各位投资者、分析师早上好感谢大家在周一早上9点抽出宝贵时间参加新奥股份2024年第三季度的业绩变化会 那出席此次夜集会的公司领导有总裁张总常务副总裁苏总总裁助理兼财务总监宗总总裁助理兼董事会秘书梁总财务与创职运营总监程总以及投资者关系总监魏总那三季度在国内外形势复杂多变的环境下公司各项主业继续保持稳健发展我们先有请财务总监宗总对三季度的第一情况进行介绍然后再进入问答环节有请宗总 好的黄总能听到吗可以听到您可以开始了好的好的感谢各位投资人和分析师朋友然后下面的话我代表公司管理层然后给大家介绍一下公司全三季度的一个经营情况包括财务的一个回顾从今年就是全球掀起然后基本面来看的话整个虚控还是处于一个相对平衡的一个状态 国际二季度价格大家也可以看到就是呈现一个正当的一个走势从三季度来看的话就是国际的价格延续了就是二季度的一个趋势价格中枢然后维持在12到14美金每百万英热大体这么个水平公司也加大了模式创新然后也确保就是我们整个现货进传实现了我们预期的一个目标 从整个宏观环境来看就是三季度的话国家也出台了很多就是刺激消费以及需求这样一些的一个政策而且整个来看就是我们看到就是在一些大型的城市然后房地产包括消费的话也在逐步的起 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company reported a revenue of 98.78 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 3.49 billion yuan, up 12.5% year-on-year [2] - Despite a decline in platform trading gas volume in Q3, the growth in the natural gas core business remains promising, with expectations for revenue and profit recovery in the coming years [2] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 5.52 billion, 6.01 billion, and 6.84 billion yuan respectively, reflecting a year-on-year decrease of 22.2% in 2024, followed by increases in subsequent years [2] Financial Summary - For Q3 2024, the company achieved a revenue of 31.76 billion yuan, a quarter-on-quarter decrease of 3.1%, and a net profit of 0.96 billion yuan, down 33.6% quarter-on-quarter [2] - The company’s retail gas sales for the first three quarters reached 18.819 billion cubic meters, a year-on-year increase of 4.8%, with strong growth in commercial gas sales [2] - The company’s total assets are projected to reach 151.714 billion yuan by 2024, with a total liability of 80.434 billion yuan, indicating a healthy balance sheet [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 98.78 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.92%, while the net profit attributable to shareholders was 3.49 billion yuan, up 12.51% year-on-year [4] - The core profit attributable to shareholders decreased by 18.35% year-on-year to 3.82 billion yuan, with a significant drop of 25.74% in Q3 compared to the previous year [4] - The company is actively expanding its platform trading gas market, achieving a 10.7% increase in platform trading gas sales to 40.62 million cubic meters in the first three quarters [4] - Retail gas volume showed steady growth, with a total of 18.82 billion cubic meters sold in the first nine months, a 4.8% increase year-on-year [4] - The company’s financial expenses decreased significantly, with a total of 677 million yuan in financial costs for the first nine months, down 861 million yuan year-on-year [4] - The company plans to distribute dividends of no less than 1.03 yuan per share for 2024, resulting in a current dividend yield of 5.4% [4] Summary by Sections Market Data - Closing price: 19.18 yuan - One-year high/low: 22.64/14.95 yuan - Price-to-book ratio: 2.7 - Dividend yield: 4.74% - Circulating A-share market value: 54,469 million yuan [1] Financial Data - Net asset per share: 7.32 yuan - Debt-to-asset ratio: 57.05% - Total shares/ circulating A shares: 3,097/2,840 million [2] Revenue and Profit Forecast - Total revenue forecast for 2024: 148.62 billion yuan, with a year-on-year growth rate of 3.3% - Net profit forecast for 2024: 5.94 billion yuan, with a year-on-year decrease of 16.2% - Earnings per share forecast for 2024: 1.92 yuan [5][6]

特别风险提示：截至 2024 年 9 月 30 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。 证券代码：600803 证券简称：新奥股份 公告编号：临 2024-084 新奥天然气股份有限公司 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：新奥新能（浙江）能源贸易有限公司、ENN LNG (SINGAPORE) PTE. LTD.、贵港新奥燃气有限公司、贵港新奥燃气工程有限公司、 玉田新奥燃气有限公司、唐山丰南新奥燃气有限公司、株洲新奥燃气有限公司。 | 被担保人 | 2024 年 | 9 | 月担保金额（万元） | | --- | --- | --- | --- | | 新奥新能（浙江）能源贸易有限公司 | | | 60,000.00 | | ENN LNG (SINGAPORE) PTE. LTD. | | | 21, ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 98.725 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.93%. The net profit attributable to shareholders was 3.491 billion yuan, up 12.51% year-on-year [2] - The retail gas price gap is recovering, and direct sales of gas are showing stable growth. The core profit for the first three quarters decreased by 18.35% year-on-year, primarily due to fluctuations in platform trading gas volume and prices [2][3] - The demand for natural gas is steadily increasing, supported by an integrated layout that helps the company maintain stable growth. The domestic natural gas demand is expected to grow at a compound annual growth rate of 9% from 2023 to 2030 [3] Financial Performance Summary - Total revenue (in million yuan) is projected to be 147,717 in 2024, with a year-on-year growth of 2.69% [1][8] - The net profit attributable to shareholders is expected to be 5.458 billion yuan in 2024, reflecting a decrease of 23.03% year-on-year [1][8] - The latest diluted EPS is projected at 1.76 yuan per share for 