[Brokerage Focus] BOCOM INTL maintains a Buy rating on KUNLUN ENERGY (00135) but indicates that its core earnings are below expectations.

Jinwu Finance | BOCOM INTL Research Reports indicate that KUNLUN ENERGY (00135) core profit in 2024 is expected to grow by 3.5% year-on-year to 6.36 billion yuan, slightly below the bank's expectation of 2%. This is primarily due to lower-than-expected profits in the LNG/upstream Sector, with the LNG terminal utilization rate being slightly 1.6 percentage points lower than the bank's expectation, coupled with higher-than-expected costs at the LNG processing plant. The bank noted that the company expects an 8% increase in retail gas volume for 2025, as the company added 8 urban gas projects last year and increased its industrial/commercial users by 18%/21%, providing a basis for incremental growth. It is estimated that the gas sales gross margin will remain in 2025.

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