ENN ENERGY(02688) 海通国际·2024-10-05 13:40Investment Rating - The report maintains an "Outperform" rating for ENN Energy Holdings with a target price of 73.99 HKD per share [3][11] Core Views - ENN Energy's revenue grew by 0.9% YoY to 54.587 billion yuan in H1 2024, while net profit declined by 22.8% to 2.573 billion yuan [3] - The company's natural gas business showed steady growth, with retail gas volume increasing by 4.5% YoY to 12.71 billion cubic meters [3][8] - The pan-energy and smart home businesses experienced significant growth, with pan-energy sales volume increasing by 26% YoY to 197.4 billion kWh [9] Financial Performance - Domestic core profit increased by 9.5% YoY to 3.08 billion yuan, while basic earnings per share decreased by 0.66 yuan to 2.29 yuan [3] - Gross margin declined by 1.38 percentage points to 11.84%, and operating profit margin fell by 2.59 percentage points to 7.15% [3] - The net debt ratio decreased from 25.3% to 24.3%, reflecting efforts to optimize the debt structure [10] Business Segments - Industrial and commercial retail gas volume grew by 5.4% YoY, accounting for 75.2% of total retail gas volume [8] - The company added 775,000 new household users and achieved a daily opening gas volume of 7.262 million cubic meters [8] - The smart home business saw a 23% YoY increase in gross profit, with transaction customers reaching 2.683 million and an average unit price of 325 yuan per customer [9] Future Outlook - The report forecasts FY24-26 main business revenue at 122.475 billion yuan, 132.386 billion yuan, and 143.859 billion yuan, respectively [11] - Net profit attributable to the parent company is expected to be 8.134 billion yuan, 8.633 billion yuan, and 9.357 billion yuan for FY24-26 [11] - The company expects a 20%-30% growth in smart home business gross profit in H2 2024 [9]