Group 1 - The gas sector experienced a rise of 0.83% on August 28, with Zhongtai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Zhongtai Co., Ltd. saw a significant increase in its stock price, closing at 18.58 with a rise of 12.13% [1] Group 2 - The gas sector had a net outflow of 189 million yuan from main funds, while retail investors contributed a net inflow of 111 million yuan [3] - The table provided shows various gas sector stocks, their closing prices, percentage changes, trading volumes, and transaction amounts [1][3]

Group 1: Silver Capital Co., Ltd. (银都股份) - The company is experiencing phase-specific profit pressure due to tariffs and shipping costs, leading to a downward adjustment of EPS forecasts for 2025/2026/2027 to 1.02/1.20/1.35 CNY [3] - In H1 2025, the company achieved revenue of 1.426 billion CNY (up 4.35% YoY) and a net profit of 347 million CNY (flat YoY), with a significant drop in non-recurring net profit by 20.60% YoY [3][4] - The company is focusing on brand autonomy and globalization strategies, expanding channels and upgrading production capacity, with notable improvements in the North American market [4] Group 2: New Oriental Energy Co., Ltd. (新奥股份) - The company maintains a stable performance with a well-integrated upstream and downstream natural gas layout, and after acquiring New Oriental Energy, future growth is expected [6] - In Q1 2025, the company reported total revenue of 33.73 billion CNY, a slight decrease of 1.40% YoY, while core profit grew by 0.09% YoY [8] - The company plans to privatize New Oriental Energy, which is expected to enhance its operational capabilities and dividend capacity [9] Group 3: Aviation Industry - The summer transportation season is characterized by low supply growth and a decline in business travel demand, leading to a subdued peak season, although significant profits are still anticipated [10] - Domestic air traffic is projected to grow by over 3% YoY in July-August, with a slight increase in passenger load factor [10] - Aircraft orders are expected to remain aligned with planned low growth, with the industry maintaining a rational approach to fleet expansion [12][13]

信达证券研报指出，新奥股份2025H1实现归母净利润24.08亿元，同比减少4.82%；Q2实现归母净利润 14.31亿元，同比减少1.23%，环比增长46.58%。公司具备天然气全产业链优势，有助于抵御气价波动， 支撑盈利的持续稳健增长。私有化港股新奥能源后，公司EPS有望增厚，上下游一体化协同效益有望大 幅增强。零售气业务上游资源池成本优化，下游顺价持续推进，城燃毛差有望进一步修复，零售气量有 望稳健增长，推动公司城燃业务盈利提升。直销气业务25-29年共870万吨/年的长协气源有望放量，下 游市场快速开拓，有望推动直销气业务的稳健增长。维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company focuses on its natural gas core business, combining domestic and international resources to ensure long-term supply, with expected gradual increases in gas sales volume as the economy improves [2]. - The privatization of New Hope Energy is ongoing, aiming to create an integrated smart ecosystem for natural gas operations, while emphasizing shareholder returns through stable high dividends [2]. - The company reported a total revenue of 66.015 billion yuan in the first half of 2025, a year-on-year decrease of 1.49%, and a net profit attributable to shareholders of 2.408 billion yuan, down 4.82% year-on-year [1][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a core profit of 2.736 billion yuan, reflecting a year-on-year increase of 1.38% [6]. - The total gas sales volume reached 20.33 billion cubic meters, up 6.4% year-on-year, with international sales increasing by 20.8% [6]. - The company signed long-term supply agreements with ADNOC and Chevron, enhancing its resource pool [6]. Operational Highlights - The Zhoushan receiving station's third phase has been put into operation, significantly increasing unloading capacity [6]. - The company has expanded its renewable energy capacity, adding 324,500 kW of solar power [6]. - The smart home business saw a 60% increase in sales of its proprietary brand, Greitai [6]. Future Outlook - The company expects net profits for 2025 to be 4.505 billion yuan, with a projected growth of 0.3% [2]. - The anticipated dividend for 2025 is no less than 1.14 yuan per share, corresponding to a dividend yield of 6.1% [6]. - The company aims to maintain a cash dividend ratio of no less than 50% of the annual core profit from 2026 to 2028, highlighting its commitment to shareholder returns [6].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 新奥股份 (600803.SH) | | --- | | 投资评级 买入 | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 私有化进展顺利，核心利润稳健增长 [Table_S 事件：8ummar 月 27y]日晚，公司发布 2025 年上半年业绩公告，2025H1 公司实现 营业收入 659.91 亿元，同比减少 1.47%；实现归母净利润 24.08 亿元，同比 减少 4.82%；实现扣非后归母净利润 24.14 亿元，同比增长 21.13%；实现核 心利润 27.36 亿元， ...

