ENN ENERGY(02688) 兴证国际证券·2024-04-14 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][8][11] Core Views - The company's performance is under short-term pressure due to weak gas sales, but the integrated energy and smart home businesses are expected to create a second growth curve [3][8] - The company achieved a revenue of 113.9 billion yuan in 2023, a year-on-year increase of 3.5%, while core profit decreased by 4.8% to 7.586 billion yuan [4][6] - The company plans to pay a dividend of 2.95 HKD per share, a 1.4% increase from the previous year, with a payout ratio of 40% of core profit [4][6] Summary by Sections Market Data - Closing price: 69.20 HKD - Total shares: 1,131 million - Total market capitalization: 78,280 million HKD - Net assets: 42,660 million yuan - Total assets: 103,131 million yuan - Net asset per share: 37.71 yuan [1] Financial Performance - Natural gas retail business gross profit was 60.49 billion yuan, down 6.1% year-on-year, with retail gas volume at 25.1 billion cubic meters, a decrease of 3.1% [6][8] - The wholesale gas business gross profit fell 60.0% to 10.95 billion yuan due to a decline in international gas prices [6][8] - The integrated energy business gross profit increased by 22.6% to 19.1 billion yuan, with sales volume reaching 347 billion kWh, a 56% increase [7][8] Business Segments - The engineering installation business faced challenges, with gross profit down 5.8% to 27.7 billion yuan [8] - The smart home business saw a gross profit increase of 21.1% to 25.2 billion yuan, with a projected growth of 20%-30% in 2024 [8] Capital Expenditure and Financial Health - Operating cash flow was 96.12 billion yuan, down 4.9%, while capital expenditure was 74.4 billion yuan, a decrease of 1.1% [8] - The net debt ratio was 25.3%, a decrease of 0.5 percentage points year-on-year, with cash on hand increasing by 20.3% to 96.89 billion yuan [8]