Core Viewpoint - The company operates with a dual focus on "gas + clean energy," developing a comprehensive natural gas supply chain and actively expanding into clean energy sectors like photovoltaics [1][3]. Group 1: Business Operations - The company has established a full industry system for natural gas, including exploration, transportation, storage, and sales, while also expanding into clean energy such as photovoltaics [1]. - The gas-fired power generation business is primarily managed by its subsidiary, Shenran Thermal Power, which has two operational 9E gas-steam combined cycle units with a capacity of 2×180MW and plans to launch a 470MW 9F unit by June 2024 [1]. - The first 9F unit has generated approximately 1.02 billion kilowatt-hours of electricity since its launch, and the second unit is expected to contribute additional revenue [1]. Group 2: Supply Chain and Innovation - The company has secured natural gas supply agreements with major suppliers like PetroChina, Sinopec, and BP China, ensuring stable and secure gas supply through various infrastructure [2]. - A long-term agreement with PetroChina guarantees a contract volume of 9.69 billion cubic meters over ten years, while another agreement with Guangdong Dapeng Company ensures an annual supply of 271,000 tons of natural gas [2]. - The company has established a robust innovation ecosystem, with 7 national high-tech enterprises and 6 specialized enterprises, and has developed various gas control equipment and energy devices [2]. Group 3: Financial Outlook - The company has 53 gas business operating rights across 11 provinces, with a projected pipeline gas sales volume of 4.975 billion cubic meters in 2024, reflecting a year-on-year growth of 2.78% [3]. - The subsidiary, Swick, is the second-largest photovoltaic encapsulation film manufacturer globally, with an annual production capacity exceeding 1 billion square meters across four production bases [3]. - The company maintains a "buy" rating, with expected earnings per share of 0.52 yuan for 2025 and 2026, and 0.53 yuan for 2027, corresponding to a PE valuation of 13 times [3].