ENN-NG(600803) 海通证券·2024-10-27 06:45Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 98.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.93%. The net profit attributable to shareholders was 3.491 billion yuan, up 12.51% year-on-year, while the core profit decreased by 18.35% year-on-year to 3.816 billion yuan [4] - The company is actively developing technology in the natural gas sector, achieving significant milestones. It has completed the trial operation of a self-developed hydrogen gasification technology project, which has passed performance assessments [4] - The company is enhancing its capabilities across the hydrogen production, storage, and application value chain, including the development of a solid oxide electrolysis cell (SOEC) hydrogen production system [4] - The company has established a hydrogen blending demonstration station in Jiangsu, which can blend hydrogen at a ratio of 10% with natural gas, contributing to carbon reduction efforts [4] - The company has entered the mining sector through its hydrogen production technology, securing a project for a steel plant [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 6.2 billion yuan, with earnings per share (EPS) of 1.99 yuan. The projected net profits for 2025 and 2026 are 8.513 billion yuan and 8.748 billion yuan, respectively, with EPS of 2.75 yuan and 2.82 yuan [4][6] - The company’s revenue is expected to grow from 143.842 billion yuan in 2023 to 156.889 billion yuan in 2024, reflecting a year-on-year increase of 9.1% [6][8] - The company’s gross margin is projected to remain at 14.0% for 2024, while the net asset return rate is expected to decline to 19.1% in 2024 [6][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 11-13 times for 2024, corresponding to a reasonable value range of 21.89 to 25.87 yuan per share [4]