\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 803 Enn Natural Gas Co.Ltd(600803) )
Event: the company released the first quarterly report of 2022. In 2012, Q1 achieved an operating revenue of 35.353 billion yuan, a year-on-year increase of + 37%, a month on month increase of - 3%, and a net profit attributable to the parent company of 754 million yuan, a year-on-year increase of + 25% and a month on month increase of - 15.4%.
Comments:
In Q1 of 22 years, the performance increased rapidly year-on-year, and the direct gas and pan energy businesses developed rapidly: in Q1 of 2022, the operating performance of the company increased rapidly year-on-year due to the rise of energy sales prices such as coal and natural gas and the growth of business volume. In terms of natural gas sales, the company continued to expand the northwest terminal gas station market and Xinjiang Aksu and other blank markets. In 2012, the total sales volume of Q1 reached 10.18 billion m3, with a year-on-year increase of + 13% and a market share of 15%, of which the sales volume of direct gas and retail gas were 1.23 billion m3 and 6.84 billion m3 respectively, with a year-on-year increase of + 124% and + 7% respectively. In terms of comprehensive energy sales, the company continued to build a low-carbon service ecosystem. In 2012, Q1's comprehensive energy sales reached 5.53 billion kwh, a year-on-year increase of 46%. In terms of energy production, the company increased coal production and quality, and promoted the transformation and upgrading of methanol business. In 2012, the volume and price of coal and methanol of Q1 company increased simultaneously. The sales volume of coal and methanol in Q1 of the company were 119 and 410000 tons respectively, with a year-on-year increase of + 198% and + 24% respectively. The selling prices of mixed coal, clean coal and methanol were 362, 727 and 1915 yuan / ton respectively, with a year-on-year increase of + 51%, + 62% and + 17% respectively. At the same time, the company continued to develop downstream customers and signed a long-term agreement of 1.6 million tons with terminals such as China coal and Huai mine. In terms of engineering construction business, the company accelerated the acquisition of engineering construction projects for preparing LNG and hydrogen from coke oven gas, and carried out hydrogen energy technology research and development. In 2012, Q1 company added 151 signed projects, with a total amount of orders on hand reaching 2.316 billion yuan.
Zhoushan phase III project has been approved and continues to build an intelligent low-carbon terminal Enn Natural Gas Co.Ltd(600803) plans to acquire 90% equity of ENN Zhoushan by issuing shares and paying cash, purchase LNG terminal assets with high synergy with the company, and promote the integrated layout of the company's industrial chain. According to the company's announcement, the appraisal value of 100% equity of ENN Zhoushan is 9.528 billion yuan, and the price of 90% equity transaction is 8.575 billion yuan. At present, the new Austrian Zhoushan phase I and phase II project has successfully reached production capacity, with a total annual actual processing capacity of 8 million tons and a processing capacity of 410000 tons in Q1 in 22 years. On March 15, 2022, the construction of phase III project of Zhoushan LNG terminal was approved, and the long-term annual processing capacity is expected to exceed 10 million tons. At the same time, the terminal started the construction of roof photovoltaic project, optimized the energy consumption structure, and actively expanded innovative modes such as tank capacity leasing. In the future, it will continue to promote the landing applications such as intelligent production scheduling, intelligent patrol inspection and pipeline integrity, strive to build a low-carbon intelligent terminal, and become a powerful fulcrum for the interaction of resources at home and abroad.
Profit forecast, valuation and rating: the company's direct selling gas and pan energy businesses are developing rapidly, and all business segments are making continuous efforts and the performance is growing rapidly. Therefore, we maintain the profit forecast for 20222023 and add the profit forecast for 2024. It is estimated that the company's net profit from 20222024 will be RMB 4.711/55.77/6.402 billion respectively, equivalent to EPS of RMB 1.66/1.96/2.25 respectively. The company continues to improve the layout of the whole natural gas industry chain, Zhoushan terminal has opened up room for growth. We continue to be optimistic about the development of the company and maintain the "buy" rating.
Risk warning: international oil price fluctuation risk, overseas operation risk and newly signed orders are less than expected.
