本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 24 日 新 奥股份(600803.SH) 证券研究报告 资产减值影响短期业绩，确定性高分红 燃气 投资评级 买入-A 及长期成长性确保投资价值 维持评级 6 个月目标价 22.9元 事件： 股价 (2024-03-22) 19.14元 公司发布2023 年年报，2023 年公司实现营业收入1437.54 亿元，同 比下降 6.68%；实现归母净利润70.9 亿元，同比增长21.34%；实现 交易数据 核心利润63.78 亿元，同比增长5.12%，实现扣非归母净利润24.59 总市值(百万元) 59,303.33 亿元，同比下降 47.35%。公司收入端下滑主要受海外气价大幅下降 流通市值(百万元) 54,283.74 背景下平台交易气（直销气）业务收入下降及煤矿资产置出影响。同 总股本(百万股) 3,098.40 时，公司归母净利润受资产减值计提影响，根据公司公告，2023 年子 流通股本(百万股) 2,836.14 公司新能能源对甲醇整体装置及相关资产计提减值 13.28 亿元，减 12 个月价格区间 15.05/21 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 公用事业 ＃investSuggestion＃ ＃ ＃d 新yCo 奥mp 股any＃份 （ 600803 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 国内平台交易气量同比+110.3%，计提甲醇资产减值准备轻装再上阵 ange＃ ＃ createTime1＃ 2024年 03月 24日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 新奥股份公告2023年年报。2023年，公司实现营收1438.42亿元，同 司 比-6.70%；实现归母净利润 70.91 亿元，同比+21.34%；实现归母核心利润 日期 2024/03/22 63.78亿元，同比+5.12%。同时公司公告《2023年度利润分配预案》，2023年 点 收盘价（元） 19.14 度公司拟向全体股东每股派发现金红利0.91元（含税），其中0.66元（含税） 评 总股本（百万股） 3,098.40 为公司2023年年度分红，0.25元（含税）为按照《新奥股份未来三年（2023- 2025年） ...

公用事业/燃气Ⅱ 公 司 研 新奥股份（600803.SH） 平台交易气成长可期，提高分红重视股东回报 究 2024年03月24日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证 书编号：S0790520020003 日期 2024/3/22  平台交易气成长可期，提高分红重视股东回报。维持“买入”评级 当前股价(元) 19.14 公司发布2023年报，2023年实现归母净利润70.9亿元，同比+21.34%，实现扣 公 一年最高最低(元) 22.10/14.95 非归母净利润/核心利润 24.6/63.8 亿元，同比-47.35/+5.12%。单季度来看,公司 司 2023年Q4实现归母净利润39.9亿元，环比343.33%，实现扣非归母净利润/核 信 总市值(亿元) 593.03 心利润3.9/17.0亿元，环比-43.48%/+13.21%。2023年公司完成煤炭资产出售并 息 流通市值(亿元) 542.84 收到相关交易对价，同时子公司衍生品金融工具合约产生的结算损益及计提资产 更 减值损失增加，导致全年及单Q4的归母净利润及扣非归母净 ...

[Table_Title] 证券研究报告 平台交易气高速增长，城燃盈利改善可期 公司研究 [Table_ReportDate] 2024年3月24日 [Table_ReportType] 公司点评报告 [T事ab件le：_S 3u月mma 2r 2y日] 公司发布2023年年报，2023年公司实现营业收入1437.54 [新Ta奥bl股e_份Sto c(k6A0n0dR8a0n3k.]S H) 亿元，同比减少6.68%；实现归母净利润70.91亿元，同比增长21.34%；实 现扣非后归母净利润24.59亿元，同比下降47.35%；实现核心利润63.78亿 投资评级 买入 元，同比增长5.12%；实现基本每股收益2.3元，同比增长21.05%。拟向全 上次评级 买入 体股东每股派发现金股利0.91元（含税）。2023Q4公司实现营业收入478.43 亿元，同比增加0.82%；实现核心利润17.04亿元，同比减少18.36%；实现 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 归母净利润39.88亿元，同比增加48.56%。 执业编号：S1500518070001 联系电话：010-83326712 ...

