CDGAS(SH:603053)2024-01-30 07:37Group 1: Company Overview - The company's urban gas operation covers a large area of over 2,000 square kilometers in Chengdu, primarily within the Chengdu ring road and several districts [1] - The gas consumption ratio is approximately 70% for residential users, with commercial users making up the remainder [1] Group 2: Future Plans and Investments - The company has significant investment opportunities and plans to pursue acquisitions to enhance its investment projects [1] - The core of the ring road project is to ensure stable natural gas supply while expanding the urban pipeline network and improving gas storage capacity [2] Group 3: Financial Performance - The cash dividend payout ratio over the past two years has been stable at approximately 54.56% and 54.25% of net profit attributable to shareholders [2] Group 4: Pricing and Procurement - Chengdu's pricing mechanism operates smoothly, with adjustments made twice a year for non-residential gas prices during winter and non-winter supply periods [2] - The company's gas sources primarily come from PetroChina and Sinopec's Southwest oil and gas branches [2] Group 5: Market Impact and Challenges - The company's connection expansion is significantly influenced by the real estate market, with new housing connections being positively correlated with real estate development [2] - There are currently no stock incentive plans in place, but the management team will evaluate the need for such plans during the company's transformation and innovation process [2]