freekreditcasino| [Strong growth in the natural gas business in the first quarter of 2024: achieved revenue of 34.23 billion yuan, a slight decrease of 0.4% year-on-year, and a 7.5% increase in net profit after deducting non-attributable assets]

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2024Q1 achieves revenue of 342Freekreditcasino30 million yuan, the net profit of returning to the mother was 1.08 billion yuan, and the net profit of deducting non-returning to the mother increased by 7.5% compared with the same period last year. Domestic platform trading volume has increased by 95.5%, retail volume has resumed growth, and net profit is expected to increase year by year in the next three years. Maintain a "buy" rating.

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[investment research information] the first quarterly report of the "buy" rating company in 2024 showed that its operating income was 34.23 billion yuan, down 0.4% from the same period last year, but its net profit was 1.08 billion yuan, down 25.8% from the same period last year. However, net profit after deducting non-recurring gains and losses was 900 million yuan, an increase of 7.5 per cent over the same period last year.

In the main natural gas industry, the company's sales volume has achieved steady growth, and the domestic platform trading gas business volume has increased significantly. In view of this price downturn, it is predicted that the profit in the next three years will be slightly reduced, and the net profit from 2024 to 2026 is expected to be 6.05 billion yuan, 6.62 billion yuan and 7.47 billion yuan respectively, corresponding to a year-on-year decline of 14.7%, 9.3% and 12.9% respectively.

The volume of domestic platform transactions nearly doubled to 833 million, an increase of 95.5 per cent over the same period last year, while retail sales also returned to positive year-on-year growth of 7.237 billion, an increase of 2.7 per cent. In this context, the company actively promotes the expansion of the main natural gas industry, and the total sales volume increased by 5.5% year-on-year to 10.004 billion square meters.

Through mergers and acquisitions and business innovation, the company continues to strengthen its integration advantage in integrated energy business. In the first quarter of 2024, the company achieved 9.136 billion kilowatt-hours of cold, heat, electricity and other energy sales, an increase of 29.4 percent over the same period last year.

After the acquisition of LNG receiving station in Zhoushan receiving station, the company has a processing capacity of 7.5 million tons / year, and is expected to increase 3.5 million tons / year in the third phase of 2025, when the processing capacity of the receiving station will exceed 10 million tons / year. The company's gas source locking strategy has achieved results, signing long-term agreements with international partners to ensure supply and price stability in the next five years.

In addition, the company has built an international LNG capacity pool and obtained the capacity resources of 10 LNG ships, thus improving the diversified layout of its natural gas resources. As a natural gas ecological operator, the company has formed the layout of the whole industry chain of upstream gas source, mid-stream storage and transportation to downstream distribution, and constantly optimize the sales model to promote business intelligence.

In terms of dividends, the company abides by its commitment to increase its cash dividend by not less than 0.15 yuan per share per year, and expects the cash dividend to be no less than 1.03 yuan per share and 1.14 yuan per share in 2024 and 2025, demonstrating the company's continued high return to shareholders.

The risks that investors should pay attention to includeFreekreditcasinoThe development of platform trading gas business may not live up to expectations, product spreads may narrow, policy risks, and risks brought about by changes in the macroeconomic and market environment.