Foran Energy(SZ:002911) Soochow Securities·2025-10-17 06:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2025 met expectations, with total revenue of 23.50 billion yuan, a year-on-year increase of 5.38%, driven by the expansion of supply chain and other businesses [7] - The company plans to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, ensuring shareholder returns [7] - The company is advancing its green methanol project, aiming to establish a production capacity of 200,000 tons per year, with a total investment of 10 billion yuan [7] - The projected net profit for 2025-2027 is 8.72 billion yuan, 9.22 billion yuan, and 9.76 billion yuan respectively, with a corresponding PE ratio of 19.3, 18.2, and 17.2 [7] Financial Performance Summary - Total revenue forecast for 2023A is 25.54 billion yuan, with a year-on-year growth of 34.96% [1] - The net profit attributable to the parent company for 2023A is projected at 844.45 million yuan, reflecting a year-on-year increase of 28.87% [1] - The latest diluted EPS for 2023A is estimated at 0.65 yuan per share [1] - The company’s total assets are expected to reach 19.31 billion yuan by 2024A, with a debt-to-asset ratio of 54.43% [6][8] - The operating cash flow for 2024A is projected at 1.75 billion yuan [8]