昆仑能源：资源整合初见成果，全年派息比率同比应有增长

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.35, indicating a potential upside of 19.0% from the current price of HKD 7.86 [11]. Core Insights - The company is expected to see moderate profit growth in the first half of 2024, driven by resource integration in its gas station operations, leading to an increase in LNG segment profits. The net profit for the first half of 2024 is projected to grow by 2.6% to RMB 3.3 billion, aligning with expectations [2][4]. - The company has successfully integrated gas station resources, which has positively impacted its LNG processing segment, turning a profit of RMB 0.35 billion in the first half of 2024 compared to a loss of RMB 0.55 billion in the same period last year [2]. - The company has declared an interim dividend of RMB 0.164 per share, with a payout ratio of 43%, which is expected to increase to 45% by 2025 [2][4]. Financial Overview - Revenue for 2024 is estimated at RMB 188.3 billion, reflecting a year-on-year growth of 6.2% [14]. - The net profit for 2024 is projected to be RMB 6.8 billion, with a compound annual growth rate (CAGR) of 10% expected from 2023 to 2026 [2][14]. - The company’s earnings per share (EPS) for 2024 is forecasted at RMB 0.79, representing an 11.2% increase compared to the previous year [14]. - The company’s dividend yield is projected to be 4.7% for 2024 and 5.4% for 2025, making it an attractive investment option [2][14]. Segment Performance - The natural gas sales segment is expected to see a revenue increase of 9.6% year-on-year in the first half of 2024, despite a decrease in gas station sales volume [4]. - The LNG processing and storage segment is projected to grow by 18.0% year-on-year in the first half of 2024, benefiting from improved operational efficiency [4]. - The LPG sales segment is anticipated to improve significantly, with a projected year-on-year profit increase of 57% for 2024 [2][8]. Market Position - The company has a market capitalization of approximately HKD 68.06 billion and has shown a year-to-date price change of 11.65% [1][11]. - The stock has a 52-week high of HKD 9.06 and a low of HKD 5.53, indicating a strong recovery potential [1].