ENN-NG(SH:600803) EBSCN·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 143.8 billion yuan in 2023, a year-on-year decrease of 7%, while the net profit attributable to shareholders increased by 21% to 7.1 billion yuan [2] - Natural gas demand is gradually recovering, with platform trading gas sales volume growing rapidly, contributing significantly to the company's performance [2] - The company has a high dividend policy, planning to increase cash dividends per share by no less than 0.15 yuan annually from 2023 to 2025, reflecting confidence in its development [2] - The company has optimized its resource structure through long-term contracts, enhancing its natural gas business scale [2] Summary by Relevant Sections Financial Performance - In Q4 2023, the company achieved a revenue of 47.8 billion yuan, a year-on-year increase of 1% and a quarter-on-quarter increase of 66%, with a net profit of 4 billion yuan, up 49% year-on-year and 343% quarter-on-quarter [2] - The total natural gas sales volume for the company in 2023 was 38.7 billion cubic meters, a year-on-year increase of 7% [2] - The core profit for 2023 was 6.4 billion yuan, a year-on-year increase of 5% [2] Dividend Policy - The company plans to distribute cash dividends of 0.25 yuan, 0.22 yuan, and 0.18 yuan per share (including tax) for the years 2023 to 2025, respectively [2] - The cash dividend payout ratio will be no less than 30% of the core profit attributable to shareholders [2] Resource Optimization - The company signed long-term contracts for 1.8 million tons/year with Cheniere Energy and 2 million tons with NextDecade, among others, securing over 10 million tons/year in overseas long-term contracts [2] - Domestic resource contracts have been strengthened with China National Petroleum Corporation, further enhancing the company's resource pool [2] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 6.497 billion yuan, 7.523 billion yuan, and 8.472 billion yuan, respectively [2][3] - The company is positioned as a leading player in the domestic natural gas market, with significant growth potential in platform trading gas and energy business expansion [2]