ENN-NG(SH:600803) Xin Lang Cai Jing·2025-08-29 00:25Core Insights - The company reported a slight decline in revenue and net profit for the first half of 2025, attributed to warm winter weather affecting natural gas consumption [1][2] Financial Performance - In H1 2025, the company achieved operating revenue of 65.991 billion yuan, a year-on-year decrease of 1.47% - The net profit attributable to shareholders was 2.408 billion yuan, down 4.82% year-on-year - Financial expenses were 0.352 billion yuan, showing a significant decrease of 29.87% year-on-year, indicating strong cost control [1][2] Business Operations - The company experienced a 1.9% year-on-year increase in natural gas retail volume, reaching 12.95 billion cubic meters in H1 2025 - Industrial gas volume was 9.79 billion cubic meters, up 2.4% year-on-year, while residential gas volume was 3.04 billion cubic meters, increasing by 1.3% - The company has completed price adjustments for four enterprises, achieving a cumulative price adjustment ratio of 64% [2] Infrastructure Development - The company expanded its infrastructure operations with the launch of the first LNG bonded tank in Zhoushan, enhancing capabilities for bonded refueling and transshipment trade - The Zhoushan LNG receiving station's handling capacity exceeded 10 million tons per year, with a pipeline distribution capacity of 8 billion cubic meters per year - In H1 2025, the receiving station handled 1.137 million tons, marking an 11.7% year-on-year increase [3] Renewable Energy Initiatives - The company added 324.46 MW of photovoltaic capacity and 45.75 MWh of energy storage capacity in H1 2025, focusing on low-carbon energy demands from specialized small and medium-sized enterprises - The company is implementing projects to meet the energy efficiency upgrade needs of factories and buildings, utilizing innovative solutions for energy management [3] Investment Outlook - The company is projected to have EPS of 1.48 yuan, 1.62 yuan, and 1.79 yuan for 2025-2027, with corresponding PE ratios of 13x, 12x, and 11x, maintaining a "buy" rating [4]