Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.52, indicating a potential upside of 23% from the current price of HKD 3.66 [7][13]. Core Insights - The company reported a revenue of RMB 79.07 billion for Q1 2024, a year-on-year increase of 20.55%, while the net profit attributable to shareholders was RMB 8.32 billion, a slight decline of 0.89% year-on-year [4][10]. - The total gas sales volume increased by 33.86% in Q1 2024, with expectations for continued improvement in profitability due to lower upstream contract costs and advantages from LNG spot imports [5][11]. - Wind resource conditions were poor in Q1 2024, negatively impacting power generation and the profitability of renewable energy segments [6][12]. Financial Summary - The company’s total assets amounted to RMB 79,726 million, with a net asset value of RMB 26,829 million [2]. - The projected revenue growth rates for the upcoming years are 25% for 2024, 18% for 2025, and 12% for 2026 [8][16]. - The net profit attributable to shareholders is expected to grow from RMB 2,648 million in 2024 to RMB 3,407 million by 2026, reflecting a compound annual growth rate [8][16]. Shareholder Information - The major shareholder is Hebei Construction Investment Group Co., Ltd., holding 49.17% of the shares [3].
新天绿色能源：天然气售气量高增长，全年盈利持续改善