Foran Energy(SZ:002911) Soochow Securities·2025-07-14 06:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2025 performance met expectations, with significant growth in operating cash flow. The total revenue for H1 2025 was 15.34 billion, a year-on-year increase of 8.59%. The net profit attributable to shareholders was 309 million, up 7.13% year-on-year, while the net profit excluding non-recurring gains and losses was 308 million, an increase of 12.18% year-on-year [7] - The company is experiencing high growth in supply chain and other business revenues, with supply chain and other business income reaching 8.76 billion, a year-on-year increase of 21.52%. The company is leveraging its industry chain advantages and actively expanding its business [7] - The company's stock incentive plan aims for a profit increase, targeting an EPS of 0.9 yuan for 2025, which corresponds to a net profit of no less than 857 million. The average dividend payout ratio from 2020 to 2024 exceeded 70%, indicating a strong dividend yield [7] - The profit forecast for the company is maintained at 872 million, 922 million, and 976 million for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.4, 14.6, and 13.8 [7] Financial Summary - Total revenue for 2023 is projected at 25.54 billion, with a year-on-year growth of 34.96%. The net profit attributable to shareholders is expected to be 844.46 million, reflecting a year-on-year increase of 28.87% [1] - The company's operating cash flow for 2024 is projected at 1.75 billion, with significant increases expected in subsequent years [8] - The company's total assets are projected to reach 20.55 billion by 2025, with total liabilities of 10.57 billion, indicating a healthy balance sheet [8]