Financial Data and Key Metrics - Revenue in 2021 reached HKD 4.843 billion, a 33% YoY increase [2] - Gross margin improved to 18%, up by 1 percentage point YoY [2] - Net profit was HKD 410 million, a 14% YoY increase [2] - Dividend payout ratio was 30%, with a total dividend of HKD 122 million [2] Business Line Data and Key Metrics - Pipeline gas sales volume grew by 11% YoY to 1.962 billion cubic meters, with core pipeline gas sales contributing HKD 4.012 billion, a 37% YoY increase [2] - Gas transmission services contributed HKD 60.17 million in revenue, with a total transmission volume of 711 million cubic meters [2] - Engineering and gas pipeline installation services revenue increased by 19% to HKD 743 million [2] Market Data and Key Metrics - The company operates in seven provinces and two municipalities, serving 2.1825 million residential customers and 11,178 industrial and commercial customers [3] - High-pressure and sub-high-pressure pipelines increased to 636 km, while the Central Asia pipeline network expanded to 3,574 km [3] - Strong market expansion in key regions, with new projects adding 145 million cubic meters of annual gas sales [3] Company Strategy and Industry Competition - The company is transitioning towards an industrial customer-focused model, with industrial customers now accounting for 77.36% of sales, up 5.27 percentage points YoY [5] - The company aims to maintain double-digit growth in gas sales and connection businesses, with value-added services expected to become a new profit growth point [8] - The company is leveraging its unique upstream resource advantages in the Tianjin region, supported by strategic partnerships with Sinopec and other major gas suppliers [6][7] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's resilience in maintaining stable gross margins despite high gas prices, driven by cost control and pricing power [6][7] - The company expects gas prices to remain high in 2022 but is confident in maintaining double-digit growth in gas sales and stable gross margins [8][9] - The company is focusing on digital transformation and safety investments, with HKD 41 million spent on safety in 2021 [3] Other Important Information - The company completed its 14th Five-Year Plan, targeting stable annual growth of over 10% [4] - The company received the "Most Socially Responsible Listed Company" and "Best Infrastructure and Public Utilities Company" awards at the 6th Golden Hong Kong Stock Awards [4] Q&A Session Summary Question: What is the current gas penetration rate in China, and what is the theoretical ceiling under the carbon neutrality goal? [12] - The company explained that penetration rates vary by region, with significant room for growth in its 40 project areas, especially in the Tianjin Binhai New Area [13] Question: How does the company determine pricing, and what is the potential for price increases? [13] - Pricing is based on upstream gas supply contracts, procurement costs, and customer demand. The company aims to optimize cost matching and maintain competitive pricing [14][15] Question: Can the company maintain its high ROE, and are there plans to increase dividends? [15] - The company attributed its high ROE to strong upstream resource acquisition and cost control. It plans to maintain a stable dividend payout ratio of 30% of net profit [16][17] Question: What is the current scale of value-added services, and what are the future growth prospects? [18] - The company has 2.19 million residential users and is expanding value-added services for industrial and commercial customers, targeting HKD 38 million in revenue from these services in 2022 [19][20] Question: How will the company manage the impact of high global gas prices in 2022? [21] - The company expects gas prices to remain high but will leverage its upstream resource advantages and cost control measures to mitigate the impact [22][23] Question: How will the company manage financial costs amid rising interest rates? [28] - The company has optimized its debt structure, reducing overall financial costs, and is closely monitoring interest rate trends to minimize risks [29][30] Question: What is the expected price difference for industrial and commercial users in 2022, and how will high gas prices affect it? [31] - The company expects a 30-35% increase in gas prices but aims to maintain a lower price increase compared to the industry average, supported by its customer structure and cost absorption capabilities [32][33]
滨海投资(02886) - 2021 Q4 - 业绩电话会