昆仑能源：销气量保持高增速，LNG加工储运负荷率双增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company reported a revenue of 92.922 billion RMB for the first half of 2024, reflecting a year-on-year growth of 6.72%. The net profit attributable to shareholders was 3.305 billion RMB, an increase of 2.58%, aligning with expectations [4]. - The company has announced its first interim dividend of 0.1641 RMB per share [4]. - Natural gas sales volume reached 26.438 billion cubic meters in the first half of 2024, a year-on-year increase of 10.55%, with retail gas volume growing by 10.25% [4]. - The company has expanded its user base, adding 448,900 new users in the first half of 2024, bringing the total to 16.0529 million users [4]. - The average load rate of LNG receiving stations improved to 85.4%, with a significant increase in LNG loading volume by 53.5% [4]. - The company achieved a tax-pre profit of 3.5 million RMB from its LNG processing and storage business, marking its first profit in history [4]. Financial Summary - Revenue for 2022 was 171.944 billion RMB, with projections of 177.354 billion RMB for 2023, and expected growth to 195.839 billion RMB in 2024 [5]. - The net profit attributable to shareholders is projected to grow from 5.682 billion RMB in 2023 to 6.986 billion RMB in 2024 [5]. - The company plans to increase its dividend payout ratio to 45% by 2025, enhancing its investment appeal [4].