九丰能源（605090）：拟投资新疆煤制气，燃气主业再添动能

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to invest in a coal-to-gas project in Xinjiang, which is expected to significantly enhance its profitability. The total investment for the project is estimated at RMB 230.33 billion, with the company contributing up to RMB 34.55 billion for a 50% stake, projected to yield an annual profit of RMB 14.77 billion [6] - The company has a robust LNG business with stable margins, and its LNG gross margin for the first half of 2025 was 13.56%, an increase of 2.42 percentage points from 2024 [6] - The company is actively implementing a cash dividend policy, with fixed cash dividends planned for 2024-2026, enhancing long-term investment value [6] Financial Data and Profit Forecast - Total revenue is projected to be RMB 22,047 million in 2024, with a growth rate of -17.0%, and is expected to increase to RMB 27,836 million by 2027 [5] - The net profit attributable to the parent company is forecasted to be RMB 1,684 million in 2024, with a slight increase to RMB 2,101 million by 2027 [5] - The company's PE ratio is projected to be 13, 11, and 10 for the years 2025, 2026, and 2027 respectively [6]