KUNLUN ENERGY(00135) 申万宏源证券·2025-03-26 08:11Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [2][7][17] Core Views - The company achieved a revenue of 187.046 billion RMB in 2024, representing a year-on-year growth of 5.46%, and a net profit attributable to shareholders of 5.960 billion RMB, up 4.89% year-on-year, which is in line with expectations [7] - The company plans to distribute a final dividend of 0.1517 RMB per share, leading to an annual dividend of 0.3158 RMB per share, resulting in a dividend yield of 4.12% based on the closing price on March 25 [7] - The sales volume of natural gas for 2024 reached 54.170 billion m³, a year-on-year increase of 9.91%, with retail gas volume growing by 8.07% [7] - The company has added 8 new city gas projects and 849,900 new users, bringing the total user base to 16.4538 million by the end of 2024 [7] - The report highlights that the company is expected to maintain a high dividend payout ratio of 45%, enhancing its investment value [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: 2023: 177.354 billion RMB, 2024: 187.046 billion RMB, 2025E: 196.263 billion RMB, 2026E: 207.091 billion RMB, 2027E: 216.586 billion RMB [3][8] - Net profit attributable to shareholders is forecasted to be: 2023: 5.682 billion RMB, 2024: 5.960 billion RMB, 2025E: 6.390 billion RMB, 2026E: 6.909 billion RMB, 2027E: 7.478 billion RMB [3][8] - Earnings per share (EPS) are projected to be: 2023: 0.66 RMB, 2024: 0.69 RMB, 2025E: 0.74 RMB, 2026E: 0.80 RMB, 2027E: 0.86 RMB [3][8] - The price-to-earnings (PE) ratios for 2025-2027 are estimated at 10.4, 9.6, and 8.9 respectively [7]