ENN-NG(SH:600803) Shenwan Hongyuan Securities·2025-10-30 14:49Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 95.89 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.91%. The net profit attributable to the parent company was 3.43 billion yuan, down 1.87% year-on-year, while the core net profit was 3.78 billion yuan, a decline of 1.04% year-on-year. In Q3 alone, the net profit attributable to the parent company was 1.02 billion yuan, an increase of 5.89% year-on-year, while the core net profit decreased by 6.89% year-on-year [5][7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 136.49 billion yuan, with a year-on-year growth rate of 0.4%. The net profit attributable to the parent company is projected to be 4.83 billion yuan, reflecting a year-on-year increase of 7.4%. The earnings per share are expected to be 1.56 yuan [6][9] - The gross profit margin is anticipated to be 14.2% in 2025, with a return on equity (ROE) of 18.7% [6] Platform Trading and Market Dynamics - The company's platform trading gas sales volume reached 3.95 billion cubic meters in the first nine months, a decrease of 2.7% year-on-year. The international gas sales volume was 1.43 billion cubic meters, with a quarter-on-quarter increase of 2.7 million cubic meters, while domestic gas sales increased by 9.9 million cubic meters to 2.52 billion cubic meters [7] - The retail gas volume maintained a growth trend, with a total of 19.19 billion cubic meters sold in the first nine months, a year-on-year increase of 2.0% [7] Strategic Developments - The Zhoushan receiving station's unloading volume increased by 14.2% year-on-year, and it has become a wholly-owned subsidiary of the company. This strategic move is expected to enhance the company's profit contributions [7] - The privatization of the Hong Kong subsidiary, New World Energy, is ongoing, with plans for annual cash dividends of no less than 50% of the core profit attributable to the parent company from 2026 to 2028, which is expected to enhance shareholder returns [7] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 4.83 billion, 5.76 billion, and 6.39 billion yuan respectively. The current stock price corresponds to price-to-earnings ratios of 12, 10, and 9 times for the respective years [7]