Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 67.014 billion yuan for the first half of 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.8% to 2.530 billion yuan [5] - The domestic platform trading gas sales volume reached 2.705 billion cubic meters, a year-on-year increase of 21.0%, with a gross margin of 23.49% [5] - The company has expanded its retail gas projects to 260 cities, covering 20 provinces and regions, with retail gas volume growing by 4.5% to 12.710 billion cubic meters [5] - The company has optimized its debt structure, reducing total liabilities to 30.855 billion yuan, a decrease of 7.5 billion yuan year-on-year, and has lowered borrowing costs [5] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 149.793 billion yuan, with a year-on-year growth rate of 4.1% [6] - The net profit for 2024 is estimated at 6.090 billion yuan, reflecting a decrease of 14.1% compared to the previous year [6] - Earnings per share for 2024 is expected to be 1.97 yuan [6] Market Position - The company has successfully increased its domestic gas trading volume, with a notable 51.9% growth in domestic gas sales [5] - The international gas trading volume has decreased by 11.6% due to falling international gas prices [5] Debt Management - The company has effectively reduced its financial costs, with interest expenses decreasing by 6.93 billion yuan year-on-year [5] - The average borrowing rate has dropped to 3.31%, a reduction of 22 basis points [5] Future Outlook - The company forecasts a net profit of 6.709 billion yuan for 2025 and 7.894 billion yuan for 2026, indicating a positive growth trajectory [6] - The projected dividend per share for 2024-2025 is not less than 1.03 and 1.14 yuan, respectively, enhancing long-term investment value [5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant growth in Q2 performance, with a notable increase in net profit by 94% year-on-year [2] - The natural gas consumption market is recovering, with a 10% year-on-year increase in national apparent consumption [2] - The company plans to increase cash dividends significantly over the next three years, reflecting confidence in its ongoing growth [2] - The company has optimized its resource structure through long-term contracts, supporting the growth of its natural gas business [2] - Profit forecasts for 2024-2026 have been adjusted downward due to falling international gas prices, but the company is expected to maintain growth in natural gas demand [2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 67 billion yuan, a slight decrease of 0.3% year-on-year, while net profit increased by 15% to 2.5 billion yuan [2] - Q2 2024 saw revenue of 32.8 billion yuan, a decrease of 0.2% year-on-year, but net profit surged by 94% to 1.45 billion yuan [2] Natural Gas Sales - The total natural gas sales volume reached 19.1 billion cubic meters in H1 2024, up 6% year-on-year, with platform trading gas sales increasing by 21% [2] - Retail gas sales showed a recovery with a 4.5% increase, while wholesale gas sales grew by 1% [2] Dividend Policy - The company plans to distribute cash dividends of no less than 0.15 yuan per share annually from 2023 to 2025, with a minimum payout ratio of 30% of core profit [2] Resource Optimization - The company signed long-term contracts for over 1 million tons of natural gas per year with international partners, enhancing its resource base [2] - Domestic contracts with major suppliers like PetroChina further strengthen the company's resource pool [2] Profit Forecasts - The adjusted net profit forecasts for 2024, 2025, and 2026 are 5.881 billion yuan, 6.812 billion yuan, and 7.531 billion yuan, respectively, reflecting a downward revision of 9% to 11% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 66.976 billion yuan in the first half of 2024, a year-on-year decrease of 0.29%, while the net profit attributable to shareholders was 2.53 billion yuan, a year-on-year increase of 14.8% [2][10] - The core profit decreased by 14.83% to 2.699 billion yuan, primarily due to the impact of narrowing price differentials in platform trading gas and adjustments in overseas wholesale gas sales strategies [3][11] - The company is expected to maintain a dividend distribution of no less than 1.03/1.14 yuan per share for 2024-2025, corresponding to a dividend yield of 5.6%/6.2% [4][19] Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 66.976 billion yuan, with a net profit of 2.53 billion yuan, reflecting a 14.8% increase year-on-year [10] - The core profit was 2.699 billion yuan, down 14.83% year-on-year, attributed to the narrowing of price differentials in platform trading gas and adjustments in sales strategies [3][11] - The company’s retail gas sales volume increased by 4.5% to 12.71 billion cubic meters, while platform trading gas and wholesale gas volumes grew by 21.0% and 1.0%, respectively [3][12] Business Segments - The natural gas business showed stable growth, with retail gas price differentials improving to 0.54 yuan per cubic meter, an increase of 0.02 yuan year-on-year [3][17] - The