ENN-NG(SH:600803) Tianfeng Securities·2024-08-27 07:51Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [6][15]. Core Views - The company has shown a steady growth in retail gas business and has successfully expanded its domestic direct sales gas operations, with a 51.9% increase in domestic platform trading gas volume in the first half of 2024 [3]. - The financial outlook for the company remains positive, with projected net profits of 63.8 billion, 73.3 billion, and 81.1 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 8.9, 7.8, and 7.0 [5]. Financial Data and Valuation - Revenue for 2023 is reported at 143.84 billion yuan, a decrease of 6.7% from 2022, with a projected recovery to 149.52 billion yuan in 2024, reflecting a growth rate of 3.95% [1]. - The company's EBITDA for 2023 is 26.53 billion yuan, with a forecasted decline to 19.22 billion yuan in 2024 [1]. - The net profit attributable to the parent company for 2023 is 7.09 billion yuan, showing a growth of 21.34% compared to 2022, but expected to decrease by 10% to 6.38 billion yuan in 2024 [1]. - The earnings per share (EPS) for 2023 is 2.29 yuan, with a forecasted decline to 2.06 yuan in 2024 [1]. - The company’s price-to-earnings (P/E) ratio is 8.02 for 2023, expected to rise to 8.91 in 2024 [1]. Debt Structure and Shareholder Returns - As of mid-2024, the company has reduced interest-bearing debt to 30.86 billion yuan and increased cash on hand to 15.93 billion yuan, resulting in a net debt ratio of 27.8% [4]. - The company has committed to dividends of no less than 1.03 yuan and 1.14 yuan per share for 2024 and 2025 respectively, yielding dividend rates of 5.6% and 6.2% [4].