SSET(300540) 华鑫证券·2024-04-28 10:00Investment Rating - The report gives a "Buy" investment rating for the company, marking its first coverage [10][24]. Core Views - The company is expected to benefit significantly from the rapid growth of the natural gas market, with projected revenues of 976 million, 1.336 billion, and 1.757 billion yuan for 2024, 2025, and 2026 respectively [10][26]. - The earnings per share (EPS) are forecasted to be 0.25, 0.31, and 0.35 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 90, 73, and 64 times [10][26]. Financial Summary - Revenue Forecast (Million Yuan): - 2023A: 668 - 2024E: 976 - 2025E: 1,336 - 2026E: 1,757 - Growth Rate: 179.6% in 2023, 46.0% in 2024, 36.9% in 2025, 31.5% in 2026 [26]. - Net Profit Forecast (Million Yuan): - 2023A: 33 - 2024E: 41 - 2025E: 51 - 2026E: 58 - Growth Rate: -230.1% in 2023, 27.0% in 2024, 22.9% in 2025, 14.7% in 2026 [26]. - EPS (Yuan): - 2023A: 0.20 - 2024E: 0.25 - 2025E: 0.31 - 2026E: 0.35 [26]. - Return on Equity (ROE): - 2023A: 3.2% - 2024E: 4.0% - 2025E: 4.8% - 2026E: 5.3% [26].