Shenwan Hongyuan Securities·2025-03-27 08:15Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.5% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [5] - The company plans to fully privatize its subsidiary, New Energy, with a total transaction value of approximately 599.24 billion HKD [5][7] - The company’s platform trading gas sales volume reached 5.568 billion m³ in 2024, an increase of 10.3% year-on-year, while retail gas volume was 26.2 billion m³, with industrial and commercial gas maintaining a growth rate of 5.1% [7] Financial Data and Profit Forecast - The company’s total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 58.76 billion yuan and 73.84 billion yuan respectively, with a new forecast for 2027 at 86.41 billion yuan [6][7] - The earnings per share (EPS) is projected to increase from 1.46 yuan to 1.56 yuan post-privatization, representing a 6.8% increase [7] - The company’s dividend policy stipulates that from 2026 to 2028, the cash dividend ratio will be no less than 50% of the core profit attributable to shareholders [7] Market Data - As of March 26, 2025, the closing price was 19.65 yuan, with a price-to-earnings (PE) ratio of 9 [2][6] - The company’s market capitalization is approximately 55.808 billion yuan [2]