Jinwu Financial News | According to Shenwan Hongyuan Research Report, Xinao Energy (02688) announced the 2023 annual results. During the period, the company achieved operating income of 113.858 billion yuan, up 3.5% year on year; profit attributable to company owners was 6.816 billion yuan, up 16.2% year on year; core profit of 7.586 billion yuan, down 4.8% year on year; basic profit per share was 6.05 yuan, up 16.3% year on year, basically in line with the bank's expectations.
According to the bank, considering factors such as the completion of real estate falling short of expectations and the narrowing of the LNG international trade space after international gas prices fell back, the bank lowered the company's net profit from 2024-2025 to 6.802 billion yuan and 7.685 billion yuan (previous values were 81.67 billion yuan and 9.336 billion yuan) and increased the 2026 forecast to 8.572 billion yuan; the corresponding EPS was 6.03, 6.81, and 7.60 yuan/share, respectively. The current stock price corresponding to 2023-2025 PE is 9.4, 8.4, and 7.5 times, respectively. Excluding overseas LNG related business performance, the company's domestic basic business core profit guideline is an increase of more than 10%. Considering the overall steady performance of the company's domestic core business, the retail gas business has an opportunity to increase its stock profit and maintain a “buy” rating.