ENN-NG(SH:600803) KAIYUAN SECURITIES·2025-03-30 03:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on privatizing its Hong Kong shares to strengthen its integrated operations and enhance dividend returns to investors [1] - In 2024, the company reported a revenue of 135.84 billion yuan, a year-on-year decrease of 5.5%, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [1] - The company has a comprehensive natural gas industry chain layout, which highlights its integrated business advantages [1] Financial Performance Summary - In 2024, the company achieved a revenue of 135.84 billion yuan, with a year-on-year decline of 5.5% [4] - The net profit attributable to shareholders for 2024 was 4.49 billion yuan, reflecting a significant year-on-year decrease of 36.6% [4] - The core profit attributable to shareholders was 5.14 billion yuan, down 19.4% year-on-year [1] - The company expects net profits for 2025-2027 to be 5.11 billion, 5.78 billion, and 6.07 billion yuan respectively, with year-on-year growth rates of 13.6%, 13.2%, and 5% [1] Business Segment Performance - The platform trading gas sales volume reached 5.568 billion cubic meters in 2024, an increase of 10.3% year-on-year [2] - Retail gas sales volume was 26.2 billion cubic meters, up 4.2% year-on-year, while wholesale gas sales volume decreased by 12.1% to 7.451 billion cubic meters [2] - The company’s retail gas selling price was 2.57 yuan per cubic meter, down 7.1% year-on-year, while the wholesale gas selling price was 3.17 yuan per cubic meter, down 7.8% year-on-year [2] Dividend Policy - The company increased its dividend payout ratio to 70.41% in 2024, which is a rise of 30.86 percentage points compared to 2023 [3] - The expected dividend payout ratio for 2026-2028 is set to be no less than 50% of the core profit attributable to shareholders for each year [3] Future Outlook - The Zhoushan receiving station's processing capacity is expected to increase, with the third phase of the project anticipated to be operational in the second half of 2025 [3] - The company plans to enhance its upstream and downstream integration through the privatization of New Energy [3]