ENN-NG(600803) Shenwan Hongyuan Securities·2025-04-27 13:17Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a slight decline in total revenue and net profit for Q1 2025, with total revenue at 33,740 million yuan, down 1.44% year-on-year, and net profit at 976 million yuan, down 9.64% year-on-year. However, core profit showed a slight increase of 0.1% year-on-year to 1,083 million yuan, indicating stability in core operations [7] - The company experienced a 5.4% increase in gas sales volume, reaching 10,544 million cubic meters in Q1 2025, driven by a 34.5% increase in wholesale gas sales [7] - The company’s LNG processing volume at the Zhoushan receiving station increased by 28.6% year-on-year to 551,700 tons in Q1 2025, supported by strong downstream demand [7] - The company is progressing with the privatization of its Hong Kong subsidiary, which is expected to enhance shareholder returns post-asset restructuring [7] - The profit forecast for 2025-2027 has been adjusted to 5,155 million, 6,419 million, and 7,104 million yuan respectively, reflecting a downward revision due to delayed long-term contracts and the impact of a warm winter [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 136,829 million yuan, with a year-on-year growth rate of 0.7% [6] - The net profit for 2025 is estimated at 5,155 million yuan, with a year-on-year growth rate of 14.7% [6] - The earnings per share (EPS) for 2025 is projected to be 1.66 yuan, with a price-to-earnings (PE) ratio of 12 [6]