KUNLUN ENERGY(00135) 长江证券·2025-03-27 05:45Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a natural gas sales volume of 54.17 billion cubic meters in 2024, representing a year-on-year growth of 9.9%, with retail gas volume increasing by 8.1% [2][6]. - The company’s revenue for 2024 is projected to be 187.046 billion yuan, a year-on-year increase of 5.46%, with net profit attributable to shareholders reaching 5.960 billion yuan, up 4.89% [6]. - The company emphasizes shareholder returns, with a planned annual dividend of 0.3158 yuan per share, resulting in a payout ratio of 43% and a dividend yield of 4.18% based on the closing price on the report date [2][6]. Summary by Sections Sales Performance - The company’s industrial gas volume is expected to account for 74.9% of total sales in 2024, an increase of 5.5 percentage points year-on-year, with industrial gas volume rising by 16.5% [2][6]. - Retail gas volume in the northwest and southwest regions is projected to grow by 12% and 19.2% respectively, significantly outpacing the national average growth rate of 8% [6]. Financial Performance - The company’s LNG processing and storage business revenue is expected to grow by 1.6%, while the tax profit remains stable with a slight increase of 0.2% [6]. - The average load rate of LNG receiving stations is projected to be 87.6%, a decrease of 3 percentage points year-on-year, while LNG processing volume is expected to increase by 25.6% [6]. Dividend Policy - The company has announced a three-year dividend plan aiming for a payout ratio of 45% of net profit by the end of the fiscal year 2025 [6]. - The company has initiated interim dividends for the first time, with a payout of 0.1641 yuan per share for the interim and 0.1517 yuan per share for the final dividend [6].