engineering construction and installation segment saw a decline in new residential user connections, down 22.4% year-on-year, with total connections reaching 30.537 million [12][14] - The comprehensive energy business achieved sales of 19.74 billion kWh, a year-on-year increase of 26.0%, with gross profit rising by 17.0% [14][15] Market Outlook - The demand for natural gas is expected to grow steadily, with a projected compound annual growth rate of 9% from 2023 to 2030 in China [16][17] - The company has established an integrated layout from upstream gas sources to downstream customers, enhancing its market position [16][17] - The company’s retail gas margin is expected to improve further as the pricing mechanism continues to evolve [4][19]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [6][15]. Core Views - The company has shown a steady growth in retail gas business and has successfully expanded its domestic direct sales gas operations, with a 51.9% increase in domestic platform trading gas volume in the first half of 2024 [3]. - The financial outlook for the company remains positive, with projected net profits of 63.8 billion, 73.3 billion, and 81.1 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 8.9, 7.8, and 7.0 [5]. Financial Data and Valuation - Revenue for 2023 is reported at 143.84 billion yuan, a decrease of 6.7% from 2022, with a projected recovery to 149.52 billion yuan in 2024, reflecting a growth rate of 3.95% [1]. - The company's EBITDA for 2023 is 26.53 billion yuan, with a forecasted decline to 19.22 billion yuan in 2024 [1]. - The net profit attributable to the parent company for 2023 is 7.09 billion yuan, showing a growth of 21.34% compared to 2022, but expected to decrease by 10% to 6.38 billion yuan in 2024 [1]. - The earnings per share (EPS) for 2023 is 2.29 yuan, with a forecasted decline to 2.06 yuan in 2024 [1]. - The company’s price-to-earnings (P/E) ratio is 8.02 for 2023, expected to rise to 8.91 in 2024 [1]. Debt Structure and Shareholder Returns - As of mid-2024, the company has reduced interest-bearing debt to 30.86 billion yuan and increased cash on hand to 15.93 billion yuan, resulting in a net debt ratio of 27.8% [4]. - The company has committed to dividends of no less than 1.03 yuan and 1.14 yuan per share for 2024 and 2025 respectively, yielding dividend rates of 5.6% and 6.2% [4].

证券研究报告·公司点评报告·燃气Ⅱ 新奥股份（600803） 2024 年中报点评：顺价推进&直销稳增，高 股息具安全边际 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 154169 | 143842 | 154562 | 167862 | 182447 | | 同比（%） | 33.02 | (6.70) | 7.45 | 8.60 | 8.69 | | 归母净利润（百万元） | 5844 | 7091 | 6043 | 7300 | 8270 | | 同比（%） | 26.17 | 21.34 | (14.77) | 20.78 | 13.29 | | EPS-最新摊薄（元/股） | 1.89 | 2.29 | 1.95 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the company's retail gas volume has shown recovery year-on-year, and the direct sales gas business is experiencing rapid growth [1][2]. - The company's core profit in the first half of 2024 was impacted by reduced profitability in the wholesale gas overseas trade business in Q1, but there was a significant recovery in Q2 due to improved retail gas sales and lower procurement prices [1][2]. - The report anticipates that the company's retail gas business will benefit from upstream gas price declines and continued price alignment in downstream markets, leading to improved profitability [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 66.976 billion yuan, a decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 2.530 billion yuan, an increase of 14.80% year-on-year [1]. - The company reported a core profit of 2.699 billion yuan in H1 2024, with a significant year-on-year growth of 44.31% [1]. - For Q2 2024, the company recorded operating revenue of 32.766 billion yuan, a decrease of 0.16% year-on-year, but a net profit of 1.449 billion yuan, which represents a 93.92% increase year-on-year [1]. Retail Gas Business - The retail gas volume in H1 2024 was 12.710 billion cubic meters, reflecting a year-on-year growth of 4.5%, with industrial and commercial gas volume growing by 5.4% [1][2]. - In Q2 2024, retail gas sales volume reached 5.473 billion cubic meters, a year-on-year increase of 7.06%, indicating a recovery compared to Q1 [1][2]. Direct Sales and Platform Gas Business - The company has signed long-term contracts with overseas LNG suppliers, with a total contract volume of 10.16 million tons per year, which is expected to support the high growth of the direct sales gas business [2][3]. - The platform trading gas market has expanded rapidly, with domestic trading gas volume in H1 2024 reaching 1.741 billion cubic meters, a year-on-year increase of 51.9% [1][2]. Dividend Policy - The company has committed to increasing cash dividends by no less than 0.15 yuan per share annually for the next three years, with projected dividends of no less than 0.66, 0.81, and 0.96 yuan per share for 2023, 2024, and 2025 respectively [3]. - The total dividend per share, including special dividends from the sale of assets, is expected to be no less than 0.91, 1.03, and 1.14 yuan for the same years [3].

