公司发布2024 年半年度报告Core views
In the first half of 2024, the company achieved operating income of 13.78 billion yuan, a year-on-year decrease of 9.48%, mainly due to a decrease in revenue from the photovoltaic film business; realized net profit of 0.738 billion yuan, an increase of 13.64% over the previous year, mainly due to an increase in gas sales volume and an increase in gas sales prices. In the first half of 2024, benefiting from strong demand for urban gas, the company overcame the adverse effects of declining gas sales in power plants and completed pipeline gas sales of 2.488 billion cubic meters, an increase of 6.87% over the previous year. The company has made significant progress in gas sales. Since March 16, the unit price of gas used by Shenzhen residents and industrial and commercial gas has been raised by 0.31 yuan respectively; regions other than Shenzhen have successfully completed the normal price for winter and spring, promoted off-season prices in an orderly manner, and established a mechanism to link natural gas prices in Anhui and other regions. We estimate that the company's net profit from 2024 to 2026 will be 1.725 billion yuan, 1.916 billion yuan, and 2.153 billion yuan, respectively, maintaining the “buy” rating.
occurrences
Company releases 2024 semi-annual report
In the first half of 2024, the company achieved operating income of 13.78 billion yuan, a year-on-year decrease of 9.48%; net profit attributable to shareholders of listed companies was 0.738 billion yuan, up 13.64% year on year; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 0.703 billion yuan, up 17.76% year on year; basic earnings per share of 0.26 yuan, up 13.04% year on year; and weighted average return on net assets of 5%, up 0.18 percentage points year on year.
Brief review
Gas sales increased steadily, and Shenzhen achieved smooth prices
In the first half of 2024, the company achieved operating income of 13.78 billion yuan, a year-on-year decrease of 9.48%, mainly due to a decrease in revenue from the photovoltaic film business; realized net profit of 0.738 billion yuan, an increase of 13.64% over the previous year, mainly due to an increase in gas sales volume and an increase in gas sales prices. In the first half of 2024, the company completed pipeline gas sales volume of 2.488 billion cubic meters, an increase of 6.87% over the previous year. By region, the Greater Bay Area sold 1.39 billion cubic meters, up 5.07% year on year; sales in other regions were 1.098 billion square meters, up 9.29% year on year. Urban gas sales were 1.82 billion square meters, up 10.17% year on year; power plant sales volume was 0.668 billion square meters, down 1.18% year on year.
In the first half of the year, the company sold 0.248 billion square meters of gas, an increase of 24.62% over the previous year. The company actively promoted smooth prices. Since March 16, the unit price of gas used by residents in Shenzhen and industrial and commercial gas has been raised by 0.31 yuan respectively; regions other than Shenzhen have successfully completed smooth prices for winter and this spring, promoted off-season prices in an orderly manner, and established a mechanism to link natural gas prices in Anhui and other regions.
Continue to expand the integrated energy business and maintain a “buy” rating
The company continues to expand its integrated energy business. In the field of new energy, the company started construction of 61 MW of new energy projects; steadily promoted optical storage and charging projects in Vietnam's Shenzhen-Vietnam Cooperation Zone, and laid out overseas comprehensive energy markets. By the end of June 2024, the company had put into operation 61 photovoltaic power plants, with a total installed capacity of 247.36 MW, 3.21 MWh of energy storage, and 7 projects including centralized cooling, heating, steam supply and integrated energy supply parks, with a cumulative power generation capacity of 0.133 billion kilowatt-hours in the first half of the year. In the field of photovoltaic film, 0.283 billion square meters of adhesive film were sold in the first half of the year, a year-on-year decrease of 10.73%. In the field of thermopower, the first 9F unit of the Shengnen Thermal Power Phase II renovation and expansion project successfully passed 168-hour full load test operation and was officially put into operation, greatly improving power generation efficiency. Affected by the decline in sales volume and price of photovoltaic film, the company's comprehensive energy revenue was 2.327 billion yuan, a year-on-year decrease of 32.20%. We forecast that the company's revenue for 2024-2026 will be 34.355 billion yuan, 37.102 billion yuan, and 39.987 billion yuan respectively, net profit to mother will be 1.725 billion yuan, 1.916 billion yuan, 2.153 billion yuan, and EPS will be 0.6, 0.67, and 0.75 yuan per share, respectively, maintaining a “buy” rating.
Risk analysis
Risk of gas price fluctuations: Changes in the global natural gas supply pattern, international geopolitical influence, and international oil and gas price fluctuations may cause the company's gas source prices to rise. Sales prices in some of the company's natural gas terminal markets are controlled by the government, and there is a risk that upstream gas price increases cannot be transmitted in a timely manner.
Gas sales risk: The company's natural gas sales volume is affected by macroeconomics, industry policies, price fluctuations, demand changes, etc., and there is some uncertainty about the increase in the company's gas sales volume in industry, commerce, and power plants.
Risk of exchange rate fluctuations: Due to fluctuations in the RMB exchange rate, international procurement of liquefied natural gas and liquefied petroleum gas may face certain exchange risks.
Risk of fluctuations in the photovoltaic industry: The photovoltaic film business is greatly affected by fluctuations in raw material prices, fluctuations in industry production capacity, and changes in PV module procurement and installation policies, and there is some uncertainty about business performance.
