ENN-NG(SH:600803) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - New Hope Co., Ltd. reported a slight decline in revenue and net profit for Q1 2025, but core profit showed a marginal increase, indicating resilience in its operations amidst market fluctuations [1] Group 1: Financial Performance - Q1 2025 revenue reached 33.7 billion yuan, a year-on-year decrease of 1.4% [1] - Net profit attributable to shareholders was 976 million yuan, down 9.6% year-on-year, aligning with Huatai's forecast of 925 to 1,023 million yuan [1] - Core profit for Q1 2025 was 1.083 billion yuan, reflecting a slight increase of 0.1% year-on-year [1] Group 2: Platform Trading Gas - New contracts linked to oil prices were signed, with Q1 2025 platform trading gas volume at 1.196 billion cubic meters, a year-on-year decrease of 1.4% [2] - Domestic gas volume was 694 million cubic meters, down 17% year-on-year, while international gas volume increased by 32% to 501 million cubic meters [2] - The company added 46 new platform trading gas customers in Q1 2025, bringing the total to 617, which supports the expansion of trading gas scale [2] Group 3: Zhoushan Receiving Station - The Zhoushan receiving station's unloading volume increased by 28.6% year-on-year to 551,700 tons in Q1 2025, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-on-year [3] - The station is expected to enhance its annual turnover capacity from 7.5 million tons to 10 million tons and storage capacity from 500 million cubic meters to over 1 billion cubic meters by the second half of 2025 [3] - Core profit from Zhoushan is projected to grow by 25% and 17% year-on-year in 2025 and 2026, respectively [3] Group 4: Privatization and Valuation - The privatization plan is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [3] - The company’s shareholder meeting is scheduled for May 28, 2025, where a two-thirds majority vote from independent shareholders is required to meet one of the transaction's preconditions [3] - The target price for the company is adjusted to 23.52 yuan, based on a 14x PE ratio for 2025, reflecting a slight decrease from the previous target of 23.66 yuan [4]