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-066 新奥天然气股份有限公司 关于 2024 年半年度主要运营数据的自愿性公告 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。 | 产品 | 计量单位 | 2024 | 年 | 2023 | 年 | 同比增减幅（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 第二季度 | 上半年 | 第二季度 | 上半年 | 第二季度 | 上半年 | | 平台交易气 销售量 | 百万立方米 | 1,492 | 2,705 | 1,328 | 2,236 | 12.3% | 21.0% | | 天然气零售气 销售量 | 百万立方米 | 5,473 | 12,710 | 5,112 | 12,162 | 7.1% | 4.5% | | 泛能销售量 | 百万千瓦时 | 10,604 | 19,740 | 8,602 | 15,664 | 23.3% | 26.0% | | 接收站接卸量 | 万吨 | 5 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 6,697,552, a decrease of 0.29% compared to CNY 6,716,963 in the same period last year[12]. - Net profit attributable to shareholders of the listed company increased by 14.80% to CNY 252,959 from CNY 220,353 year-on-year[12]. - The net profit after deducting non-recurring gains and losses rose by 44.31% to CNY 199,300 compared to CNY 138,104 in the previous year[12]. - The net cash flow from operating activities decreased by 23.67% to CNY 481,731 from CNY 631,108 in the same period last year[12]. - The total assets at the end of the reporting period were CNY 13,074,964, down 2.84% from CNY 13,457,350 at the end of the previous year[12]. - The net assets attributable to shareholders of the listed company decreased by 5.93% to CNY 2,225,213 from CNY 2,365,482 at the end of the previous year[12]. - Basic earnings per share for the first half of 2024 were CNY 0.82, an increase of 15.49% compared to CNY 0.71 in the same period last year[13]. - Diluted earnings per share also stood at CNY 0.82, reflecting the same growth rate of 15.49% year-on-year[13]. - The core profit attributable to shareholders of the listed company was CNY 269,873, a decrease of 14.83% from CNY 316,882 in the previous year[12]. - The company reported a total operating revenue for the reporting period of 67.014 billion yuan, a slight decrease of 0.3% year-on-year, while net profit attributable to shareholders increased by 14.8% to 2.530 billion yuan[46]. Operational Highlights - The company operates 260 gas projects across 20 provinces and serves over 30 million households and 250,000 enterprise customers[16]. - The company has a gas transmission capacity of 12 billion cubic meters per year and storage capacity exceeding 500 million cubic meters[23]. - The company is focused on developing a smart gas industry platform, "Good Gas Network," to enhance operational efficiency[21]. - The company is actively involved in the construction and operation of LNG receiving stations, with its own Zhoushan LNG receiving station being the first large-scale project approved for private investment[22]. - The company aims to provide integrated energy solutions, focusing on low-carbon transitions for various customer segments, including parks and factories[24]. - The company achieved a sales volume of 19.740 billion kWh in the 泛能业务 segment, representing a year-on-year growth of 26.0%[53]. - The company has signed 412 泛能微网 projects and 201 low-carbon factory projects in the first half of the year, indicating strong project development activity[53]. Market and Industry Trends - In the first half of 2024, China's apparent natural gas consumption reached 213.75 billion cubic meters, a year-on-year increase of 10.1%[28]. - LNG imports amounted to 38 million tons, reflecting a year-on-year growth of 13.9%, enhancing the utilization rate of LNG receiving stations[30]. - By the end of June, the total installed power generation capacity in China reached 3.07 billion kilowatts, a year-on-year increase of 14.1%, with renewable energy sources accounting for 38.4% of the total[32]. - The national per capita disposable income was 20,733 yuan, representing a nominal