ENN-NG(SH:600803) Soochow Securities·2025-04-29 08:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's core profit remains stable, and asset restructuring is progressing. The first quarter of 2025 saw a slight decrease in total revenue by 1.4% year-on-year, while the net profit attributable to shareholders decreased by 9.64%. However, the core profit increased by 0.1% year-on-year, aligning with expectations [7][8] - The company is advancing its privatization of New World Energy and plans to list in Hong Kong, which is expected to enhance EPS and highlight integrated advantages. The privatization transaction is valued at HKD 599.24 billion, with a significant portion paid in shares and cash [7][8] - The company maintains a high dividend payout ratio, with projected cash dividends of at least CNY 1.03 and CNY 1.14 per share for 2025 and 2026, respectively, and a dividend yield of 5.7% for 2025 [7][8] Financial Performance Summary - In Q1 2025, the company achieved total revenue of CNY 33.729 billion, a decrease of 1.4% year-on-year, and a net profit of CNY 0.976 billion, down 9.64% year-on-year. The core profit was CNY 1.083 billion, up 0.1% year-on-year [7] - The retail gas volume increased by 0.3%, while wholesale gas volume surged by 34.5%. Platform trading gas volume decreased by 1.4% [7] - The company forecasts net profits of CNY 5.147 billion, CNY 5.896 billion, and CNY 6.844 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.56%, 14.54%, and 16.08% [7][8]