收购新疆项目后，如何看待新天然气的投资价值？

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The acquisition of the Xinjiang project significantly enhances the company's oil and gas reserves, with the potential for rapid production increase [5][25]. - The company is expected to replicate the success of its previous acquisition of Yamei Energy, leading to a second wave of growth in its fundamentals [4][16]. - The company is positioned to benefit from favorable pricing dynamics due to upcoming infrastructure developments, which will enhance its profitability [5][25]. Summary by Sections Acquisition of Xinjiang Project - The company announced the acquisition of 100% of Gongchuang Investment Control for 1.44 billion RMB, gaining significant rights in the Kashgar North project [4][10]. - Following the acquisition, the company holds a 29.84% stake in Zhongneng Holdings and 100% rights in the second designated area of the project [4][10]. Impact of Xinjiang Project - The project is expected to greatly increase oil and gas reserves, with Zhongneng Holdings' gas field having a design capacity of 1.11 billion cubic meters per year and a remaining exploitable gas volume of approximately 40 billion cubic meters [5][25]. - The pricing of natural gas in Xinjiang is currently below the national average, but the completion of the West-to-East Gas Pipeline will likely improve sales prices significantly [5][25]. Future Outlook - The company anticipates a compound annual growth rate (CAGR) of 22.53% in production from 2024 to 2029, driven by multiple projects coming online [5][9]. - The company has established a robust pipeline infrastructure that supports both seasonal price flexibility and resilience [5][25]. - The cost of conventional oil and gas in Xinjiang is relatively low, providing a competitive advantage [5][25]. Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.74 RMB, 4.75 RMB, and 6.04 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 9.45X, 7.44X, and 5.84X [5][8].