Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.51% year-on-year, and a net profit attributable to shareholders of 4.493 billion yuan, down 36.64% year-on-year [1][5] - The company plans to privatize Xin'ao Energy, which is expected to enhance its integrated supply chain capabilities and improve market competitiveness [5][6] - The company achieved a platform trading gas volume of 5.568 billion cubic meters in 2024, representing a year-on-year growth of 10.3% [5][6] Financial Data and Valuation - The current stock price is 19.92 yuan, with a total market capitalization of 61.7 billion yuan [2] - The company’s return on equity (ROE) is 19.1%, and the debt-to-asset ratio stands at 54.3% [2][9] - The projected net profit for 2025-2027 is expected to be 4.505 billion, 4.923 billion, and 5.517 billion yuan respectively, with year-on-year growth rates of 0.3%, 9.3%, and 12.0% [5][6] Revenue and Profit Trends - The company’s revenue is projected to decline by 6% in 2024, followed by a slight recovery of 2% in 2025 [6][9] - The gross profit margin is expected to remain stable at around 14% over the next few years [9] Shareholder Returns - The company plans to distribute a total cash dividend of 1.03 yuan per share for 2024, with a payout ratio of 70.41% [5][6] - Future shareholder return plans include a commitment to maintain a cash dividend ratio of no less than 50% of the annual core profit from 2026 to 2028 [5][6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to privatize its Hong Kong subsidiary, which is expected to enhance EPS and strengthen upstream and downstream integration [5][6] - The company has committed to a minimum dividend payout ratio of 50% for the years 2026 to 2028 [8] Financial Performance Summary - In 2024, the company achieved total revenue of 135.84 billion yuan, a decrease of 5.51% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.64% year-on-year [1] - The company reported a core profit of 5.14 billion yuan in 2024, a decrease of 19.36% year-on-year, with a basic core earnings per share of 1.67 yuan [1] - For Q4 2024, the company recorded revenue of 37.11 billion yuan, a year-on-year decrease of 22.43%, and a net profit of 1.00 billion yuan, down 74.87% year-on-year [2] Business Segment Performance - Retail gas sales showed steady growth, with total retail gas sales of 26.2 billion cubic meters in 2024, up 4.2% year-on-year [3] - Platform gas sales increased by 10.3% year-on-year, reaching 5.57 billion cubic meters in 2024 [4] - The company expanded its comprehensive energy projects, achieving a total sales volume of 41.57 billion kWh, a growth of 19.8% year-on-year [4] Future Outlook - The company expects to execute long-term contracts totaling 8.1 million tons from 2025 to 2029, supporting high growth in direct gas sales [8] - The company plans to increase its LNG receiving station capacity from 7.5 million tons per year to 10 million tons by 2025 [8] - The projected core net profits for 2025, 2026, and 2027 are 5.69 billion yuan, 6.34 billion yuan, and 7.04 billion yuan, respectively, with corresponding EPS of 1.84 yuan, 2.05 yuan, and 2.27 yuan [8][9]

证券研究报告 [Table_StockAndRank] 新奥股份 (600803.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 公司研究 [Table_ReportType] 公司点评报告 唐婵玉 电力公用研究助理 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 拟私有化港股加强协同优势，26-28 年承诺至少 50%分红率 [Table_ReportDate] 2025 年 3 月 27 日 [Table_S 事件：3ummar 月 26y]日晚，公司发布 2024 年年度业绩公告，2024 年全 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.5% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [5] - The company plans to fully privatize its subsidiary, New Energy, with a total transaction value of approximately 599.24 billion HKD [5][7] - The company’s platform trading gas sales volume reached 5.568 billion m³ in 2024, an increase of 10.3% year-on-year, while retail gas volume was 26.2 billion m³, with industrial and commercial gas maintaining a growth rate of 5.1% [7] Financial Data and Profit Forecast - The company’s total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 58.76 billion yuan and 73.84 billion yuan respectively, with a new forecast for 2027 at 86.41 billion yuan [6][7] - The earnings per share (EPS) is projected to increase from 1.46 yuan to 1.56 yuan post-privatization, representing a 6.8% increase [7] - The company’s dividend policy stipulates that from 2026 to 2028, the cash dividend ratio will be no less than 50% of the core profit attributable to shareholders [7] Market Data - As of March 26, 2025, the closing price was 19.65 yuan, with a price-to-earnings (PE) ratio of 9 [2][6] - The company’s market capitalization is approximately 55.808 billion yuan [2]

