Chengdu gas service provider
The company is mainly engaged in urban gas transmission and distribution, sales, urban gas engineering construction and gas meter sales and other business. The company's core business is the urban gas operation business within its franchise or exclusive operation area, including urban gas transmission and distribution, sales and urban gas engineering construction. The main operating areas are located in the surrounding area of Chengdu, part of the high-tech zone, part of Pidu District, part of Xindu District and part of Xinjin County. The company has obtained the franchise or exclusive operation area in the inner area of Chengdu and some suburban counties, with an operating area of about 900 square kilometers, which is the core residential area of Chengdu. The planned population of the operating area is more than 16.5 million, with a gas supply of 1.5967818 billion cubic meters in 2018, accounting for 44.61% of Chengdu's natural gas supply in 2018.
Fund-raising projects to improve profitability
The funds raised by the company will be used for the investment construction of Chengdu high-speed high-pressure natural gas pipeline construction project, which will help to improve the coverage area of Chengdu pipe network, expand the gas supply range of urban pipe network, and enhance Chengdu's gas storage and peak shaving capacity. make Chengdu natural gas supply more stable At the same time, with the commissioning of the fund-raising project, the company's pipeline natural gas business revenue will continue to grow, which will help to enhance the company's competitiveness and enhance the company's profitability.
Profit forecast
According to the construction progress of the fund-raising project, we estimate that the net profits attributed to the parent company from 2019 to 2021 are 442 million yuan, 480 million yuan and 502 million yuan respectively, with year-on-year growth rates of 3.32%, 8.72% and 4.50%, respectively, and the corresponding diluted earnings per share are 0.50,0.54,0.56 yuan.
Company valuation level
The issuing price of the company is 10.45 yuan per share, corresponding to the PE of 21.04,19.35 and 18.52 times respectively from 2018 to 2020, which is slightly lower than the static P / E ratio of comparable listed companies in 2018 and slightly higher than the dynamic P / E ratio of comparable listed companies in 2019 and 2020.