东吴证券给予佛燃能源买入评级：利润稳增，现金流大幅改善

Group 1 - The core viewpoint of the report is a "buy" rating for Fuan Energy (002911.SZ) with a latest price of 11.68 yuan, based on several positive factors [2] - The main profit increment is expected to come from the natural gas supply business and its extensions in the first half of 2025 [2] - There is an anticipated improvement in the unit gross profit from gas sales, likely due to a structural change in gas sales, with a higher proportion of high-price commercial gas [2] - Significant cash flow improvement is noted, which provides assurance for high dividends [2] - The stock incentive plan aims to lock in profit growth steadily [2]