ENN-NG(SH:600803) Guoxin Securities·2025-04-14 11:17Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][28] Core Views - The company has committed to a dividend payout ratio of no less than 50% from 2026 to 2028 and plans to privatize Xin'ao Energy, completing A+H listings [2][3][24] - The company's total revenue for 2024 is projected to be 135.91 billion yuan, a decrease of 5.5% year-on-year, while the net profit attributable to shareholders is expected to be 4.493 billion yuan, down 36.6% year-on-year [7][24] - The company anticipates a significant increase in non-recurring net profit, which is expected to reach 3.711 billion yuan, reflecting a 50.9% year-on-year growth due to the absence of asset impairment provisions from the previous year [7][24] Summary by Sections Financial Performance - The company reported a total revenue of 135.91 billion yuan in 2024, down 5.5% year-on-year, with a net profit of 4.493 billion yuan, a decrease of 36.6% [4][7] - The non-recurring net profit is expected to increase by 50.9% year-on-year to 3.711 billion yuan, primarily due to the lack of asset impairment provisions from the previous year [7][24] Dividend Policy - For 2024, the company plans to distribute a fixed dividend of 0.81 yuan per share and a special dividend of 0.22 yuan per share, totaling 1.03 yuan per share, with a payout ratio of 48% [3][24] - The company has outlined a dividend return plan for 2025-2028, maintaining a fixed dividend of 0.96 yuan per share in 2025 and committing to a cash dividend ratio of no less than 50% of the core profit for 2026-2028 [3][24] Privatization Plan - The company intends to privatize Xin'ao Energy, offering shareholders 2.9427 new H shares and 24.50 HKD in cash for each share, representing a total consideration of approximately 80 HKD per share, which is a 34.57% premium over the current share price [2][22] - Following the completion of the transaction, the company's net profit attributable to shareholders for 2024 is projected to be 8.136 billion yuan, with an EPS of 1.56 yuan per share, reflecting a 6.8% increase [2][22] Profit Forecast - The company has revised its profit forecast, expecting net profits of 5.396 billion yuan, 6.175 billion yuan, and 6.817 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.1, 9.7, and 8.8 [3][4][24]