家长期专注于清洁能源供应领域的专业化城市燃气综合运营服务商，主要从事城镇燃气的 输配与运营业务，包括天然气终端销售和服务以及天然气用户设施设备安装业务。 同时，公司拟向全体股东每10股派发现金红利人民币8.00元（含税），不送红股，以资本公积金向全体 股东每10股转增3.00股。预计拟派发现金红利4.47亿元（含税），预计拟以资本公积金转增股本5505.89 万股。 3月26日晚间，美能能源（001299.SZ）发布2024年年度报告，公司2024年全年实现营业收入6.65亿元， 同比增长15.53%；实现归母净利润8729.82万元，同比增长6.71%；扣非净利润7663.33万元，同比增长 11.15%；基本每股收益0.47元/股。 截至报告期末，公司的经营区域主要集中在陕西省的韩城市、神木市、宝鸡市凤翔区，该"两市一区"均 为陕西省内经济总量较大、人口数量较多、区位优势明显、发展潜力强劲的地区。 公司作为国内较早进入城镇燃气行业从事天然气供应的企业，依托陕西丰富的天然气资源，以气惠民生 为己任，秉持"美好未来，尽我所能"的企业精神，根植陕西市场，长期专注燃气经营，坚持走"精、 专、强、新"的 ...

联合研究丨港股公司深度丨中国燃气（0384.HK） [Table_Title] 中国燃气：高股息燃气龙头，顺价带动毛差回升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中国燃气是中国最大的城燃公司之一，从此前的跑马圈地式高速发展逐渐过渡到目前的稳健经 营阶段，近两年分红金额维持在 27.2 亿港元，股息率约 7%。受益于居民燃气顺价和上游采购 成本下降带来毛差修复；燃气接驳工程业绩占比已到低位，我们预计自 2024/25 财年开始将扭 转此前业绩大幅下滑的趋势，EPS 重新恢复增长。PB 和 PE 估值仍处低位，看好公司价值重 估机会。 分析师及联系人 [Table_Author] 徐科 张韦华 贾少波 SAC：S0490517090001 SAC：S0490517080003 SAC：S0490520070003 SFC：BUV415 SFC：BQT627 宋尚骞 SAC：S0490520110001 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 中国燃气（038 ...