year-on-year growth of 5.4%[33]. - The urbanization rate in China reached 66.2% in the first half of 2024, indicating potential for further development compared to developed economies[36]. Risk Management and Compliance - The company has outlined various risks and countermeasures in its management discussion and analysis section, emphasizing the importance of investor awareness regarding potential risks[2]. - The company is actively managing risks associated with its derivative products through a comprehensive risk management system and a digital risk control platform[92]. - The company is implementing a price linkage mechanism to manage risks associated with natural gas price fluctuations[87]. - The company is developing an intelligent safety risk management system to enhance operational safety and compliance[88]. - A 24-hour global market risk emergency response mechanism has been established to manage various risks, including market, liquidity, credit, and operational risks[92]. Environmental and Social Responsibility - The company has implemented pollution control measures, achieving emissions standards of SO2 ≤ 35 mg/m³, NOx ≤ 50 mg/m³, and particulate matter ≤ 10 mg/m³ as of June 2024[100]. - The company has achieved "zero discharge" of wastewater through advanced treatment technologies, recycling industrial salt for use in the chlor-alkali industry[101]. - The company has established a comprehensive waste management strategy, with hazardous waste disposed of by qualified units and general waste partially utilized[103]. - The company has made significant contributions to social responsibility initiatives, focusing on education, rural revitalization, and public welfare[126][127]. - The company has invested in the first natural gas hydrogen blending demonstration project, which successfully completed debugging and trial operation in April 2024[125]. Shareholder and Capital Management - The company held two shareholder meetings in 2023, with all procedures compliant with legal regulations, including the approval of the 2023 annual report and profit distribution plan[93]. - The company plans to repurchase shares using between RMB 360 million and RMB 600 million, with a total of 9,351,300 shares repurchased as of June 30, 2024, representing 0.3018% of total share capital[149]. - The total number of shares remains at 3,097,615,107 after the cancellation of restricted shares[155]. - The company’s total share capital is 3,098,397,607, with 91.66% being unrestricted circulating shares[151]. - The company has a good integrity status during the reporting period, with no major dishonesty or failure to fulfill court judgments[135].

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-065 新奥天然气股份有限公司 号：临 2023-057、079）。 关于 2024 年度预计担保的进展公告 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： 被担保人名称：ENN LNG (SINGAPORE) PTE. LTD.、ENN GLOBAL TRADING PTE. LTD.。 | ENN LNG (SINGAPORE) PTE. LTD. | | | 180,369.90 | | --- | --- | --- | --- | | 被担保人 ENN GLOBAL TRADING PTE. LTD. | 2024 | 年 7 | 月担保金额（万元） 204,643.20 | 特别风险提示：截至 2024 年 7 月 31 日，公司及子公司对外担保余额超 过公司最近一期经审计净资产的 50%、被担保子公司存在资产负债率超过 70% 的情况，均在公司股东大会审议通过的担保范围内，敬请投资者注意相关风险。 一、 2024 年度担保预计情况 ...

新奥天然气股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的背景 为有效防范汇率、利率波动对公司境外美元融资、外币分红管理、国际国内 LNG 采购和结售汇等业务造成的汇兑风险，公司及子公司拟增加外汇套保业务 规模以对公司外币融资、外币分红管理、国际国内 LNG 采购和结售汇业务的汇 率和利率风险敞口进行管理。交易工具包括但不限于远期结售汇、利率和汇率掉 期、外汇期权及期权组合产品等。 二、外汇套期保值业务的必要性和可行性说明 受国内外宏观经济影响，外汇市场波动剧烈，公司及子公司通过金融衍生品 工具进行外汇套期保值，可有效防范汇率、利率波动对公司境外美元融资、外币 分红管理以及国际国内 LNG 采购造成的汇兑风险。 外汇套期保值业务专业性较强，复杂程度高，可能会由于操作人员水平而造 成一定风险。 3、履约风险 外汇套期保值交易对手出现违约，不能按照约定履行支付公司套期保值结算 现金流的义务。 4、技术风险 从交易成交到最终结算完成交易，存在着因系统崩溃、程序错误、信息风险、 通信失效等可能导致损失的技术风险。 根据公司套保业务相关管理制度，公司对套期保值的业务流程、审批权限、 授 ...