证券代码：600803 证券简称：新奥股份 公告编号：临 2024-068 新奥天然气股份有限公司 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 9 月 9 日 (二)股东大会召开的地点：河北省廊坊市开发区华祥路 118 号新奥科技园 B 座公 司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2024 年第二次临时股东大会决议公告 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。 重要内容提示： | 1、出席会议的股东和代理人人数 | 103 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,464,991,283 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 80.1584 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司副董事长（执行董事长）于建潮先生主持 会议，会议以现场会议与网络投票相结合的 ...

新奥天然气股份有限公司 2024年第二次临时股东大会 会 议 资 料 二〇二四年九月 会议议程 一、现场会议召开的日期、时间和地点 召开的日期时间：2024年9月9日10点00分 召开地点：河北省廊坊市开发区华祥路118号新奥科技园B座公司会议室 二、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2024年9月9日 至2024年9月9日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的9:15-15:00。 三、会议内容： 新奥天然气股份有限公司 二〇二四年九月九日 （一）主持人宣布开会及出席现场股东大会情况 （二）选举监票员和计票员 （三）会议议程 1、审议《关于全资子公司为三家参股公司提供担保的议案》 2、审议《关于全资子公司为拟参股公司提供担保的议案》 3、审议《关于调整2024年度外汇套期保值额度预计的议案》 4、审议《关于调整2024年度担保额度预计的议案》 （四）大会对以上1 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-067 新奥天然气股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/12/9 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 月 年 12 | 12 | 8 日~2024 | 月 | 7 | 日 | | 预计回购金额 | 元~600,000,000.00 360,000,000.00 | | | | | 元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 股 15,028,368 | | | | | | | 累计已回购股数占总股本比例 | 0.4852% | | | | | | | 累计已回购金额 | ...

新奥股份（600803.SH） 买入（维持评级） 股票信息 行业 电力及公用事业 2024 年 8 月 23 日收盘价（元） 18.21 总市值（百万元） 56,407.57 流通市值（百万元） 51,713.96 总股本（百万股） 3,097.62 流通股本（百万股） 2,839.87 近 3 月日均成交额（百万元） 142.25 股价走势 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 154,044 | 143,754 | 135,014 | 142,765 | 151,068 | | 增长率 yoy（%） | 33.0 | -6.7 | -6.1 | 5.7 | 5.8 | | 归母净利润（百万元） | 5,844 | 7,091 | 5,671 | 6,444 | 6,804 | | 增长率 yoy（ ...

请务必阅读正文之后的免责声明及其项下所有内容 新奥股份（600803.SH） 优于大市 国内平台交易气量大幅增长，泛能业务和工程项目稳步推进 营收相对平稳，衍生品套期保值和汇兑损失减少致扣非归母净利润明显增 长。2024H1 公司实现营业收入 670.14 亿元，同比下降 0.30%，主要系工程 建造与安装、能源生产运营应收规模同比下降所致；实现归母净利润 25.30 亿元，同比增长 14.80%；扣非后归母净利润 19.93 亿元，同比增长 44.31%， 主要系本报告期使用套期会计的衍生品实现收益同比增加及汇率变动产生 的汇兑损失同比减少所致，报告期内公司套期保值实际损益 11.71 亿元，所 属子公司美元债规模较上年同期下降，同时汇率变动较上年同期减少，产生 的汇兑损失为 1.16 亿元，同比减少 79.68%。公司实现归母核心利润 26.99 亿元，同比下降 14.83%，扣除矿业后归母核心利润同比下降 8.7%。 国内平台交易气量大幅提高，零售气量增长稳健。2024 年上半年公司总销 气量 191.15 亿方（+5.8%）。其中平台交易气量 27.05 亿方（+21.0%）， 包括国内 17.41 ...

证券研究报告 燃气 2024 年 08 月 28 日 新奥股份(600803.SH) 公司快报 销气量增长符合预期，高分红彰显投资 价值 事件： 公司发布 2024 年半年报，上半年公司实现营业收入 670.14 亿元，同 比下降 0.3%；归母净利润 25.3 亿元，同比增长 14.8%；核心利润 26.99 亿元，同比下降 14.8%；因公司去年下半年置出煤炭业务子公 司新能矿业，剔除矿业影响后公司核心利润同比下滑 8.7%。 零售与直销气量稳步增长，泛能业务持续扩张： 气量稳增叠加毛差改善，城燃业绩修复中： 售价端，自 2023 年下半年以来，各地居民气顺价政策持续推进，今 年上半年广东、福建、山东、江苏等地区陆续出台相应的天然气价格 联动机制文件或价格调整通知，天然气价格机制有望进一步理顺，公 司上半年居民气量占比达到 23.6%。购气成本端，根据中石油出台的 2024-2025 年管道气价格政策框架，今年将居民其量与非居民气量并 轨为管制气量进行统一定价，在门站价基础上上浮 18.5%，同时非采 暖期非管制气固定量较门站价上浮比例从 80%降至 70%，总体而言中 石油合同气价较去年同期略有下降，对 ...

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].