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 新奥股份（600803）公司年报点评 2024年03月23日 [Table_InvestInfo] 积极推动天然气业务持续做大规模，核 投资评级 优于大市 维持 心利润持续增长 股票数据 0[3Ta月ble2_2St日oc收kI盘nfo价] 19.14 [Table_Summary] （52元周）股 价波动（元） 14.95-22.10 投资要点： 总股本/流通A股（百万股） 3098/2836 总市值/流通市值（百万元） 59303/54284 公司发布 2023年年报。2023年公司完成煤矿资产剥离，进一步聚焦天然气  相关研究 主业，扎实推进“天然气产业智能生态运营商”战略落地。实现营业总收入 [《Ta发b布le特_R别e派po息r规tIn划fo和] 回购股份公告，彰显 1438.42 亿元，同比减少 6.7%；扣除非现金项目及一次性项目影响后的核 发展信心》2023.12.13 心利润63.78亿元，同比增长5.1%。 《转让新能矿业增持新奥能源，持续聚焦天 然气主业》2023.11.01 天然气销售业务：平台交易气销量增长 ...

Investment Rating - The report assigns an **Outperform** rating to the stock with a target price of **RMB 25.00** [1] Core Views - The company's core profit for 2023 met expectations, with a core profit of **RMB 6.4 billion**, up **5% YoY** [3] - The company's domestic platform trading gas sales volume increased by **110% YoY** to **3.11 billion cubic meters** in 2023, driven by lower gas prices and expanded customer coverage [4] - The company is close to net cash, with a stable dividend policy, promising **RMB 0.91/1.03/1.14 per share** for 2023-2025 [4] - The company's valuation is expected to rise due to increased domestic platform trading gas sales and improved operations in the city gas business [5] Financial Performance - Revenue for 2023 was **RMB 143.8 billion**, down **7% YoY**, while net profit attributable to shareholders was **RMB 7.1 billion**, up **21% YoY** [3] - The company's natural gas sales volume in 2022 was **38.7 billion cubic meters**, up **6.8% YoY**, with platform trading gas sales volume increasing by **44% YoY** to **5.1 billion cubic meters** [3] - The company's core profit in 2022 was **RMB 3.8 billion**, with platform trading gas contributing **RMB 3.4 billion**, up **56% YoY** [3] Profit Forecast and Valuation - The 2024 net profit forecast is revised down by **21.4%** to **RMB 6.08 billion**, with a 2025 forecast of **RMB 6.7 billion** [5] - The current stock price implies a **9.8x/8.9x P/E** for 2024/2025, with a target price implying a **12.7x/11.6x P/E** and a **30.6% upside** [5] Industry and Peer Comparison - The company's valuation is compared to peers in the gas and energy sector, with a **2024E P/E of 9.8x** and a **2025E P/E of 8.9x**, which is competitive within the industry [12]

