Xinjiang Xintai Natural Gas (SH:603393) Tianfeng Securities·2024-05-08 11:00Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [16]. Core Views - The company successfully completed the privatization of Yamei Energy, which is expected to drive profit growth through increased production and sales of coalbed methane [15][16]. - The company anticipates improved operational performance in the second half of 2024, driven by the recovery of gas prices and the resumption of the Tongyu pipeline [15][16]. - The average sales price of coalbed methane decreased by 7.83% in 2023 compared to the previous year, attributed to high LNG prices and pipeline issues [15]. Financial Performance Summary - The company reported a revenue of 3,516.65 million yuan in 2023, a year-on-year increase of 2.94% [15]. - The net profit attributable to the parent company for 2023 was 1,047.71 million yuan, reflecting a growth of 13.45% [15]. - The company expects net profits for 2024 to reach 1,503.76 million yuan, with a projected growth rate of 43.53% [3][15]. Revenue and Profit Forecast - Revenue is forecasted to grow to 4,523.41 million yuan in 2024, with a growth rate of 28.63% [3]. - The company projects a net profit of 1,739.26 million yuan in 2025, with a growth rate of 15.66% [3]. - By 2026, the net profit is expected to reach 1,915.07 million yuan, indicating a growth rate of 10.11% [3]. Key Financial Ratios - The company's P/E ratio is projected to decrease from 15.60 in 2022 to 7.52 in 2026, indicating improved valuation [3]. - The P/B ratio is expected to decline from 2.77 in 2022 to 1.32 in 2026, suggesting a strengthening balance sheet [3]. - The EV/EBITDA ratio is forecasted to improve from 2.58 in 2022 to 2.72 in 2026, reflecting better operational efficiency [3].