事件点评：持股新疆气权，资源和产业优势深化

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company plans to acquire 100% equity of Bairong Limited for a cash consideration of 150 million RMB, which will indirectly give the company a 10.2% stake in Zhongneng Holdings [1]. - The acquisition has a premium rate of 54.7%, with a price-to-sales (PS) ratio of 4.4 and a price-to-earnings (PE) ratio of 21.2 [1]. - Zhongneng Holdings reported a revenue of 332 million RMB and a net profit of 70 million RMB in 2023, with a net profit margin of 20.94% [1]. - The acquisition is expected to enhance the company's profit by 7 million RMB, representing 0.68% of the company's net profit in 2023 [1]. - The company has significant growth potential due to its rich reserves and continuous resource replenishment, with projected net profits of 1.506 billion RMB, 1.702 billion RMB, and 1.899 billion RMB for 2024, 2025, and 2026 respectively [2]. - The earnings per share (EPS) are expected to be 3.55 RMB, 4.02 RMB, and 4.48 RMB for the same years, corresponding to PE ratios of 10, 8, and 8 [2]. Financial Summary - The company's total revenue is projected to grow from 3.517 billion RMB in 2023 to 5.065 billion RMB in 2026, with growth rates of 2.9%, 21.0%, 9.7%, and 8.6% respectively [4][6]. - The net profit attributable to shareholders is expected to increase from 1.048 billion RMB in 2023 to 1.899 billion RMB in 2026, with growth rates of 13.5%, 43.7%, 13.1%, and 11.5% [4][6]. - The company's return on equity (ROE) is projected to be 14.30%, 17.82%, 17.72%, and 17.44% from 2024 to 2026 [8].