蓝天燃气：中报点评：地方国资入股，增加中期分红

Investment Rating - The investment rating for the company is "Accumulate" [1][5][16] Core Views - The company has maintained stable growth in its performance, with a half-year revenue of 2.62 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 341 million yuan, reflecting a year-on-year growth of 1.35% [1] - The company has increased its mid-term cash dividends, with a payout ratio of 91.52% for the first half of 2024, indicating a strong commitment to returning value to shareholders [3] - The entry of state-owned capital from Henan province is expected to enhance the company's development prospects, as it integrates its scale advantages with the resources of Henan Pipeline [4] Financial Performance - The company’s revenue from pipeline natural gas and urban gas sales for the first half of the year was 1.182 billion yuan and 1.001 billion yuan, respectively, showing a year-on-year decrease of 0.54% and 2.01% [1] - The company’s net profit for the second quarter was 139 million yuan, a year-on-year increase of 0.51% [1] - The company is projected to achieve net profits of 639 million yuan, 682 million yuan, and 730 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share of 0.91, 0.97, and 1.04 yuan [5][12] Market Dynamics - The natural gas industry in China is experiencing rapid growth in both supply and demand, with national gas consumption reaching 210.8 billion cubic meters in the first half of 2024, a year-on-year increase of 8.7% [1] - The company benefits from a natural monopoly in its operational region, which supports its stable revenue growth [5] Business Strategy - The company operates a dual business model of long-distance pipelines and urban gas, which provides a competitive advantage and ensures stable gas supply for downstream operations [4] - The company is expanding its pipeline network coverage and accelerating the development of urban gas businesses, enhancing its market presence [4]