Investment Rating - The report maintains an "Overweight" rating for the gas industry [1]. Core Insights - The report highlights a slight increase in raw gas demand leading to a minor rise in US gas prices, while European storage advancements have contributed to a decrease in gas prices [4][9]. - The overall supply-demand dynamics indicate a modest increase in raw gas demand, with US natural gas market prices rising by 3.3% week-on-week as of August 27, 2025 [16]. - The report emphasizes the ongoing integration of Jiufeng Energy and the gradual implementation of pricing reforms across the country, which are expected to enhance profitability and valuation recovery for city gas companies [35]. Price Tracking - As of August 29, 2025, the week-on-week changes in gas prices are as follows: US HH +3.3%, European TTF -6.6%, East Asia JKM -2.9%, China LNG ex-factory price 0%, and China LNG CIF price -6.2% [9][14]. - The average total supply of natural gas in the US increased by 0.1% week-on-week to 1,127 billion cubic feet per day, while total demand decreased by 3.5% to 1,025 billion cubic feet per day [16]. Supply and Demand Analysis - The report notes that the storage pace in Europe is slower than expected, leading to a week-on-week decrease in European gas prices by 6.6% [17]. - In China, the apparent consumption of natural gas from January to July 2025 increased by 0.3% year-on-year to 246.1 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [22][27]. Pricing Progress - The report states that 65% of cities have implemented residential pricing reforms, with an average price increase of 0.21 yuan per cubic meter [35]. - The introduction of a new pricing mechanism for provincial natural gas pipeline transportation is expected to lower costs for downstream users and promote industry growth [35]. Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing reforms, particularly highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [4][35]. - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [4].

公司报告 | 半年报点评 新奥股份（600803） 证券研究报告 天然气销售业务韧性强，上半年核心利润同比+1.4% 2025 年上半年，公司实现营业收入 660.15 亿元，同比-1.5%；实现归母净 利润 24.08 亿元，同比-4.8%；实现核心利润 27.36 亿元，同比+1.4%。 零售气基本盘表现稳健。2025 年上半年国内天然气需求较为疲软，上半年 全国天然气表观消费量同比-0.9%。得益于公司以量达利的策略，公司上半 年零售气量同比+1.9%达到 129.5 亿立方米，其中居民气量同比+1.3%、工 商业气量同比+2.4%。公司积极推动居民顺价，截至上半年末累计顺价比例 达到 64%。零售气上半年实现毛利 40.2 亿元，同比基本持平。 平台交易气业务韧性较强。 2025 年上半年国际天然气市场受到地缘政治、关税政策等因素影响，价格 频繁震荡。上半年公司平台交易气量实现 26.9 亿方，与去年同期基本持平。 结构上看，国内和国际销气量分别是 15.3/11.6 亿方，同比分别-12%/+21%。 平台交易气上半年实现毛利 14.4 亿元，同比-1.8%。公司持续优化并扩大 中长期资源。上半年新 ...

新奥股份发布半年报，1H25 实现营业总收入660.15 亿元（yoy-1.5%），归母净利24.08 亿元（yoy- 4.8%），核心利润27.36 亿元（yoy+1.4%）。 私有化交易正常推进，当前股价隐含新奥股份H 股潜在折价36%截至目前公司私有化交易已完成反垄断 商谈，获得证监会国际司受理和国家发改委备案，等待后续各项程序达成。参考交易方案，当前股价隐 含公司在H 股潜在折价比例为36%，高于公用事业A+H 平均折价率（27%）。若私有化落地，我们预计 将强化资源-设施-管理协同，释放资源池整合红利。 小幅上调盈利预测，上调目标价至23.80 元/股我们小幅上调公司25-27 年核心利润1.0%/0.2%/0.1%至 52.65/57.17/62.70 亿元（三年预测期CAGR 为7%），对应核心EPS 为1.70/1.85/2.02元。上调主要是考虑 到新奥能源盈利预测更新、甲醇利润预测上调。Wind一致预期下可比公司25 年PE 均值13.2x，产业链 整合有望释放长期价值，给予公司25 年14xPE，目标价23.80 元（前值23.52 元基于25 年14xPE）。 风险提示：天然气需求不及 ...

