Henan Lantian Gas (SH:605368) Soochow Securities·2025-09-02 08:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 was under pressure due to weak gas demand and a decline in connection services, leading to a significant drop in net profit [8] - The company plans to maintain a high dividend payout ratio, with a proposed cash dividend of 0.40 yuan per share for the first half of 2025, resulting in a payout ratio of approximately 140% [8] - The gradual implementation of residential gas pricing policies across various regions is expected to benefit the company, potentially leading to a recovery in price differentials [8] Financial Summary - Total revenue for 2023 is projected at 4,947 million yuan, with a decline to 4,375 million yuan in 2025, representing a year-on-year decrease of 7.99% [1] - The net profit attributable to the parent company is forecasted to decrease from 606.31 million yuan in 2023 to 397.80 million yuan in 2025, a decline of 20.97% [1] - The earnings per share (EPS) is expected to drop from 0.85 yuan in 2023 to 0.56 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to be 17.84 in 2025 [1] - The company has committed to a dividend payout ratio of no less than 70% from 2023 to 2025, with actual payout ratios of 97.1%, 126.9%, and 139.7% for the respective years [8]