2024, with a P/E ratio of 10.88 [1][8] Business Segment Analysis - Natural gas business: Platform trading gas volume and retail gas volume increased by 10.7% and 4.8% respectively in the first three quarters, with domestic and international platform trading gas volumes growing by 14.2% and 4.9% respectively [2][3] - Engineering construction and installation business: The number of new residential users connected decreased by 19.1% year-on-year [2] - Comprehensive energy business: Sales volume increased by 21.4% year-on-year to 296.68 billion kWh [2] - Infrastructure operation business: The receiving station's unloading volume reached 1.73 million tons, up 33.1% year-on-year [2] Dividend and Valuation - The company plans to distribute dividends of no less than 1.03 yuan and 1.14 yuan per share for 2024 and 2025, corresponding to dividend yields of 5.4% and 5.9% [3] - The company has adjusted its net profit forecasts for 2024-2026 to 5.46 billion, 6.06 billion, and 7.82 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 98.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.93%. The net profit attributable to shareholders was 3.491 billion yuan, up 12.51% year-on-year, while the core profit decreased by 18.35% year-on-year to 3.816 billion yuan [4] - The company is actively developing technology in the natural gas sector, achieving significant milestones. It has completed the trial operation of a self-developed hydrogen gasification technology project, which has passed performance assessments [4] - The company is enhancing its capabilities across the hydrogen production, storage, and application value chain, including the development of a solid oxide electrolysis cell (SOEC) hydrogen production system [4] - The company has established a hydrogen blending demonstration station in Jiangsu, which can blend hydrogen at a ratio of 10% with natural gas, contributing to carbon reduction efforts [4] - The company has entered the mining sector through its hydrogen production technology, securing a project for a steel plant [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 6.2 billion yuan, with earnings per share (EPS) of 1.99 yuan. The projected net profits for 2025 and 2026 are 8.513 billion yuan and 8.748 billion yuan, respectively, with EPS of 2.75 yuan and 2.82 yuan [4][6] - The company’s revenue is expected to grow from 143.842 billion yuan in 2023 to 156.889 billion yuan in 2024, reflecting a year-on-year increase of 9.1% [6][8] - The company’s gross margin is projected to remain at 14.0% for 2024, while the net asset return rate is expected to decline to 19.1% in 2024 [6][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 11-13 times for 2024, corresponding to a reasonable value range of 21.89 to 25.87 yuan per share [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q3 performance was impacted by a decline in platform trading gas volume, while retail gas volume showed steady growth. The core profit for Q3 decreased due to the decline in platform trading gas prices, despite a year-on-year increase in retail gas sales volume [1][3] - The company is expected to benefit from the implementation of a pricing mechanism for natural gas, which will help improve profit margins in the retail gas business. The expansion of the LNG receiving station in Zhoushan is also anticipated to support future growth in direct sales gas business [2][3] - The company has a strong pipeline of long-term contracts for LNG, which is expected to drive high growth in its direct sales gas business from 2025 to 2028 [2][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 317.49 billion yuan, a year-on-year increase of 10.46%, but a quarter-on-quarter decrease of 3.10%. The net profit attributable to shareholders was 9.62 billion yuan, up 6.89% year-on-year but down 33.64% quarter-on-quarter [1] - For the first three quarters of 2024, the company reported a net profit of 34.91 billion yuan, a year-on-year increase of 42.01% [1] Retail Gas Business - Retail gas volume showed a significant recovery, with sales volume reaching 188.19 billion cubic meters, a year-on-year increase of 10.46%. The industrial and commercial gas volume also grew rapidly [1][2] - The company expects retail gas business profitability to improve as gas sales volume recovers and pricing mechanisms are implemented nationwide [2][3] Direct Sales Gas Business - The company has signed nine long-term contracts with overseas LNG suppliers, with a total contract volume of 10.16 million tons per year. This is expected to support high growth in the direct sales gas business [2][3] - The expansion of the Zhoushan LNG receiving station is underway, with processing capacity expected to increase from 7.5 million tons per year to 10 million tons per year by 2025 [2] Dividend Policy - The company has committed to increasing cash dividends over the next three years, with a minimum annual increase of 0.15 yuan per share. The total dividends for 2023-2025 are projected to be no less than 0.91, 1.03, and 1.14 yuan per share, respectively [2][3]

