ENN-NG(SH:600803) CMS·2025-03-27 13:34Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.51% year-on-year, and a net profit attributable to shareholders of 4.493 billion yuan, down 36.64% year-on-year [1][5] - The company plans to privatize Xin'ao Energy, which is expected to enhance its integrated supply chain capabilities and improve market competitiveness [5][6] - The company achieved a platform trading gas volume of 5.568 billion cubic meters in 2024, representing a year-on-year growth of 10.3% [5][6] Financial Data and Valuation - The current stock price is 19.92 yuan, with a total market capitalization of 61.7 billion yuan [2] - The company’s return on equity (ROE) is 19.1%, and the debt-to-asset ratio stands at 54.3% [2][9] - The projected net profit for 2025-2027 is expected to be 4.505 billion, 4.923 billion, and 5.517 billion yuan respectively, with year-on-year growth rates of 0.3%, 9.3%, and 12.0% [5][6] Revenue and Profit Trends - The company’s revenue is projected to decline by 6% in 2024, followed by a slight recovery of 2% in 2025 [6][9] - The gross profit margin is expected to remain stable at around 14% over the next few years [9] Shareholder Returns - The company plans to distribute a total cash dividend of 1.03 yuan per share for 2024, with a payout ratio of 70.41% [5][6] - Future shareholder return plans include a commitment to maintain a cash dividend ratio of no less than 50% of the annual core profit from 2026 to 2028 [5][6]