According to a research report published by UBS, Xinao Energy's operating data for the first quarter was in line with expectations. It is believed that investors' reactions will remain neutral, and it is expected to achieve growth guidelines for the whole year. UBS slightly lowered Xinao Energy's 2024-2026 profit forecast by 3%, 4%, and 1%, and the earnings forecast per share to 6.21, 6.62 and 7.24 yuan, reflecting that this year will record about 300 million yuan in LNG trade revenue, lower natural gas sales expectations during the year, and higher unit profit and new connection forecasts, which were partially offset by lower operating margins and revenue expectations. UBS has now raised Xinao Energy's 2024-2026 unit profit forecast to $0.54, 0.56 and 0.56, while the annual new connection forecast has been raised to 1.58 million households. The target price has also risen slightly from HK$71 to HK$72, maintaining a “neutral” rating.