ENN-NG(SH:600803)2024-10-28 09:13Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 98.78 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.92%, while the net profit attributable to shareholders was 3.49 billion yuan, up 12.51% year-on-year [4] - The core profit attributable to shareholders decreased by 18.35% year-on-year to 3.82 billion yuan, with a significant drop of 25.74% in Q3 compared to the previous year [4] - The company is actively expanding its platform trading gas market, achieving a 10.7% increase in platform trading gas sales to 40.62 million cubic meters in the first three quarters [4] - Retail gas volume showed steady growth, with a total of 18.82 billion cubic meters sold in the first nine months, a 4.8% increase year-on-year [4] - The company’s financial expenses decreased significantly, with a total of 677 million yuan in financial costs for the first nine months, down 861 million yuan year-on-year [4] - The company plans to distribute dividends of no less than 1.03 yuan per share for 2024, resulting in a current dividend yield of 5.4% [4] Summary by Sections Market Data - Closing price: 19.18 yuan - One-year high/low: 22.64/14.95 yuan - Price-to-book ratio: 2.7 - Dividend yield: 4.74% - Circulating A-share market value: 54,469 million yuan [1] Financial Data - Net asset per share: 7.32 yuan - Debt-to-asset ratio: 57.05% - Total shares/ circulating A shares: 3,097/2,840 million [2] Revenue and Profit Forecast - Total revenue forecast for 2024: 148.62 billion yuan, with a year-on-year growth rate of 3.3% - Net profit forecast for 2024: 5.94 billion yuan, with a year-on-year decrease of 16.2% - Earnings per share forecast for 2024: 1.92 yuan [5][6]