一、聚焦天然气主业，扎实推进战略落地 公司基于天然气全场景支点能力和物联数据，打造产业大模型，致力成为天 然气产业智能平台运营商。公司主要业务包括：天然气销售（天然气平台交易气、 零售及批发）、天然气产业智能平台建设与运营、基础设施运营、工程建造及安 装、泛能与智家业务，此外也积极在氢能、生物质等新能源领域储备技术并拓展 业务。 2024 年中国宏观经济持续回升向好，国内天然气消费增长也重回快车道， 天然气市场呈现"需供两旺"局面。公司依托上下游一体化的战略布局和天然气 全场景服务的优势，前瞻布局、高效联动创造价值，2024 年前三季度实现营业收 入 987.25 亿元，同比增长 2.93%；归属于上市公司股东的净利润 34.91 亿元，同 比增长 12.51%；归属于上市公司股东的核心利润 38.16 亿元，同比下降 18.35%。 未来公司将继续以智能为支撑，平台模式实现生态繁荣，满足客户多元需求， 持续迭代智能能力，赋能产业智能发展。 二、加强股东回报，共享高质量发展红利 证券代码：600803 证券简称：新奥股份 公告编号：临 2024-081 新奥天然气股份有限公司 2024 年度"提质增效重回报" ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-080 新奥天然气股份有限公司 第十届董事会第二十一次会议决议公告 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。 新奥天然气股份有限公司（以下简称"公司"）第十届董事会第二十一次会议 通知于 2024 年 10 月 15 日以邮件形式发出，会议按照预定时间于 2024 年 10 月 25 日以通讯表决的方式召开。全体董事出席本次会议。本次会议的召开和表决 程序符合《中华人民共和国公司法》和《新奥天然气股份有限公司章程》的有关 规定，合法有效。经与会董事表决同意，审议并通过了如下议案： 一、审议通过了《新奥股份 2024 年第三季度报告》 该议案已同时经公司第十届董事会 2024 年第七次审计委员审议通过，具体 内容详见同日披露于上海证券交易所网站的《新奥股份 2024 年第三季度报告》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过了《新奥股份 2024 年度"提质增效重回报"行动方案的半年度 评估报告》 具体内容详见同日披露于上海证 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 3,174,930, an increase of 10.46% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 96,151, reflecting a growth of 6.89% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 37.42% to CNY 95,196 in the current period[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 9,877,797, an increase of 2.9% compared to CNY 9,597,180 in the same period of 2023[16]. - Net profit attributable to shareholders of the parent company was CNY 349,110, compared to CNY 310,305 in the previous year, marking an increase of 12.5%[18]. - The company reported a total comprehensive income of CNY 553,720 for the first three quarters of 2024, down from CNY 710,580 in the same period of 2023, indicating a decrease of 22.1%[18]. - Basic and diluted earnings per share for the period were both CNY 1.13, up from CNY 1.01 in the previous year[18]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,514,017, a slight increase of 0.42% from the end of the previous year[4]. - As of September 30, 2024, the total assets of the company amounted to RMB 13,514,017,000, an increase from RMB 13,457,350,000 at the end of 2023[14]. - The total current liabilities increased to RMB 4,703,158,000 compared to RMB 4,603,225,000 in the previous period[15]. - Total liabilities increased to CNY 7,709,776 from CNY 7,603,685, representing a rise of 1.4%[16]. - Non-current liabilities totaled CNY 3,006,618, slightly up from CNY 3,000,460, indicating a marginal increase of 0.2%[16]. - The total liabilities increased to 1,595.574 million RMB in Q3 2024 from 1,243.640 million RMB in Q3 2023, indicating a rise of about 28.4%[23]. Cash Flow - The company reported a net cash flow from operating activities of CNY 715,130 for the year-to-date, a slight increase of 0.40%[3]. - Operating cash inflow for the first nine months reached CNY 12,265,906, an increase from CNY 11,590,952 in the same period last year, reflecting a growth of approximately 5.8%[20]. - Cash flow from operating activities for the first three quarters of 2024 was 76.012 million RMB, down from 182.777 million RMB in the same period of 2023, a decrease of approximately 58.4%[26]. - Cash inflow from investment activities totaled CNY 2,589,233, significantly higher than CNY 1,517,037 in the previous year, marking an increase of about 70.6%[21]. - Cash inflow from financing activities amounted to CNY 2,641,798, up from CNY 1,784,151 year-on-year, indicating a growth of approximately 48.1%[21]. Share Repurchase and Equity - The company repurchased a total of 19,751,366 shares, representing 0.6377% of the total share capital, at a total cost of RMB 360,175,068.61[12]. - The company plans to use between RMB 360 million and RMB 600 million for share repurchase to implement equity incentives or employee stock ownership plans[11]. - The total equity increased slightly to 1,334.029 million RMB in Q3 2024 from 1,332.153 million RMB in Q3 2023, reflecting a marginal growth of approximately 0.14%[23]. Investment and R&D - The company plans to continue expanding its energy production and infrastructure business, which has shown increased profitability compared to the previous year[7]. - Research and development expenses for the first three quarters were CNY 55,139, down from CNY 60,451, reflecting a decrease of 8.5%[17]. - Investment income for the first three quarters of 2024 was 324.485 million RMB, up from 242.231 million RMB in the same period of 2023, reflecting a growth of approximately 34%[24].