The Zhitong Finance App learned that Ganghua Smart Energy (01083) rose by more than 6%. As of press release, it had risen 5.82% to HK$3.09, with a turnover of HK$4.992 million.

According to the news, Ganghua Smart Energy announced its 2023 annual results. The group achieved a turnover of HK$19.842 billion; profit attributable to shareholders of HK$1,575 billion, an increase of 63.21% over the previous year; and plans to pay a final dividend of HK16 cents per share. The Group's overall gas sales volume increased significantly during the period, rising 8% to 16.5 billion cubic meters. As of December 31, 2023, the Group has implemented the development of 124 zero-carbon smart parks, with a total contract of 2.96 gigawatts and 1.8 gigawatts of grid-connected PV installed capacity.

CICC said that considering that in 2024, China Gas Group's co-ordinated gas volume is expected to be further increased from about 3.5 billion square meters in 2023; the market-based reform of consumer gas consumption is accelerating, and the net price ratio may further increase; the bank judges that the company's gross margin in 2024 may still exceed management guidelines. Furthermore, the bank believes that the decline in the scale of renewable energy capital expenditure is expected to drive the company's free cash flow correction within the next 2-3 years, which also lays a good foundation for the company to further increase shareholder returns.