BEIJING ENT(HK:00392) HTSC·2025-04-01 06:13Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.02 HKD [8][9] Core Insights - The company reported a revenue of 84.064 billion RMB for 2024, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was 5.123 billion RMB, a decrease of 6.8%. The adjusted net profit was 5.123 billion RMB, reflecting a growth of 5.0% year-on-year, which was below previous expectations [1][5] - The company plans to distribute a dividend per share (DPS) of 1.62 HKD for 2024, representing a 1.3% increase from 1.60 HKD in 2023, with a dividend payout ratio of 36% of net profit [1][4] Summary by Sections Financial Performance - The company achieved a revenue of 84.064 billion RMB in 2024, with a year-on-year growth of 2.1%. The net profit attributable to shareholders was 5.123 billion RMB, down 6.8%, while the adjusted net profit was 5.123 billion RMB, up 5.0% [1][7] - The expected net profit contributions from Beijing Gas for 2024 are projected to increase by 11% to 650 million RMB, driven by steady recovery in gas sales margins [2] Dividend Policy - The company has set a DPS of 1.62 HKD for 2024, up from 1.60 HKD in 2023, with a payout ratio of 36% of net profit, indicating a commitment to returning value to shareholders [4][5] Future Projections - The report forecasts adjusted net profits of 5.411 billion RMB, 5.679 billion RMB, and 5.917 billion RMB for 2025, 2026, and 2027 respectively, reflecting a downward adjustment from previous estimates [5][22] - The expected revenue for 2025 is projected at 87.405 billion RMB, with a growth rate of 3.97% [7][26]