ENN-NG(SH:600803) EBSCN·2024-08-27 09:10Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant growth in Q2 performance, with a notable increase in net profit by 94% year-on-year [2] - The natural gas consumption market is recovering, with a 10% year-on-year increase in national apparent consumption [2] - The company plans to increase cash dividends significantly over the next three years, reflecting confidence in its ongoing growth [2] - The company has optimized its resource structure through long-term contracts, supporting the growth of its natural gas business [2] - Profit forecasts for 2024-2026 have been adjusted downward due to falling international gas prices, but the company is expected to maintain growth in natural gas demand [2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 67 billion yuan, a slight decrease of 0.3% year-on-year, while net profit increased by 15% to 2.5 billion yuan [2] - Q2 2024 saw revenue of 32.8 billion yuan, a decrease of 0.2% year-on-year, but net profit surged by 94% to 1.45 billion yuan [2] Natural Gas Sales - The total natural gas sales volume reached 19.1 billion cubic meters in H1 2024, up 6% year-on-year, with platform trading gas sales increasing by 21% [2] - Retail gas sales showed a recovery with a 4.5% increase, while wholesale gas sales grew by 1% [2] Dividend Policy - The company plans to distribute cash dividends of no less than 0.15 yuan per share annually from 2023 to 2025, with a minimum payout ratio of 30% of core profit [2] Resource Optimization - The company signed long-term contracts for over 1 million tons of natural gas per year with international partners, enhancing its resource base [2] - Domestic contracts with major suppliers like PetroChina further strengthen the company's resource pool [2] Profit Forecasts - The adjusted net profit forecasts for 2024, 2025, and 2026 are 5.881 billion yuan, 6.812 billion yuan, and 7.531 billion yuan, respectively, reflecting a downward revision of 9% to 11% [2]