25H1 国内业务稳增，海外转售利润回落，利润结构持续改善。2025H1公司核心利润32.2 亿元，同 比-1.2%，符合市场预期，利润下滑主要系海外LNG 销售利润回落。国内业务核心利润31.0 亿元，同比 +0.7%，海外LNG 销售相关利润1.2 亿元，同比-33.8%。2025H1 分业务来看： 事件：2025/8/27 公司发布2025 年中期业绩公告。2025 年上半年公司实现营业收入556.7 亿元，同比 +2.0%，股东应占溢利24.3 亿元，同比-5.6%；核心利润32.2 亿元，同比-1.2%。2025 年上半年每股派息 0.65 港元，同比持平，核心利润派息比例21%。 机构：东吴证券 研究员：袁理/谷玥 1）天然气零售：毛利30.92 亿元，同比-1.5%；含联营、合营企业后毛利同比+2.3%；气量同比+1.9%至 129.5 亿方（工商业同比+2.4%至97.9亿方，居民同比+1.3%至30.4 亿方）；价差保持0.54 元/方，累计居 民顺价比例提升至 64%。2025Q1 暖冬影响国内采暖用气需求、2025M2 起关税扰动下工业需求偏弱， 公司2025H1 零售气量增速比我们预期 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [48]. Core Insights - The monthly electricity consumption has surpassed 1 trillion kilowatt-hours for the first time, indicating strong electricity demand [1]. - The public utility index has increased by 2.0% in the last two weeks, underperforming the CSI 300 index by 5.0 percentage points, ranking 25th among 31 industries [4][11]. - The report highlights significant growth in electricity consumption across various sectors, with the first industry growing by 20.2%, the second by 4.7%, the third by 10.7%, and urban and rural residents' consumption by 18.0% [43]. Summary by Sections 1. Market Review - As of August 28, the public utility index has risen by 0.7% year-to-date, lagging behind the CSI 300 index by 12.7 percentage points, ranking 29th among 31 industries [4][11]. - Among the sub-sectors, the photovoltaic power sector saw an increase of 8.9%, while the thermal power sector rose by 4.5% [12]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.1 times, with the thermal power sector at 12.3 times and the gas sector at 16.0 times [19][20]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) is 630 yuan/ton, up 0.6% from the previous value, while the average price of Qinhuangdao port thermal coal (Q5500) is 699 yuan/ton, up 3.5% [32]. 4. Key Company Announcements - Notable announcements include South Network Energy reporting a revenue of 1.603 billion yuan, up 21.13%, and a net profit of 214 million yuan, up 4.48% [41]. 5. Key Industry News - The National Energy Administration reported that total electricity consumption reached 10,226 billion kilowatt-hours in July, a year-on-year increase of 8.6% [43]. - The government is pushing for high-quality urban development and energy efficiency improvements [44]. 6. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power, which are expected to benefit from lower coal prices and improved profitability [43].

