ENN-NG(SH:600803) Tianfeng Securities·2024-10-29 05:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [6][14]. Core Insights - The company achieved a revenue of 98.72 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 2.9%. The net profit attributable to shareholders was 3.49 billion yuan, up 12.5% year-on-year, while the core profit decreased by 18.4% to 3.82 billion yuan [1][4]. - The company is optimistic about the domestic development potential of its platform trading gas business, supported by a 10.7% year-on-year increase in platform trading gas volume to 4.062 billion cubic meters in the first three quarters of 2024 [2][4]. - The company’s retail gas volume grew by 4.8% year-on-year to 18.82 billion cubic meters, with industrial gas volume increasing by 5.7% and residential gas volume by 3.4% [4]. Financial Performance - The company’s financial structure remains robust, with a net debt ratio decreasing by 7 percentage points year-on-year to 38% as of the end of Q3 2024 [4]. - The company has committed to a dividend plan of no less than 1.03 yuan per share for 2024 and 1.14 yuan per share for 2025, corresponding to dividend yields of 5.4% and 5.9% respectively [4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 6.03 billion yuan, 6.91 billion yuan, and 7.40 billion yuan, respectively, with corresponding P/E ratios of 9.8, 8.6, and 8.0 [4][5]. Market Dynamics - The domestic LNG import volume reached 57.09 million tons in the first three quarters of 2024, marking an 11.9% year-on-year increase, which has positively impacted the company’s receiving station unloading volume [3][4]. - The company has successfully expanded its customer base in the downstream platform trading gas sector by innovating business models to meet diverse customer needs [2][4].