ENN-NG(SH:600803) Tianfeng Securities·2025-11-03 14:47Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [8]. Core Insights - The company's core profit for Q3 2025 was 1.04 billion yuan, a year-on-year decrease of 6.9%, while the core profit for the first three quarters was 3.78 billion yuan, down 1% year-on-year [1]. - The domestic natural gas consumption showed a mild recovery, with a total apparent consumption of 317.75 billion cubic meters from January to September, a slight decline of 0.2% year-on-year. The company's retail gas volume reached 19.19 billion cubic meters, up 2% year-on-year [2]. - The company is enhancing its infrastructure capabilities, with a 14.2% increase in the unloading volume at the Zhoushan receiving station despite a 17% year-on-year decrease in China's LNG imports [3]. - The company has a clear and stable dividend commitment, with a cash dividend of no less than 1.14 yuan per share for 2025, corresponding to a dividend yield of approximately 5.8% [5]. - The company is expected to achieve net profits of 5.19 billion, 5.72 billion, and 6.69 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.9, 10.8, and 9.2 [6]. Summary by Sections Natural Gas Business - The retail gas volume for the first three quarters was 19.19 billion cubic meters, with industrial and commercial users increasing by 2.5% to 15.208 billion cubic meters, and residential gas volume increasing by 1.5% to 3.804 billion cubic meters [2]. Platform Trading - The sales volume of platform trading gas was 3.95 billion cubic meters, a year-on-year decrease of approximately 2.8%. The company has signed long-term contracts that will provide a solid foundation for expanding platform trading gas business [3]. Diversified Energy and Smart Home Business - The company achieved a sales volume of 28.99 billion kWh in its diversified energy business, with a total installed capacity of 6.9 GW for projects in operation [4]. Financial Performance and Valuation - The company is projected to have a revenue of 133.77 billion yuan in 2025, with a growth rate of -1.58%. The net profit for 2025 is expected to be 5.19 billion yuan, reflecting a growth rate of 15.4% [6][14].