Henan Lantian Gas (605368) 东吴证券·2024-08-01 23:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The controlling shareholder, Blue Sky Group, plans to transfer 5% of the company's shares to Henan Gas Network, which will enhance business advantages through resource integration [2] - The transfer price is set at 11.71 CNY per share, totaling approximately 406 million CNY, and will not change the controlling shareholder or actual controller of the company [2] - The introduction of state-owned capital is expected to optimize asset allocation and improve the company's asset quality, while expanding its gas business [2] - The gradual implementation of natural gas pricing policies across various regions is anticipated to benefit the company, with a recovery in residential price differentials expected [2] Financial Forecasts and Valuation - The company is projected to achieve total revenue of 5,146 million CNY in 2024, with a year-on-year growth of 4.02% [1][3] - The net profit attributable to the parent company is forecasted to be 654.05 million CNY in 2024, reflecting a year-on-year increase of 7.87% [1][3] - The report estimates the company's earnings per share (EPS) to be 0.94 CNY in 2024, with a price-to-earnings (P/E) ratio of 13.87 [1][3] - The company commits to a dividend payout ratio of no less than 70% from 2023 to 2025, with a dividend payout ratio of 97.13% in 2023 [3] Market Data - The closing price of the company's stock is 13.09 CNY, with a market capitalization of approximately 9,069.23 million CNY [4] - The company has a price-to-book (P/B) ratio of 2.28 [4] Basic Data - The company has a total share capital of 692.84 million shares, with a circulating A-share capital of 647.82 million shares [5] - The net asset value per share is 5.74 CNY, and the debt-to-asset ratio is 38.70% [5]