ENN-NG(SH:600803) Xinda Securities·2025-03-27 10:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to privatize its Hong Kong subsidiary, which is expected to enhance EPS and strengthen upstream and downstream integration [5][6] - The company has committed to a minimum dividend payout ratio of 50% for the years 2026 to 2028 [8] Financial Performance Summary - In 2024, the company achieved total revenue of 135.84 billion yuan, a decrease of 5.51% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.64% year-on-year [1] - The company reported a core profit of 5.14 billion yuan in 2024, a decrease of 19.36% year-on-year, with a basic core earnings per share of 1.67 yuan [1] - For Q4 2024, the company recorded revenue of 37.11 billion yuan, a year-on-year decrease of 22.43%, and a net profit of 1.00 billion yuan, down 74.87% year-on-year [2] Business Segment Performance - Retail gas sales showed steady growth, with total retail gas sales of 26.2 billion cubic meters in 2024, up 4.2% year-on-year [3] - Platform gas sales increased by 10.3% year-on-year, reaching 5.57 billion cubic meters in 2024 [4] - The company expanded its comprehensive energy projects, achieving a total sales volume of 41.57 billion kWh, a growth of 19.8% year-on-year [4] Future Outlook - The company expects to execute long-term contracts totaling 8.1 million tons from 2025 to 2029, supporting high growth in direct gas sales [8] - The company plans to increase its LNG receiving station capacity from 7.5 million tons per year to 10 million tons by 2025 [8] - The projected core net profits for 2025, 2026, and 2027 are 5.69 billion yuan, 6.34 billion yuan, and 7.04 billion yuan, respectively, with corresponding EPS of 1.84 yuan, 2.05 yuan, and 2.27 yuan [8][9]