Core Viewpoint - Tianlun Gas aims to become a leading green low-carbon energy supplier in China, achieving stable financial performance in 2024 with revenue of 7.781 billion yuan, a year-on-year increase of 0.7% [1] Financial Performance - The core profit for Tianlun Gas in 2024 was 434 million yuan, with a revenue decline of 3.3% in the first half of the year, followed by a 5% growth in the second half, indicating a return to growth [1] - The total revenue from gas sales reached 6.514 billion yuan, a year-on-year increase of 5.9%, accounting for 83.72% of the total revenue [6] Business Development - The company has focused on optimizing gas sources and expanding its customer base, resulting in a 6.5% increase in urban residential users to approximately 3.826 million [4] - The number of commercial users increased by 10.6% to about 51,817, contributing to a total pipeline gas user growth of 4.2% to approximately 5.838 million [5] Market Environment - The natural gas industry in China is expected to see a consumption increase of 7.8% in 2024, driven by strong economic growth, although challenges remain due to a sluggish real estate market [3] - The company has implemented strategies to mitigate the impact of market fluctuations, including optimizing gas sources and enhancing infrastructure [3][6] Growth Strategies - Tianlun Gas plans to enhance its core business by improving gas supply stability and operational efficiency, targeting high-value commercial users [12] - The company aims to boost its value-added services, projecting a growth rate of 10%-15% for these services in 2025 [13] Future Outlook - The company anticipates a retail gas volume growth of 4%-5% in 2025, with a projected increase in gas sales margin to 0.48-0.50 yuan per cubic meter [13] - Tianlun Gas's current market valuation is significantly undervalued at a PB ratio of 0.41, compared to a historical average of 1.9, indicating potential for long-term investment returns [14]
销气业务稳健、增值业务持续成长，低估值高派息的天伦燃气(01600)投资价值凸显