昆仑能源：燃气红马，自在昆仑

Investment Rating - The report assigns a "Buy" rating to the company, Kunlun Energy [10][106]. Core Views - In the current environment of declining interest rates and a focus on dividends due to national reforms, the decrease in oil and gas prices is expected to improve cost conditions, leading to a reevaluation and second pricing of Kunlun Energy as a dividend asset [4][10]. - Compared to its peers, Kunlun Energy has stable natural gas sales price differentials, a leading position in the central and western regions, the ability to accommodate the industrial transfer of high-energy-consuming enterprises, and a relatively strong capacity for dividend enhancement [4][10]. Summary by Sections Company Overview - Kunlun Energy is one of the five major gas companies in China, with its market performance historically weaker than its peers due to significant impacts from oil price fluctuations [6][15]. - The company has shifted its focus from upstream exploration and production to downstream natural gas sales, reducing its cyclical attributes and enhancing its utility characteristics [6][15]. Strategic Positioning - The company has established a comprehensive natural gas industry chain, focusing on terminal natural gas sales, LPG sales, LNG processing and storage, and exploration and production [7][28]. - Kunlun Energy has expanded its natural gas sales business, benefiting from internal synergies, with LNG receiving station load rates exceeding industry averages [7][32]. Market Dynamics - The macroeconomic environment is improving, and the "dual carbon" strategy is driving domestic natural gas consumption growth [8][50]. - Kunlun Energy has a strong presence in the central and western natural gas markets, with significant sales regions including Xinjiang, Yunnan, Gansu, and Hubei, which will benefit from the industrial transfer of high-energy-consuming enterprises [8][52]. Financial Performance - The company is expected to achieve revenues of CNY 59.47 billion, CNY 62.93 billion, and CNY 66.08 billion from 2024 to 2026, with corresponding EPS of CNY 0.69, CNY 0.73, and CNY 0.76 [10][106]. - The report highlights that Kunlun Energy's dividend capacity is relatively strong compared to its peers, supported by a good asset structure and cash flow [9][90]. Investment Outlook - The report suggests that Kunlun Energy's valuation may improve due to its stable natural gas sales price differentials and strong dividend potential, especially as the company focuses on enhancing shareholder returns [9][90]. - The anticipated capital expenditure reduction and improved asset structure further support the company's ability to increase dividends [9][90].