Financial Performance - Core profit increased by 1.4% year-over-year to RMB 2,736 million [3] - Operating cash flow increased by 15.7% year-over-year to RMB 5,573 million [3] - The company plans a cash dividend per share of not less than RMB 1.14 in 2025 [4] - The company plans an annual cash dividend payout ratio of not less than 50% of the core profit attributable to the parent company for the year from 2026 to 2028 [4] Natural Gas Business Expansion - Total gas sales volume increased by 6.4% to 20.33 billion cubic meters [2, 34] - Medium- and long-term demand locked in 3.4 billion cubic meters [2] - Zhoushan LNG Terminal unloading volume reached 1.137 million tons, with a year-over-year increase of 11.7% [3, 59] - Newly signed Long-Term Agreement (LTA) with ADNOC for 1 million tons per year [3, 56] Resource Acquisition and Optimization - China's LNG imports in 1H2025 decreased by 20.6% year-over-year to 30.11 million tons [54] - Executed 1.654 billion cubic meters of LTA with CNPC in 1H 2025, a year-over-year increase of 123 million cubic meters [56] - Unconventional resource supplies from various partners reached 1.1 billion cubic meters, a year-over-year increase of over 400 million cubic meters [56] Integrated Energy and Smart Home Business - Integrated Energy sales volume reached 324.5 MW [72] - Intelligent Product Contracts reached RMB 553 million, an 81% year-over-year increase [77]

Core Viewpoint - Neway Energy has signed a long-term LNG sales and purchase agreement with Chevron, marking a significant step in their energy supply strategy [1] Group 1: Agreement Details - The agreement involves the delivery of multiple LNG shipments annually from 2028 for a duration of 10 years [1] - The LNG supply will be sourced from Chevron's global natural gas resource portfolio [1] - The pricing mechanism for the LNG will be linked to oil prices [1]

Core Insights - The China Energy Research Society has released a list of high-value patents and technology transfer cases in the energy and power industry, with four achievements from Shengli Oilfield included [1] Group 1: High-Value Patents and Technology Achievements - The "Viscoelastic Particle Oil Displacement Agent" developed by the Exploration and Development Research Institute significantly improves oil recovery rates, achieving an increase of 8.5 percentage points, leading to a final recovery rate of 63.6% [1] - The "Water-Gas Alternating Injection Column and Operation Method" enhances gas sealing capabilities and reduces the difficulty of unsealing packers, implemented in over 30 wells [2] - The "Microbial Oil Displacement Slow-Release Activator System" combines encapsulation technology with biological control, ensuring efficient use of activators and significantly improving microbial oil recovery [2] - The "Method for Extracting Shale Oil through Volume Fracturing in Horizontal Wells" introduces a new fracturing technology system, crucial for stabilizing oil field production and ensuring national energy security [2] Group 2: Application and Impact - The viscoelastic particle oil displacement agent has been industrially promoted in multiple oil fields, including Shengli, Henan, North China, and Jianghan, demonstrating significant water reduction and oil increase effects [1] - The advancements in technology support the green and high-quality development of oil fields, addressing challenges in high-water-content old oil fields [2]

Group 1 - The company reported a revenue of 65.991 billion yuan for the first half of 2025, representing a year-on-year decrease of 1.47% [1] - The net profit attributable to shareholders was 2.408 billion yuan, down 4.82% year-on-year [1] - The net profit excluding non-recurring items was 2.414 billion yuan, showing a year-on-year increase of 21.13% [1] - The basic earnings per share were 0.78 yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total revenue of 66.015 billion yuan in H1 2025, a year-on-year decrease of 1.47%, while the net profit attributable to shareholders was 2.408 billion yuan, down 4.82%. However, core profit increased by 1.4% to 2.736 billion yuan, aligning with expectations [7] - The platform trading gas market showed resilience, with sales volume reaching 2.689 billion cubic meters in H1 2025, only a slight decline of 0.6% year-on-year, despite a 20.6% drop in LNG imports [7] - Retail gas volume grew by 1.9% year-on-year to 12.95 billion cubic meters, outperforming the industry average, with retail gas revenue of 33.627 billion yuan and a gross profit of 4.69 billion yuan, up 2.3% [7] - The Zhoushan receiving station's unloading volume increased by 11.7% year-on-year to 1.137 million tons in H1 2025, with plans for further capacity expansion [7] - The company's total liabilities decreased to 29.736 billion yuan, with a net debt ratio of 21.2%, down 3.3 percentage points year-on-year, indicating improved financial health [7] - The privatization of the subsidiary, Xin'ao Energy, is progressing, with plans for annual cash dividends of no less than 50% of the core profit, which is expected to enhance shareholder returns [7] - Profit forecasts for 2025-2027 are set at 5.155 billion, 6.419 billion, and 7.104 billion yuan respectively, with corresponding PE ratios of 11, 9, and 8 times [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 136.829 billion yuan, with a year-on-year growth rate of 0.7% [6] - The net profit attributable to shareholders for 2025 is projected to be 5.155 billion yuan, reflecting a year-on-year increase of 14.7% [6] - The earnings per share for 2025 is expected to be 1.66 yuan, with a gross margin of 14.2% [6]