Xinjiang Xintai Natural Gas (603393) Changjiang Securities·2024-11-04 08:15Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Views - The company reported a revenue of 2.964 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.70%. The net profit attributable to shareholders reached 882 million yuan, up 30.28% year-on-year. In Q3 2024 alone, revenue was 1.013 billion yuan, a 42.67% increase year-on-year, with net profit of 277 million yuan, up 43.76% year-on-year [4][6]. - The sales volume and price of coalbed methane showed improvements both year-on-year and quarter-on-quarter, indicating steady development in the main business. The total production of coalbed methane for the first three quarters of 2024 was 1.482 billion cubic meters, a year-on-year increase of 20.48% [4][6]. - The company is implementing a "strong chain, extended chain, and supplementary chain" strategy to build and solidify a "full industry chain" in natural gas [6][4]. Financial Performance Summary - In Q3 2024, the company's gross profit margin was 41.41%, which is a decrease of 4.39 percentage points year-on-year and 11.24 percentage points quarter-on-quarter, primarily due to the impact of urban gas and installation businesses [5][6]. - The average selling price of coalbed methane was 2.16 yuan per cubic meter for the first three quarters of 2024, an increase of 4.81% year-on-year, despite a 4.90% decline in the average domestic LNG price [4][6]. - The company expects EPS for 2024-2026 to be 3.12 yuan, 3.99 yuan, and 4.88 yuan, respectively, with corresponding PE ratios of 10.42X, 8.13X, and 6.65X based on the closing price on October 31, 2024 [6][10].