Financial Performance - For the year 2023, the company achieved a total operating revenue of RMB 143.754 billion and a net profit attributable to shareholders of RMB 7.091 billion, resulting in a basic earnings per share of RMB 2.30[3]. - The company's operating revenue for 2023 was CNY 14,375,398, a decrease of 6.68% compared to CNY 15,404,417 in 2022[23]. - Net profit attributable to shareholders for 2023 was CNY 709,111, an increase of 21.34% from CNY 584,391 in 2022[23]. - The net profit after deducting non-recurring gains and losses was CNY 245,925, a decrease of 47.35% compared to CNY 467,089 in 2022[23]. - The net cash flow from operating activities was CNY 1,375,945, down 8.31% from CNY 1,500,578 in 2022[23]. - The company's total assets at the end of 2023 were CNY 13,457,350, a slight decrease of 1.19% from CNY 13,619,744 at the end of 2022[23]. - The net assets attributable to shareholders increased by 34.57% to CNY 2,365,482 from CNY 1,757,812 in 2022[25]. - Basic earnings per share for 2023 were CNY 2.30, up 21.05% from CNY 1.90 in 2022[24]. - The weighted average return on net assets was 34.39%, an increase of 0.96 percentage points from 33.43% in 2022[24]. - The core profit attributable to shareholders was CNY 637,756, an increase of 5.12% from CNY 606,671 in 2022[23]. Dividend Distribution - The board proposed a cash dividend of RMB 9.1 per 10 shares (including tax), which includes a special dividend of RMB 10.505 billion from the divestment of coal assets, totaling an expected cash distribution of RMB 2.814 billion[3][8]. - The total number of shares eligible for the proposed dividend distribution is 3,091,806,493 after excluding repurchased shares[8]. - The cash dividend per share for 2023, 2024, and 2025 is set at 0.25 CNY, 0.22 CNY, and 0.18 CNY (tax included) respectively[199]. - The company plans to distribute cash dividends of no less than 10% of the annual distributable profits each year from 2023 to 2025[199]. - The company has committed to a cash dividend policy where the annual cash dividend ratio will not be less than 30% of the core profits attributable to shareholders[199]. Strategic Focus and Development - The company has outlined its strategic focus on high-quality development and the expansion of its market presence in the natural gas sector[4]. - The company aims to enhance its intelligent gas industry ecosystem through the development of the "Good Gas Network," focusing on intelligent matching of supply and demand, and innovative business models[4]. - The company is advancing its strategy as a "smart ecological operator" in the natural gas industry, leveraging the "Good Gas Network" platform[31]. - The company is actively responding to digital transformation initiatives, establishing smart platforms for gas management and trading[34]. - The company is focusing on the development of biomass natural gas as a strategic renewable energy source, aligning with national energy development plans[39]. - The company is committed to high-quality development and expanding domestic demand, particularly in the smart home sector, as part of national economic strategies[43]. Market Trends and Opportunities - The apparent consumption of natural gas in China reached 394.53 billion cubic meters, a year-on-year increase of 7.6%[32]. - The GDP of China grew by 5.2% in 2023, contributing to the recovery of the natural gas market[30]. - In 2023, China's LNG import volume reached 71.32 million tons, representing a year-on-year increase of 12.6%[37]. - The company anticipates natural gas demand in China to reach 420 billion cubic meters in 2024 and 450 billion cubic meters in 2025, with a peak of 600 billion cubic meters[135]. - The company expects a 70-80 billion cubic meter increase in pipeline gas imports in 2024, primarily from the China-Russia East Line[136]. Infrastructure and Technology - The company has established a natural gas intelligent platform, "Good Gas Network," which has aggregated over 2,000 ecosystem partners, enhancing transaction efficiency and reducing procurement costs[49]. - The company operates a LNG receiving station with a gas supply capacity of 18,204 million cubic meters per day and a total pipeline length of 81,604 kilometers[50]. - The company’s gas storage capacity is 560 million cubic meters, crucial for balancing production, transportation, and sales[50]. - The company has completed the construction of 46 intelligent operation centers and connected over 50,000 IoT devices to enhance safety and operational efficiency[155]. - The company is focusing on low-carbon development in its construction business, leveraging its natural gas industry advantages to expand into new energy sectors, including hydrogen energy[151]. Risk Management and Governance - The company has implemented a comprehensive risk management system for hedging operations, including scenario simulations and real-time monitoring of market value and cash flow[127]. - The company has established a governance system that includes a board of directors, supervisory board, and management team, ensuring clear responsibilities and compliance with legal requirements[160]. - The company has established several specialized committees, including the Audit Committee and the ESG Committee, to enhance governance[189]. - The company has not faced any penalties from securities regulatory agencies in the past three years[185]. Human Resources and Management - The company reported a total of 38,321 employees, with 23,295 in production, 2,354 in sales, and 7,614 in technical roles[196]. - The company has established a layered training system to enhance employee capabilities and promote stable development[198]. - The company has experienced turnover in key positions, with several executives leaving due to work adjustments and contract expirations[184]. - The company has a strong focus on human resources management, with Lin Yan serving as Chief Human Resources Officer since 2009[180]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on current market trends and expansion strategies[172]. - The company plans to enhance its customer service capabilities, aiming for a 90% customer satisfaction rate by the end of 2024[177]. - The company is actively pursuing market expansion, targeting new regions in Southeast Asia, which could potentially increase market share by 10%[174]. - The company has set a target to reduce carbon emissions by 30% over the next five years, aligning with global sustainability goals[173].

