Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported lower-than-expected performance for the first half of 2025, with revenue of 97.5 billion yuan (up 5.0% year-on-year) and net profit attributable to shareholders of 3.16 billion yuan (down 4.4% year-on-year) [1][4] - The company plans to distribute an interim dividend of 0.166 yuan per share, representing a payout ratio of 45.5% [1] - The long-term value reassessment of the company is viewed positively, with expectations for dual growth in earnings and dividends [1] Summary by Sections Financial Performance - In 1H25, the company's natural gas retail volume increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial volume up 8.0% but commercial and residential volumes down by 1.5% and 3.6% respectively [2] - The average selling price difference for natural gas decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to declining distribution and connection gross margins [2] LNG Segment - The company's LNG receiving station average load factor was 86.8% (up 1.4 percentage points year-on-year) in 1H25, with expectations to maintain an average load factor of 90% from 2025 to 2027 [3] - The LNG segment achieved a tax pre-profit of 140 million yuan in 1H25, with expectations for a year-on-year profit increase of 5.6% in 2025 [3] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates reduced by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively [4] - The target price has been lowered to 8.58 HKD from a previous 9.21 HKD, based on an 11x PE for 2025E [4]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 13.50 [5][9]. Core Insights - The company's performance in the first half of 2025 met expectations, with revenue of RMB 15.338 billion (up 8.6% year-on-year) and net profit attributable to the parent company of RMB 310 million (up 7.3% year-on-year) [5][6]. - The company is actively advancing its green methanol and hydrogen energy businesses, which are expected to contribute to long-term profit growth [7][9]. - The operating cash flow significantly increased by 602% year-on-year to RMB 686 million, supporting a high dividend payout ratio [8][9]. Financial Performance Summary - Revenue projections for the company are as follows: RMB 31.589 billion in 2024 (up 23.7%), RMB 35.021 billion in 2025 (up 10.86%), RMB 37.001 billion in 2026 (up 5.65%), and RMB 39.531 billion in 2027 (up 6.84%) [4]. - Net profit attributable to the parent company is forecasted to be RMB 853.12 million in 2024, RMB 977.09 million in 2025, RMB 1.037 billion in 2026, and RMB 1.086 billion in 2027 [4]. - The company maintains a stable dividend payout, with a projected dividend yield of 4.47% in 2025 [4][9]. Business Segment Analysis - The city gas business revenue decreased to RMB 6.577 billion in the first half of 2025 (down 4.9% year-on-year) due to a decline in natural gas supply [6]. - The supply chain business saw significant growth, with revenue reaching RMB 8.282 billion in the first half of 2025 (up 22.7% year-on-year) [7]. - The company has established a joint venture for green methanol production, aiming for an initial capacity of 50,000 tons, with plans to increase to 300,000 tons [7].

证券研究报告 九丰能源 (605090 CH) 业绩符合预期，拟首次派发中期股息 2025 年 8 月 19 日│中国内地 燃气及分销 九丰能源发布半年报，1H25 实现营收 104.28 亿元（yoy-7.5%），归母净 利 8.61 亿元（yoy-22.2%），扣非净利 8.11 亿元（yoy+2.9%）；其中 Q2 实现营收 49.44 亿元（yoy+0.2%，qoq-9.8%），归母净利 3.55 亿元 （yoy-43.3%，qoq-29.9%）。公司 Q2 业绩符合我们预期（3.23~3.57 亿元）。 公司收购华凯 LPG 接收站，有望新增 50 万吨处理能力、巩固华南 LPG 市 场龙头地位。公司拟首次派发中期 DPS 0.4079 元、合计 2.66 亿元、对应 分红比例 31.56%，公司计划 2025 年股息为 8.50 亿元。维持买入。 天然气：吨毛差提升，资源与市场优势对冲现货价格波动 1H25 公司天然气及作业业务实现毛利 6.8 亿元、yoy+5%，毛利率 14%、 yoy+3pp，吨毛差增加得益于高毛差的交通燃料和工业用气占比提升；天然 气销量同比略有下降，其中交通燃料同比增长、 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]