ENN-NG(SH:600803) NORTHEAST SECURITIES·2025-03-31 06:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% over the next six months [8]. Core Insights - The company achieved a revenue of 135.91 billion RMB in 2024, a decrease of 5.51% year-on-year, while the net profit attributable to shareholders was 4.49 billion RMB, down 36.64% year-on-year [1][6]. - The company plans to distribute a cash dividend of 1.03 RMB per share (before tax) [1]. - The privatization of Xin'ao Energy is expected to enhance the company's earnings per share (EPS) by nearly 7% to 1.56 RMB per share, with a projected net profit increase of 81% post-privatization [3]. - The company has committed to a future cash dividend plan, with minimum cash dividends of 0.91 RMB, 1.03 RMB, and 1.14 RMB per share from 2023 to 2025, and a commitment to distribute at least 50% of core profits as dividends from 2026 to 2028 [4]. Financial Performance - In 2024, the total gas sales volume reached 39.22 billion cubic meters, a year-on-year increase of 1.4%, with platform trading gas and retail gas volumes growing by 10.3% and 4.2%, respectively [2]. - The company's asset-liability ratio decreased to 54.3% by the end of 2024, marking a continuous decline for four years and the lowest level in nearly a decade [2]. - The projected revenues for 2025, 2026, and 2027 are 143.0 billion RMB, 151.1 billion RMB, and 158.6 billion RMB, respectively, with net profits expected to be 5.35 billion RMB, 5.99 billion RMB, and 6.62 billion RMB [4][6]. Dividend and Cash Flow - The company reported a free cash flow of 5.82 billion RMB in 2024, exceeding the planned dividend payout of 3.16 billion RMB [4]. - The current dividend yield stands at 5.2%, indicating significant long-term investment value [4].