KUNLUN ENERGY(00135) 天风证券·2025-03-26 05:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Viewpoints - The company achieved a revenue of RMB 187.046 billion, an increase of RMB 9.692 billion or 5.5% year-on-year. The net profit attributable to shareholders was RMB 5.960 billion, up RMB 0.278 billion or 4.9% year-on-year. The core profit attributable to shareholders was RMB 6.359 billion, an increase of RMB 0.215 billion or 3.5% year-on-year. The annual dividend was RMB 0.3158 per share, with a payout ratio of approximately 43% [1]. - The company's gas sales volume outperformed the industry, with a slight increase in gross margin compared to the first half of the year. The total natural gas sales volume reached 54.170 billion cubic meters, a year-on-year increase of 9.9%. Retail gas volume was 32.757 billion cubic meters, up 8.1% year-on-year, while distribution and trading accounted for approximately 21.4 billion cubic meters, a rise of 12.9% year-on-year [1][2]. - The company is expanding its business layout into the central and western provinces, which have high growth potential and significant profit contributions. Retail gas volumes in the northwest and southwest regions grew by 12% and 19.2%, respectively [1]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 187.046 billion, with a net profit of RMB 5.960 billion and a core profit of RMB 6.359 billion for the year [1]. - The average procurement price for gas was RMB 2.37 per cubic meter, while the sales price was RMB 2.84 per cubic meter, resulting in a weighted average price difference of RMB 0.47 per cubic meter [2]. LNG Operations - The LNG receiving stations in Tangshan and Jiangsu had a gasification loading volume of 15.940 billion cubic meters, a decrease of 2.4% year-on-year. The average load factor for the two stations was 87.6%, down 3 percentage points year-on-year. The operational efficiency of LNG plants improved, with 13 plants achieving profitability [2]. Exploration and Production - The exploration and production business faced significant impacts due to the expiration of oil field contracts. The company achieved an oil sales volume of 8.29 million barrels, a decrease of 0.92 million barrels or 10% year-on-year, with an average realized price of USD 66.7 per barrel [3]. Profit Forecast - The profit forecasts for 2025 and 2026 have been revised down to RMB 6.414 billion and RMB 7.011 billion, respectively, with a new forecast for 2027 set at RMB 7.656 billion. The EPS for 2025, 2026, and 2027 is projected to be RMB 0.74, RMB 0.81, and RMB 0.88, respectively [4].