申万宏源：维持昆仑能源 “买入”评级 回购彰显发展信心

Core Viewpoint - Kunlun Energy maintains a "buy" rating and plans to repurchase up to 1% of its shares by 2027 to enhance earnings per share and shareholder returns, demonstrating long-term confidence in the company [1][2]. Recent Events - The company announced a share repurchase plan to buy back a maximum of 86.59 million shares, representing about 1% of the total issued share capital, using existing cash resources [2][3]. Financial Strength and Share Buyback - The planned share repurchase will utilize up to HKD 673 million based on an average share price of HKD 7.40 per share, with sufficient cash reserves of HKD 29.479 billion as of 1H25 to cover the buyback without significant financial pressure [3]. Future Growth from LNG Terminal - The Fujian Fuzhou LNG receiving station, with a capacity of 3 million tons per year, is expected to be operational by 2027, providing stable "bridge fee" income and enhancing performance stability without exposure to LNG price fluctuations [4]. Industrial Gas Demand under Carbon Policies - The company focuses on the midwestern region with a customer base primarily consisting of price-sensitive industrial clients, which accounted for 85% of retail gas sales in 1H25. The ongoing dual carbon policy is expected to drive the replacement of coal/oil with gas, supporting continued growth in the company's gas sales [5].