ENN-NG(SH:600803)2024-08-27 10:45Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 67.014 billion yuan for the first half of 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.8% to 2.530 billion yuan [5] - The domestic platform trading gas sales volume reached 2.705 billion cubic meters, a year-on-year increase of 21.0%, with a gross margin of 23.49% [5] - The company has expanded its retail gas projects to 260 cities, covering 20 provinces and regions, with retail gas volume growing by 4.5% to 12.710 billion cubic meters [5] - The company has optimized its debt structure, reducing total liabilities to 30.855 billion yuan, a decrease of 7.5 billion yuan year-on-year, and has lowered borrowing costs [5] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 149.793 billion yuan, with a year-on-year growth rate of 4.1% [6] - The net profit for 2024 is estimated at 6.090 billion yuan, reflecting a decrease of 14.1% compared to the previous year [6] - Earnings per share for 2024 is expected to be 1.97 yuan [6] Market Position - The company has successfully increased its domestic gas trading volume, with a notable 51.9% growth in domestic gas sales [5] - The international gas trading volume has decreased by 11.6% due to falling international gas prices [5] Debt Management - The company has effectively reduced its financial costs, with interest expenses decreasing by 6.93 billion yuan year-on-year [5] - The average borrowing rate has dropped to 3.31%, a reduction of 22 basis points [5] Future Outlook - The company forecasts a net profit of 6.709 billion yuan for 2025 and 7.894 billion yuan for 2026, indicating a positive growth trajectory [6] - The projected dividend per share for 2024-2025 is not less than 1.03 and 1.14 yuan, respectively, enhancing long-term investment value [5]