Shenwan Hongyuan Securities·2026-01-19 14:26Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [2][7] Core Views - The company plans to repurchase up to 86.59 million shares, representing about 1% of its total issued share capital, demonstrating confidence in its development [7] - The company has sufficient cash resources, with cash on hand amounting to 29.479 billion RMB as of 1H25, which is adequate to cover the repurchase costs [7] - The Fujian Fuzhou LNG receiving station, with a capacity of 3 million tons per year, is expected to commence operations in 2027, providing stable revenue through a bridge fee model [7] - The company is well-positioned to benefit from the dual carbon and dual control policies, with a significant portion of its gas sales coming from price-sensitive industrial customers [7] - The report forecasts net profits for 2025-2027 to be 5.980 billion, 6.254 billion, and 6.573 billion RMB respectively, with EPS projected at 0.69, 0.72, and 0.76 RMB per share [7] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 177.354 billion, 187.046 billion, 193.901 billion, 204.563 billion, and 213.881 billion RMB, with corresponding growth rates of 3.15%, 5.46%, 3.66%, 5.50%, and 4.55% [6][8] - Net profit estimates for the same period are: 5.682 billion, 5.960 billion, 5.980 billion, 6.254 billion, and 6.573 billion RMB, with growth rates of 8.68%, 4.89%, 0.33%, 4.59%, and 5.10% [6][8] - The company’s price-to-earnings ratio (P/E) is projected to decrease from 10.4 in 2023 to 9.0 in 2027, indicating potential for upward price elasticity [6][8]