新奥天然气股份有限公司 关于新奥（舟山）液化天然气有限公司 2023 年度业绩承诺实现情况的说明专项审核报告 中喜专审 2024Z00124 号 中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11号新成文化大厦A座11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 中 喜 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) 2023年度业绩承诺实现情况的说明专项审核报告 中喜专审2024Z00124号 新奥天然气股份有限公司全体股东： 我们接受委托，审计了新奥天然气股份有限公司（以下简称"新奥股份"）2023 年度财务报表，包括2023年12月31日的合并及母公司资产负债表，2023年度的合并 及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以 及财务报表附注。在此基础上，我们审核了后附的新奥股份管理层编制的《新奥天 然气股份有限公司关于新奥（舟山）液化天然气有限公司2023年度业绩承诺实现情 况的专项说明》（以下简称"专项说明"）。 一、对报告使用者和使用目的的限定 本审核报 ...

2023 年度，审计委员会共召开 5 次会议，审议通过 23 项议案。具体情况如 新奥天然气股份有限公司 2023 年度董事会审计委员会履职情况报告 2023 年度，新奥天然气股份有限公司（以下简称"公司"）董事会审计委员 会本着恪尽职守、勤勉尽责的原则，根据《上市公司治理准则》《上海证券交易 所股票上市规则》《公司章程》等有关规定的要求积极开展工作，认真履行自身 职责。现就 2023 年度董事会审计委员会履职情况汇报如下： 一、 审计委员会组成情况 经公司于 2023 年 3 月 24 日召开的第十届董事会第六次会议审议通过《关于 调整董事会专门委员会及委员并修订<新奥天然气股份有限公司董事会审计委员 会议事规则>的议案》，第十届董事会审计委员会成员调整为唐稼松、张余、初源 盛、王春梅，均为独立董事，主任委员为唐稼松先生。调整前第十届董事会审计 委员会成员为唐稼松、韩继深、蒋承宏、王春梅、张余，其中独立董事 3 名，主 任委员为唐稼松先生。 二、 2023 年度审计委员会会议召开情况 | 下： | | --- | | 序号 | 会议名称 | | 召开时间 | 议案名称 | | --- | --- | --- ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-019 新奥天然气股份有限公司 重要内容提示： 拟聘任的会计师事务所名称：中喜会计师事务所(特殊普通合伙) 原聘任的会计师事务所名称：中喜会计师事务所(特殊普通合伙) 新奥天然气股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日召开公司 第十届董事会第十四次会议，审议通过了《关于续聘会计师事务所的议案》，公 司拟续聘中喜会计师事务所(特殊普通合伙)（以下简称"中喜会计师事务所"）为 公司 2024 年度财务报表审计和内部控制审计的会计师事务所。具体情况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 会计师事务所名称：中喜会计师事务所（特殊普通合伙） 成立日期：2013 年 11 月 28 日 关于续聘会计师事务所的公告 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。 首席合伙人：张增刚 2023 年度末合伙人数量：86 人 2023 年收入总额：37,578.08 万元 2023 年审计业务收入：30,825.51 万元 ...