ENN-NG(SH:600803) Tianfeng Securities·2025-09-01 04:41Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's natural gas sales business shows strong resilience, with core profit increasing by 1.4% year-on-year in the first half of 2025 despite a 1.5% decline in total revenue [1] - The retail gas volume increased by 1.9% to 12.95 billion cubic meters, supported by a strategy of volume-driven profit [1] - The company has signed long-term contracts with ADNOC and Chevron, enhancing its mid-to-long-term resource optimization [2] - The company's diversified energy and smart home businesses are showing steady growth, with solar installation capacity increasing by 231% year-on-year [3] - The company commits to a minimum cash dividend of 1.14 CNY per share for 2025, corresponding to a dividend yield of 6.1% [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 66.015 billion CNY, a decrease of 1.5% year-on-year, and a net profit attributable to shareholders of 2.408 billion CNY, down 4.8% [1] - The company's platform trading gas volume remained stable at 2.69 billion cubic meters, with domestic and international sales showing contrasting trends [2] - The company expects net profit attributable to shareholders to reach 5.19 billion CNY in 2025, with a projected PE ratio of 11.23x [4]