ENN-NG(SH:600803) EBSCN·2025-11-04 08:09Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 95.9 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3%, with a net profit attributable to shareholders of 3.426 billion yuan, down 2% year-on-year [4][8] - Natural gas sales volume increased steadily, with a total sales volume of 30.2 billion cubic meters in the first three quarters of 2025, representing a year-on-year growth of 5.2% [5] - The Zhoushan LNG receiving station has been operating efficiently, with a total unloading volume of 1.98 million tons in the first three quarters of 2025, a year-on-year increase of 14.2% [6] - The privatization of Xin'ao Energy is progressing steadily, which is expected to enhance the company's upstream and downstream integration [7] Summary by Sections Revenue Performance - In Q3 2025, the company reported a revenue of 29.9 billion yuan, a year-on-year decrease of 6% and a quarter-on-quarter decrease of 7% [4] - The company’s natural gas sales volume for Q3 2025 was driven by a steady increase in customer base and operational efficiency [5] Infrastructure Development - The Zhoushan LNG receiving station's third phase project commenced construction in March 2023 and became operational on August 6, 2025, with a processing capacity exceeding 10 million tons per year [6] - The station's connection to the gas pipeline for the gas-fired power plant under construction is expected to be completed by the end of the year [6] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted downwards due to geopolitical factors affecting gas price spreads, with expected net profits of 5.032 billion yuan, 5.678 billion yuan, and 6.444 billion yuan respectively [8][9] - The report anticipates steady growth in natural gas demand, supporting the company's business scale growth [8]