新奥能源：销气景气度持续回升，新兴业务释放高增潜力

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 54.587 billion RMB for the first half of 2024, a year-on-year increase of 0.9%. However, the profit attributable to shareholders decreased by 22.8% to 2.573 billion RMB, primarily due to a decline in profits from overseas LNG sales [4] - Natural gas sales volume increased steadily, with total sales reaching 16.410 billion cubic meters, a year-on-year growth of 3.68%. Retail gas sales volume grew by 4.5% to 12.710 billion cubic meters [4] - The company added 775,000 residential users, a decrease of 22.3%, while commercial users increased by 15.9% to 9,544 [4] - The company’s new energy projects are rapidly growing, with a 26.0% increase in sales volume to 19.74 billion kWh [5] - The smart home business continues to grow rapidly, with revenue increasing by 38.10% to 8.7 billion RMB [5] - The company’s net profit forecasts for 2024-2026 are 6.802 billion, 7.685 billion, and 8.572 billion RMB, respectively, with corresponding EPS of 6.03, 6.81, and 7.60 RMB per share [4][6] Financial Data and Earnings Forecast - The company’s total revenue for 2024 is projected to be 103.344 billion RMB, with a year-on-year decrease of 9%. The net profit attributable to shareholders is expected to be 6.802 billion RMB, remaining stable compared to the previous year [6] - The company’s PE ratios for 2024-2026 are projected to be 8.1, 7.2, and 6.4 times, respectively [4][6]