ENN-NG(600803) 海通证券·2025-03-28 05:43Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is expected to benefit from the privatization of Xin'ao Energy, which will enhance its operational capabilities and shareholder returns [8] - The company's natural gas sales volume increased by 10.3% year-on-year, with significant contributions from both domestic and overseas markets [8] - The projected earnings per share (EPS) for 2025-2027 are estimated to be 1.68, 1.97, and 2.39 yuan respectively, with a corresponding price-to-earnings (PE) ratio of 12-13 times for 2025 [8] Financial Summary - The company reported total revenue of 135.91 billion yuan in 2024, a decrease of 5.51% year-on-year [8] - The net profit attributable to shareholders was 4.493 billion yuan, reflecting a year-on-year decline of 36.6% [8] - The gross profit margin is expected to improve from 14.0% in 2024 to 17.3% by 2027 [8] - The company's total assets are projected to grow from 132.49 billion yuan in 2024 to 223.81 billion yuan by 2027 [11]