佛燃能源（002911）：天然气增长超越同行，高分红凸显价值

1Rating (Maintain):OVERWEIGHTTarget price (RMB):12.00AnalystWANG WeijiaSAC No. S0570517050002SFC No. BEB090wangweijia@htsc.com+(86) 21 2897 2079AnalystHUANG BoSAC No. S0570519090003SFC No. BQR122huangbo@htsc.com+(86) 755 8249 3570AnalystLI YalinSAC No. S0570523050003SFC No.BTC420liyalin018092@htsc.com+(86) 10 6321 1166Key dataTarget price (RMB)12.00Closing price (RMB as of 12 May)10.17Potential upside/+ (%)18Mkt cap (RMBmn)13,1966m avg daily val (RMBmn)57.7752wk price range (RMB)8.9412.79BVPS (RMB)6.43Share performanceSource:Wind(14)(4)1828May-24Sep-24Jan-25May-25(%)Foran EnergyCSI300 This report must be read with important disclosures and analyst certifications located on the end of the report.Source:Wind, Huatai Research Source:Wind, Huatai Research This report must be read with important disclosures and analyst certifications located on the end of the report.Full financialsBalance sheetYE 31 Dec (RMBmn)Current assetsCash & equivalentsAccount receivablesOther receivablesPrepaymentsInventoriesOther current assetsNoncurrent assetsLongterm investmentFixed investmentIntangible assetsOther noncurr. assetsTotal assetsCurrent liabilitiesShortterm borrowingsAccount payablesOther current liabilitiesNoncurrent liabilitiesLongterm borrowingsOther noncurr. liabilitiesTotal liabilitiesMinority interestShare capitalCapital reservesRetained profitShareholders’ equity attr. to parentEquity & liabilitiesCash flow statementYE 31 Dec (RMBmn)Operating cash flowNet profitDepreciation/amortizationFinancial costsInvestment lossesChg in working capitalOther operating activ’sInvesting cash flowCapexLongterm investmentOther investing activ’sFinancing cash flowShortterm borrowingsLongterm borrowingsIncrease in common stockAdditional paidin capitalOther financing activ’sNet change in cashSource:Company announcementsHuataiResearch estimate This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, WANG Weijia, HUANG Bo, LI Yalin, hereby certify that the views expressed in this report accurately reflect the personalviews ofthe analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or willbe, directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter “Huatai”) makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified withoutnotice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority (“FINRA”) member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the report’s authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in connectionwith the use or reliance of thisreport or its contents. Any form of written or verbal commitm