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【Brokerage Focus】CITIC SEC: Changes in Consumer structure, the gas Industry returns to the right track while urban gas growth is moderate.
Jinwu Financial News | CITIC SEC stated that after a consecutive two years of approximately 8% apparent Consumer growth in 2023-2024, domestic gas consumption has emerged from the low point, and the Industry growth rate has returned to normal. Unlike the historically prominent growth rate of nationwide urban gas sales, during this round of demand recovery, the performance of nationwide leading urban gas sales has been modest and generally weaker than the overall Industry growth rate, marking a turning point in the growth rate difference. The current market environment is very favorable for LNG heavy trucks, with sales experiencing a full explosion after 2023; as the Energy transition advances, the significant increase in the Electrical Utilities system's demand for flexibility is also supporting gas and power.
Brokerage morning meeting highlights: The Agent application is expected to enter its first year of significant growth in 2025.
At today's Brokerage morning meeting, HTSC proposed that Agent applications are expected to enter a period of significant volume in 2025; Tianfeng stated that in the field of AI Medical, attention should be given to directions related to high-quality data, scarce application scenarios, and multimodal integrated data; Silver Securities believes that the demand for green electricity is expected to see stronger catalysts in 2025.
Hong Kong Shares Rise, Tracking Wall Street Gains -- Market Talk
Jianyin International: Maintains a "Neutral" rating for ENN ENERGY and lowers the Target Price to 56.9 Hong Kong dollars.
Jianyin International released a Research Report stating that it maintains a "neutral" rating on ENN ENERGY (02688), with the Target Price adjusted from HKD 58 to HKD 56.9. The firm believes that the profit decline of ENN ENERGY last year was within market expectations and believes that this year's profit recovery potential and dividend increase will bring better valuation. Jianyin International expects that ENN's core profit will decrease by 10% year-on-year last year. Excluding the impact of LNG settlement income, the firm anticipates that the group's domestic business profit will increase by 8% year-on-year, and forecasts retail gas volume to grow by 4.4%, while the gas sales price margin is expected to rise by 4 cents to HKD 0.54 per cubic meter.
[Brokerage Focus] Jianyin International maintains a "Neutral" rating on ENN ENERGY (02688), expecting the USA's 15% import tax on liquefied Henry Hub Natural Gas to have a limited impact on it.
Jinwu Financial News | Jianyin International's Research Reports indicate that ENN ENERGY (02688) is expected to meet performance expectations for the 2024 fiscal year. Due to a decrease in revenue from overseas liquefied natural gas (LNG) contract settlements, and a 21% year-on-year decline in the number of new residential user connections, the bank forecasts a 10% year-on-year drop in core earnings for ENN ENERGY in the 2024 fiscal year. Excluding the impact of LNG settlement revenue, the bank expects domestic Business profit for the 2024 fiscal year to increase by 8% year-on-year, with gas sales gross profit expected to grow by 12% year-on-year. The bank estimates that retail gas sales increased by 4.4% year-on-year, and the unit profit margin expanded by 4% year-on-year.
ENN Energy Holdings Updates Board of Directors
