ENN-NG(SH:600803) HTSC·2025-04-28 07:12Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 33.7 billion RMB in Q1 2025, a year-over-year decrease of 1.4%, and a net profit attributable to shareholders of 0.976 billion RMB, down 9.6% year-over-year. The core profit was 1.083 billion RMB, showing a slight increase of 0.1% year-over-year [1] - The company has signed new long-term contracts linked to oil prices, which is expected to optimize its resource pool structure. The Zhoushan receiving station has seen an increase in unloading volume and capacity utilization, highlighting its pivotal role [2][3] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares, corresponding to an expected dividend yield of 5.7% for 2025 [4] Summary by Sections Financial Performance - In Q1 2025, the platform trading gas volume was 1.196 billion cubic meters, a decrease of 1.4% year-over-year. Domestic gas volume decreased by 17% year-over-year, while international gas volume increased by 32% year-over-year. The company added 46 new platform trading gas customers, bringing the total to 617 [2] - The Zhoushan receiving station's unloading volume reached 551,700 tons in Q1 2025, an increase of 28.6% year-over-year, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-over-year [3] Privatization and Valuation - The upcoming shareholders' meeting on May 28, 2025, will determine if the privatization transaction can proceed based on the approval of independent shareholders [4] - The report slightly adjusts the profit forecast for 2025-2027, with core profits expected to be 5.215 billion RMB, 5.705 billion RMB, and 6.264 billion RMB respectively, reflecting a compound annual growth rate (CAGR) of 7% over three years [5] Target Price and Market Comparison - The target price is set at 23.52 RMB, based on a price-to-earnings ratio of 14x for 2025, compared to a sector average of 12.5x [5][9] - The company's market capitalization is approximately 61.477 billion RMB, with a closing price of 19.85 RMB as of April 25, 2025 [9]