Blue Flame Holding(000968) 民生证券·2025-01-02 06:11Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The company is strategically positioned in the integrated coalbed methane (CBM) industry chain, with abundant CBM resources. The projected net profits for 2024-2026 are estimated at 461 million, 571 million, and 686 million yuan, respectively, with corresponding EPS of 0.48, 0.59, and 0.71 yuan per share. The PE ratios for these years are projected to be 14, 11, and 9 times, respectively [2][8]. Financial Forecast and Key Indicators - The company's operating revenue for 2023 is forecasted at 2,381 million yuan, with a growth rate of -4.8%. For 2024, the revenue is expected to increase to 2,530 million yuan, reflecting a growth rate of 6.2%. The net profit attributable to the parent company is projected to be 540 million yuan in 2023, decreasing to 461 million yuan in 2024, before rising to 571 million yuan in 2025 and 686 million yuan in 2026 [3][10]. - The total proven reserves of the company increased by 12% to 532 billion cubic meters, with the addition of 57.22 billion cubic meters from the Heshun Hongling block [4][5]. - The company has acquired 23 coalbed methane mining rights, covering a total area of 2,653 square kilometers, with proven geological reserves of 474.69 billion cubic meters [5][6]. - The company's production capacity is steadily being released, with the Houjia-Longwan project already achieving a stable daily gas output of over 120,000 cubic meters [6].