佛燃能源（002911）：利润稳健增长，绿色甲醇新项目注资

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown steady profit growth and is actively investing in a new green methanol project [1] - The target price is set at RMB 14.25, reflecting an increase from the previous target of RMB 13.50 [8] Financial Performance - For Q3, the company achieved revenue of RMB 8.164 billion, a year-over-year decrease of 0.16% and a quarter-over-quarter decrease of 7.09% [4] - The net profit attributable to the parent company for Q3 was RMB 181 million, a year-over-year increase of 4.07% but a quarter-over-quarter decrease of 21.01% [4] - For the first three quarters of 2025, the company reported revenue of RMB 23.501 billion, a year-over-year increase of 5.38%, and a net profit of RMB 490 million, a year-over-year increase of 6.07% [4] Revenue Breakdown - The company's urban gas revenue declined due to a decrease in gas supply, with a reported revenue of RMB 9.88 billion for the first nine months of 2025, down 10% year-over-year [5] - The supply chain business saw significant growth, with revenue of RMB 13.621 billion for the first nine months of 2025, an increase of 20.7% year-over-year [6] Future Projections - The company forecasts revenue growth for the upcoming years, with expected revenues of RMB 31.589 billion in 2024, RMB 35.021 billion in 2025, and RMB 39.531 billion in 2027 [3] - The net profit attributable to the parent company is projected to be RMB 853.12 million in 2024, RMB 977.09 million in 2025, and RMB 1.086 billion in 2027 [3] Dividend Policy - The company has committed to a high dividend payout ratio, with a target of at least 65% for the years 2025-2027 [7] - The expected dividend yield for 2025 is 4.24%, which is higher than the average of comparable companies [8] Valuation Metrics - The company is expected to have a PE ratio of 19.71 in 2024, decreasing to 15.49 by 2027 [3] - The projected EPS for the company is RMB 0.66 in 2024, increasing to RMB 0.84 by 2027 [3]