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-076 新奥天然气股份有限公司 关于公司股东部分股份解除质押及再质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 新奥天然气股份有限公司（以下简称"公司"）股东新奥科技发展有限公司 （以下简称"新奥科技"）持有 308,808,988 股公司股份，占公司总股本的 9.97%。 新奥科技本次股份解除质押股数为 23,700,000 股，股份再质押股数为 23,770,000 股，再质押股份占其持有公司股份总数的 7.70%，占公司总股本的 0.77%。截至 本公告披露日，新奥科技累计质押 23,770,000 股公司股份，占其持有公司股份总 数的 7.70%，占公司总股本的 0.77%。 下： 二、股份质押情况 1、本次股份质押基本情况 | 股东名称 | 是否为控 | | 本次质押股 | 是否为 | 是否补 | 质押起始 | | 质押到期 | | 质权人 | 占其所 持股份 | 占公司 总股本 | 质押融资 | | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][20]. Core Views - The company's core profit is steadily increasing, and the privatization process is progressing smoothly. The retail gas price difference is expected to further recover, and direct sales gas volume continues to grow. The report adjusts the profit forecast for 2026-2027 downwards while maintaining the 2025 forecast [3][20]. - The privatization of Xin'ao Energy and its subsequent listing in Hong Kong is anticipated to enhance EPS and highlight the advantages of integration. The company plans to maintain a high dividend payout ratio from 2026 to 2028 [3][15][20]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 660.15 billion yuan, a decrease of 1.5% year-on-year, and a net profit attributable to shareholders of 24.08 billion yuan, down 4.8% year-on-year. Core profit reached 27.36 billion yuan, an increase of 1.4% year-on-year [9][10]. - The natural gas business generated revenue of 522.19 billion yuan, up 3.0% year-on-year, with a gross profit of 54.44 billion yuan, down 1.4% year-on-year [10][12]. Profit Forecast and Valuation - The profit forecast for 2025 is adjusted to 51.47 billion yuan, with a year-on-year growth of 14.56%. The EPS is projected at 1.66 yuan, corresponding to a P/E ratio of 11.3 times [3][20]. - The company plans to distribute a dividend of at least 1.14 yuan per share in 2025, with a dividend payout ratio of no less than 50% from 2026 to 2028, indicating a dividend yield of 6.1% for 2025 [3][16][20]. Business Segments - The report highlights that the core profit growth is primarily driven by the increase in gross profit from the receiving station and methanol business, despite the volatility in methanol profitability [3][9]. - The company is actively expanding its customer base and enhancing its service offerings in the natural gas sector, with a focus on residential and commercial users [11][18]. Market Outlook - The demand for natural gas is expected to grow steadily, with a compound annual growth rate of 9% from 2023 to 2030. The company's integrated layout is anticipated to support stable development in the natural gas industry [17][18].

事件：近日公司披露2025年中报。2025H1公司实现营业收入659.91亿元，同比下降1.47%；归母净利润 24.08亿元，同比下降4.82%。 点评： 公司业绩受暖冬等因素影响。受2025Q1 天气偏暖抑制取暖用气等因素影响，2025H1 全国天然气表观消 费量同比下降，同期公司营收及归母净利润小幅下滑。2025H1 公司实现营业收入659.91 亿元，同比下 降1.47%；归母净利润24.08 亿元，同比下降4.82%。2025H1 公司财务费用为3.52亿元，同比下降 29.87%，财务费用管控能力较强。 零售气量增长，积极推进顺价。截至6 月底，公司在全国拥有263 个城市燃气项目，地域覆盖包括安 徽、福建、广东、广西、河北、河南、湖南、江苏、江西、辽宁、山东、浙江、上海、天津等20 个省 市及自治区。 2025H1，公司天然气零售气量达129.5 亿方，同比增长1.9%，其中，工商业用户气量达97.9 亿方，同比 增长2.4%；民生用户的零售气量达30.4亿方，同比增长1.3%。同时，公司积极推进顺价，上半年4 个企 业完成顺价，累计顺价比例达到64%。 依托保税罐拓展基础设施运营业务。舟山接收 ...

据证券之星公开数据整理，近期新奥股份（600803）发布2025年中报。截至本报告期末，公司营业总收 入660.15亿元，同比下降1.49%，归母净利润24.08亿元，同比下降4.82%。按单季度数据看，第二季度 营业总收入322.75亿元，同比下降1.55%，第二季度归母净利润14.31亿元，同比下降1.23%。本报告期 新奥股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达121.29%。 建议关注公司债务状况（有息资产负债率已达23.36%） 建议关注公司应收账款状况（应收账款/利润已达121.29%） 本次财报公布的各项数据指标表现一般。其中，毛利率14.47%，同比增1.22%，净利率7.12%，同比减 3.56%，销售费用、管理费用、财务费用总计31.53亿元，三费占营收比4.78%，同比减2.33%，每股净资 产7.47元，同比增3.95%，每股经营性现金流1.8元，同比增15.71%，每股收益0.78元，同比减4.88% | 新奥股份 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- ...

公用事业 买入（维持） 零售气量增长，积极推进顺价 新奥股份（600803）2025 年中报点评 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 司 点 评 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn | 主要数据 2025 | 年 8 | 月 28 | 日 | | --- | --- | --- | --- | | 收盘价(元) | | 18.80 | | | 总市值（亿元） | | 582.25 | | | 总股本(亿股) | | 30.97 | | | 流通 A | 股(亿股) | 30.73 | | | ROE（TTM） | | 18.90% | | | 12 | 月最高价(元) | 21.46 | | | 12 | 月最低价(元) | 1 ...