Fuel gas is fuels that are gaseous, including manufactured fuel gas (commonly known as coal gas), liquefied petroleum gas (LPG) and natural gas.
China has reinforced its fuel gas supply through the West-East Gas Pipeline Project, large LNG projects, increasing LPG production volume and LNG import. There are more and more people using natural gas.
In 2016, National Development and Reform Commission of China issued Measures for the Administration of Natural Gas Pipeline Transportation Prices (for Trial Implementation), Measures for the Supervision and Review of Natural Gas Pipeline Transportation Pricing Costs (for Trial Implementation) and Clarification of the Price Policies for Gas Storage Facilities, regulating the prices of natural gas pipeline transportation, peak-shaving facilities and prices of gas for fertilizers. The marketization of natural gas prices is expected to accelerate again.
According to CRI, China's urban fuel gas market is highly fragmented. Mergers and restructurings are under way to improve the bargaining power and to lower costs. The market share of major urban fuel gas companies have grown substantially from less than 30% in 2005 to over 50% in 2016. In the urban fuel gas industry, large service providers have stronger bargaining power, better synergy and lower unit costs. Therefore, mergers and acquisitions will continue.
In this report, CRI analyzes 12 fuel gas enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies in the report:
1 Changchun Gas Co., Ltd. (600333.SH)
2 Shanxi Guoxin Energy Corporation Limited (600617.SH)
3 Bestsun Energy Co., Ltd. (600681.SH)
4 Changchun Sinoenergy Corporation (600856.SH)
5 Chongqing Gas Group Corporation Ltd. (600917.SH)
6 Shenzhen Gas Corporation Ltd. (601139.SH)
7 Xinjiang Xintai Natural Gas Co., Ltd. (603393.SH)
8 Anhui Province Natural Gas Development Co., Ltd. (603689.SH)
9 Sichuan Datong Gas Development Co., Ltd. (000593.SZ)
10 Petrochina Jinhong Energy Investment Co., Ltd. (000669.SZ)
11 Shaanxi Provincial Natural Gas Co., Ltd. (002267.SZ)
12 Xinjiang Haoyuan Natural Gas Co., Ltd. (002700.SZ)
1 Changchun Gas Co., Ltd. (600333.SH)
2 Shanxi Guoxin Energy Corporation Limited (600617.SH)
3 Bestsun Energy Co., Ltd. (600681.SH)
4 Changchun Sinoenergy Corporation (600856.SH)
5 Chongqing Gas Group Corporation Ltd. (600917.SH)
6 Shenzhen Gas Corporation Ltd. (601139.SH)
7 Xinjiang Xintai Natural Gas Co., Ltd. (603393.SH)
8 Anhui Province Natural Gas Development Co., Ltd. (603689.SH)
9 Sichuan Datong Gas Development Co., Ltd. (000593.SZ)
10 Petrochina Jinhong Energy Investment Co., Ltd. (000669.SZ)
11 Shaanxi Provincial Natural Gas Co., Ltd. (002267.SZ)
12 Xinjiang Haoyuan Natural Gas Co., Ltd. (002700.SZ)
