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 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-060 新奥天然气股份有限公司 第十届董事会第十八次会议决议公告 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（以下称"公司"）第十届董事会第十八次会议通知 于2024年8月13日以邮件的形式发出，会议按照预定时间于2024年8月16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。经有表决权的与会董事表决审议通过如下议案： 一、审议通过了《关于全资子公司为拟参股公司提供担保的议案》 本议案在提交董事会审议前已经公司第十届董事会 2024 年第四次审计委员 会审议通过。 具体内容详见公司同日披露于上海证券交易所网站的《新奥股份关于全资子 公司为拟参股公司提供担保的公告》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案尚需提请股东大会审议。 具体内容详见公司同日披露于上海证券交易所网站的《新奥股份关于开展外 汇套 ...

新奥天然气股份有限公司 关于全资子公司为拟参股公司提供担保的公告 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： 被担保人名称：Gas Shanghai Pte. Ltd.（以下简称"Gas Shanghai"）。上述 被担保人非上市公司关联人。 新奥天然气股份有限公司（以下简称"公司"）全资子公司 ENN LNG (Singapore) PTE. LTD（中文名称"新奥液化天然气（新加坡）私人有限公司"，以 下简称"新奥新加坡"）拟收购 Gas Shanghai 3%的股权，本次担保协议签署时 Gas Shanghai 将成为公司的参股公司。 本次担保金额及已实际为其提供的担保余额：新奥新加坡本次拟为 Gas Shanghai 担保的金额为 847 万美元以及或有的延迟支付利息、相关费用，已实际 为 Gas Shanghai 提供的担保余额为 0 元。 证券代码：600803 证券简称：新奥股份 公告编号：临 2024-061 因公司 LNG 贸易业务对船舶运力的需要，公司及新奥新加坡作为联合租船 人，与 G ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-064 新奥天然气股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)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 (五)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 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2024-062 新奥天然气股份有限公司 关于调整 2024 年度外汇套期保值额度预计的公告 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： ●前次已履行的审议程序 公司于 2023 年 12 月 8 日召开第十届董事会第十一次会议，审议通过了《关 于 2024 年度外汇套期保值额度预计的议案》，同意开展外汇套期保值业务规模 不超过 15 亿美元（含等值外币）。该议案已经 2023 年 12 月 26 日召开的 2023 年第三次临时股东大会审议通过。 ●本次调整后的交易金额 调整后的审议金额包括了 2023 年第三次临时股东大会已经审议通过的 15 亿美元（含等值外币），调整后的外汇套期保值业务规模为不超过 42 亿美元（含 等值外币），授权期限为股东大会审议通过之日起至 2024 年 12 月 31 日止，授 权期限内任一时点的交易金额（含使用前述交易的收益进行再交易的相关金额） 不应超过调整后的审议额度。 ●本次履行的审议程序 公司于 2024 年 ...