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy Hong Kong, offering a combination of share exchange and cash payment to shareholders [1][2] Group 1: Transaction Details - The proposed transaction involves a total of 743 million shares, with shareholders receiving 2.9427 new H-shares and HKD 24.50 in cash per share [1] - The estimated total amount involved in the transaction is approximately HKD 595.19 billion, assuming all stock options are not exercised [1] - If all stock options are exercised, the total amount involved would be approximately HKD 599.24 billion [2] Group 2: Share Structure and Control - Post-transaction, New Oriental Holdings will issue up to 2.188 billion H-shares, increasing total shares from 3.097 billion to 5.285 billion, representing 41.58% of the total post-transaction share capital [2] - Wang Yushuo and his concerted parties will hold 2.243 billion shares, reducing their ownership from 72.44% to 42.32%, while still remaining the controlling party [2] Group 3: Financial Performance - New Oriental Holdings reported a revenue of HKD 135.84 billion for 2024, a decrease of 5.5% year-on-year, with a net profit of HKD 4.49 billion, down 36.6% [2] - New Oriental Energy's revenue for 2024 was HKD 109.85 billion, with a net profit of HKD 5.99 billion; post-transaction, New Oriental Holdings' net profit could increase to HKD 8.14 billion [3] - The transaction will be financed entirely through bank loans, leading to an expected increase in the debt-to-asset ratio to 67% [3]

新奥股份表示，本次交易将进一步强化公司"天然气产业链一体化协同"战略定位。新奥股份上游拥有国 内外多元化气源资源，可充分发挥天然气资源池优势和液化天然气（LNG）接收站储运能力，为新奥 能源应对下游客户需求变化提供有效支撑；同时新奥股份可将上游气源与新奥能源客户需求进行匹配， 进一步扩大资源池，提升舟山LNG接收站使用效率，形成"内外双循环"协同发展的增长模式。此 外，"A+H"跨境上市也能增强新奥股份整体抗风险能力和市场竞争力。 新奥股份在前述预案中提示，本次交易资金来源为公司自有及通过银行借款等合理方式自筹资金，若交 易现金对价全部使用银行贷款支付，交易完成后资产负债率预计将上升至67%，上市公司短期内的偿债 压力、利息支出将会增加；若使用部分自有资金支付，短期内对公司经营和投资活动亦将产生一定资金 压力。 另外，计划股东将获得新奥股份新发行的H股股份及新能香港作出的现金付款作为私有化对价，每股计 划股份可获得新奥股份新发行的2.9427股港股股份以及新能香港以现金方式按照24.5港元/股支付现金付 款。据新百利估算，每股计划股份约80港元，相较于新奥能源3月18日59.45港元/股收盘价溢价近35%。 ...

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

新奥股份2024年财报揭秘：扣非归母净利润大增 50.9%，彰显主业强劲内生动力 新奥股份（600803）2024年度经营发展呈现稳中求进态势，在能源结构转型与智能化升级双重驱动 下，公司以技术创新为引擎，持续深化清洁能源全产业链布局。年报显示，公司全年实现营业收入 1358.4亿元；经营现金流净额同比增长2.9%至141.62亿元，凸显企业稳健运营能力。值得注意的是，扣 除非经常性损益的归母净利润达37.1亿元，实现50.9%的显著增长，彰显主营业务内生动力持续增强。 在经营层面，公司紧抓国家"双碳"战略机遇，天然气主业形成多点突破。作为能源转型重要抓手， 天然气平台交易气量同比增长10.3%至55.68亿方，其中国际业务占比接近四成，构建起覆盖长三角、珠 三角等重点区域的立体化供应网络。零售端表现尤为亮眼，全国261个城市燃气项目带动零售气量攀升 至262亿方，工商业用户用气量占比突破78%，既印证了实体经济回暖态势，也反映出公司精准把握工 业能源需求升级趋势的专业能力。 2024 年新奥股份平台交易气销售气量/图源：新奥股份2024年年报 科技创新成为提质增效的核心支撑，"好气网"构建起覆盖全产业链的智 ...

3、通用股份：实际控制人拟变更，股票停牌。 二、并购 1、泉峰汽车：控股股东泉峰精密与泉峰控股签署《股权转让协议》，拟收购泉峰中国投资100%股权。 三、回购 1、长盛轴承：首次回购24.06万股 涉资2005.07万元。 3月26日晚间公告 | 中国人寿2024年净利润突破千 亿；新奥股份拟私有化新奥能源 一、停复牌 1、迅捷兴：拟购买深圳市嘉之宏电子有限公司100%股权，股票明日起停牌；嘉之宏电子主营包括薄膜 开关、柔性线路板（含镀锡铅）的生产。 2、新奥股份：拟私有化新奥能源，股票复牌。 5、雅运股份：受让浙江容腾基金份额 间接持有宇树科技0.0110％股权。 6、世华科技：子公司拟投资5亿元建设高性能光学和集成电路高分子材料项目。 7、新锦动力：与惠锦新机签署《执行和解协议》，债务减免至82亿元。 8、纳芯微：拟筹划发行H股股票并在香港联交所上市。 2、九安医疗：拟以2.5亿元-5亿元回购股份，回购股份的价格为不超过人民币50元/股。 四、对外投资、日常经营 1、中成股份：签署刚果（布）英吉经济特区56MW光伏项目EPC合同。 2、金诚信：与内蒙古黄岗矿业就其Ⅰ矿区1125-1200m中段及分段采矿、 ...