证券研究报告·公司点评报告·燃气Ⅱ 新奥股份（600803） 新奥股份 2023 年年报点评：零售修复、直销 2024 年 03月 26日 利润大增，高分红彰显安全边际 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 [Table_EPS] 021-60199782 盈利预测与估值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 营业总收入（百万元） 154,169 143,842 155,363 169,443 184,292 研究助理 谷玥 同比 33.02% -6.70% 8.01% 9.06% 8.76% 执业证书：S0600122090068 归母净利润（百万元） 5,844 7,091 6,043 7,300 8,270 guy@dwzq.com.cn 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 2.36 2.67 股价走势 P/E（现价&最新摊薄） 10.24 8.44 9.91 8.20 7.24 新奥股份 沪深300 [关Ta键b ...

公司报告 | 年报点评报告 新奥股份（600803） 证券研究报告 2024年03月 24日 投资评级 国内销售或成为平台交易气驱动引擎，分红提升彰显投资价值 行业 公用事业/燃气Ⅱ 6个月评级 买入（维持评级） 当前价格 19.14元 事件： 目标价格 元 公司公布2023年年报。2023年公司实现营业收入1437.5亿元，同比减少 6.68%；实现归母净利润70.9 亿元，同比增长21.3%；实现归属于上市公司 基本数据 股东核心利润63.8 亿元，同比增长5.12%。公司计划每股派发现金红利0.91 A股总股本(百万股) 3,098.40 元（含税）。 流通A股股本(百万股) 2,836.14 平台交易气业务稳健拓展，期待2024年国内业务成为增长驱动引擎。2023 A股总市值(百万元) 59,303.33 年国际LNG现货需求相对疲软，国际气价回落。在较为波动的价格环境中， 流通A股市值(百万元) 54,283.74 公司平台交易气业务展现出良好的稳健性。气量方面，2023年公司平台交 每股净资产(元) 7.63 易气业务实现销气量50.5 亿方，同比增长44%，其中国内销气量同比增长 资产负债率(% ...

上 市 公 司 公用事业 2024 年03月 25 日 新奥股份 (600803) 公 司 研 究 ——平台交易气业绩高增 兼具高股息高成长投资价值 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年年度报告。公司2023年实现营业总收入1438.42 亿元，同比减少6.68%； 归母净利润70.91 亿元，同比增长21.34%；核心利润63.78亿元，同比增长5.12%。公司归母净利 证 润低于我们此前预期87.92亿元的原因主要系公司四季度基于审慎性考虑计提甲醇等资产减值合计约 市场数据： 2024年03月22日 券 收盘价（元） 19.14 13.63亿元。剔除该影响，公司业绩基本符合我们的预期。 研 一年内最高/最低（元） 22.1/14.95  平台交易气规模稳步提升，LNG 长协稳定远期供给能力。在国际气价回落及下游需求恢复背景下， 究 市净率 2.5 报 息率（分红/股价） - 2023年全国LNG进口量7132万吨，同比增长12.6%。公司积极开拓国内外市场，2023年平台交 告 流通A股市值（百万元） 54284 易气销售量50.50 ...

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].