华润燃气：回购彰显发展信心，气价联动机制推进持续利好

Investment Rating - The report maintains a "Buy" rating for China Resources Gas (01193) [3][4] Core Views - The company announced a share repurchase plan, demonstrating confidence in its long-term development [3][4] - Plans to repurchase at least 45,797,384 shares (1.98% of total issued shares) and potentially more [3][4] - The repurchase will be funded by internal cash resources, with minimal financial pressure [4] - Stable and increasing dividends highlight long-term investment value [4] - Dividend per share grew from HKD 0.45 in 2016 to HKD 1.1569 in 2023 [4] - Interim dividend for 2024 increased to HKD 0.25 per share, a record high [4] - Residential gas price linkage mechanism continues to benefit the company [4] - Price adjustments in Hefei (a joint venture project) and nationwide implementation expected to enhance operational stability [4] Financial Performance and Projections - Revenue and profit growth projections [5][6] - 2024E revenue: HKD 107,041 million (+5.7% YoY) [5] - 2024E net profit attributable to shareholders: HKD 6,248 million (+19.6% YoY) [5] - 2026E net profit attributable to shareholders: HKD 7,809 million (+14.64% YoY) [5] - Key financial metrics [5][6] - 2024E EPS: HKD 2.75 [5] - 2024E ROE: 15.5% [5] - 2024E PE ratio: 11.4x [5] - Strong cash position and low leverage [4] - Cash and bank deposits: HKD 11.57 billion as of mid-2024 [4] - Interest-bearing debt ratio: 30.3% [4] - Overall financing cost: 2.4%, among the best in the industry [4] Industry and Market Context - The company operates in the utilities sector, with a focus on gas distribution [1] - Market data as of September 26, 2024 [1] - Closing price: HKD 31.30 - 52-week range: HKD 19.50 - HKD 31.95 - Market capitalization: HKD 72.429 billion - Outstanding H-shares: 2,314.01 million