昆仑能源：天然气销售结构持续优化，派息比例有望进一步提升

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$7.90 目标价 HK$8.11 HTI ESG 4.5-3.7-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 1mth 3mth 12mth 绝对值 7.8% -8.2% 26.8% 绝对值（美元） 8.1% -7.7% 27.7% 相对 MSCI China -20.6% -30.5% 5.2% [Table_Profit] Rmb mn Dec-25E Dec-22A Dec-23A Dec-24E Revenue 202,591 171,944 177,354 189,983 Revenue (+/-) 7% 24% 3% 7% Net profit 6,077 5,228 5,682 5,666 Net profit (+/-) 7% -77% 9% 0% Diluted EPS (Rmb) 0.70 0.60 0.66 0.65 GPM 14.2% ...