Investment Rating - The investment rating for Shenzhen Gas (601139.SH) is maintained as "Buy" [1] Core Views - The third quarter performance was under pressure, with total revenue for the first three quarters at 20.739 billion yuan, a year-on-year decline of 10.58%. The net profit attributable to shareholders was 1.056 billion yuan, down 4.5% year-on-year [1] - The decrease in performance is primarily attributed to reduced profits from comprehensive energy and smart services [1] - Pipeline natural gas sales volume growth has slowed, mainly due to a decline in sales outside the Greater Bay Area, although sales to power plants showed strong growth [2] - The company expects continued improvement in expenses, which could provide some support to performance [3] Summary by Sections Financial Performance - In Q3, revenue was 6.960 billion yuan, down 12.68% year-on-year, and net profit was 318 million yuan, down 30.34% year-on-year [1] - For the first three quarters, pipeline gas sales volume was 3.827 billion cubic meters, a year-on-year increase of 4.91%, but slower than the first half's growth of 6.87% [2] - The comprehensive energy sector's poor performance is linked to an 18% decline in photovoltaic EVA film prices, impacting gross margins and profits [2] Expense Management - Total sales, management, R&D, and financial expenses decreased by approximately 135 million yuan year-on-year in the first three quarters, with Q3 financial expenses down 45 million yuan and R&D expenses down 48 million yuan [3] - The low interest rate environment is expected to support continued improvement in expenses [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.413 billion, 1.713 billion, and 1.875 billion yuan, with year-on-year growth rates of -1.85%, 21.23%, and 9.44% respectively [3] - The current stock price corresponds to P/E ratios of 15, 12, and 11 times for 2024, 2025, and 2026 respectively [3]

为控股子公司提供担保事项的核查意见 国信证券股份有限公司(以下简称"国信证券""保荐机构")作为深圳市 燃气集团股份有限公司 (以下简称"公司""深圳燃气")的保荐机构,根据《证 券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 11 号――持续督导》等相关法律、法规和规范性 文件的规定,对深圳燃气为控股子公司提供担保事项进行了核查,核查情况及意 见如下: 一、担保情况概述 被担保人名称及是否为上市公司关联人:DAPENG PRINCESS LNG SHIPPING PTE. LTD. (以下简称"单船公司"）。本次担保为深圳燃气全资子 公司深燃（国际）控股有限公司（以下简称"深燃国际"）为其控股子公司单船 公司提供担保,本次担保不属于关联担保。 国信证券股份有限公司 关于深圳市燃气集团股份有限公司 本次担保金额及已实际为其提供的担保余额:本次担保金额为79,241,271.00 美元（565,045,731.12元人民币）; 已实际为其提供的担保余额为79,241,271.00 美元(565,045,731.12元人民币,含本次）。 本次担保是否有反担保:本 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.47 RMB for 2024 [2][8]. Core Insights - The company reported a revenue of 20.74 billion RMB for the first three quarters of 2024, a year-on-year decrease of 10.6%, and a net profit of 1.01 billion RMB, down 2.6% year-on-year [2]. - In Q3 2024, the revenue was 6.96 billion RMB, reflecting a 12.7% decline year-on-year, while the net profit dropped by 30.3% to 310 million RMB [2]. - The slowdown in natural gas sales growth is attributed to decreased demand outside the Greater Bay Area, with total gas sales volume for 2024 reaching 1.51 billion cubic meters, a 1.4% increase year-on-year [2]. - The company's comprehensive energy and smart services business faced pressure, leading to revenue and profit declines, particularly in the photovoltaic sector and gas engineering services [2]. Summary by Sections Revenue and Profit Analysis - The company achieved a revenue of 20.74 billion RMB in the first three quarters of 2024, down 10.6% year-on-year, with a net profit of 1.01 billion RMB, a decrease of 2.6% [2]. - Q3 2024 revenue was 6.96 billion RMB, down 12.7% year-on-year, and net profit was 310 million RMB, down 30.3% [2]. Sales Performance - Natural gas sales volume for 2024 was 1.51 billion cubic meters, up 1.4% year-on-year, but the growth rate has slowed significantly [2]. - Sales in the Greater Bay Area reached 300 million cubic meters, a 2.8% increase year-on-year, while other regions saw a 9.3% decline [2]. Business Segment Performance - The comprehensive energy business, including photovoltaic film and gas power generation, is under pressure, with expectations of continued challenges for the photovoltaic film manufacturing subsidiary [2]. - The smart services business, which includes gas value-added services and gas equipment, is also facing difficulties due to a significant drop in new gas users in Shenzhen [2]. Future Outlook - The company is expected to recover its gas sales margin as residential gas prices align with international gas prices, projecting net profits of 1.37 billion RMB, 1.59 billion RMB, and 1.87 billion RMB for 2024, 2025, and 2026 respectively [2].

| 证券代码：601139 | 证券简称：深圳燃气 公告编号：2024-068 | | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | 深圳燃气关于召开 2024 年第三季度 业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 30 日(星期三) 至 11 月 5 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xgq@szgas.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 深圳市燃气集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日 上午 11:00-12:00 举行 2024 ...

特此公告。 深圳市燃气集团股份有限公司董事会 | 证券代码：601139 | 证券简称：深圳燃气 公告编号：2024-066 | | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | 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。 深圳市燃气集团股份有限公司（ 以下简称（ 公司"）第五届董事会第二十八 次会议（ 临时会议）于2024年10月29日（ 星期二）以通讯方式召开，会议应到董 事12名，实际表决12名，符合（ 公司法》及（ 公司章程》的规定。会议由公司董 事长王文杰先生主持，公司部分监事及高级管理人员列席了会议。 会议逐一审议通过以下议案： 一、会议以12票同意，0票反对，0票弃权的结果审议通过了（ 公司2024年第 三季度报告》，该报告已经公司董事会审计委员会2024年第八次会议审议通过。 内容详见上海证券交易所网站 www.sse.com.cn）。 二、会议以12票同意，0票反对，0票弃权的结果审议通过了（ 关于控股子公 司单船公司股权质押的议案》。内容详见（ 深圳燃气关于为控股 ...

Financial Performance - The company's operating revenue for the third quarter was approximately ¥6.96 billion, a decrease of 12.68% compared to the same period last year[2]. - The net profit attributable to shareholders for the third quarter was approximately ¥317.54 million, down 30.34% year-on-year[7]. - The diluted earnings per share for the third quarter was ¥0.10, a decrease of 33.33% compared to the previous year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 20,739,471,111.76, a decrease of 10.5% compared to CNY 23,193,378,580.62 in the same period of 2023[18]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 1,055,668,935.33, a decrease of 4.5% from CNY 1,105,421,249.84 in 2023[20]. - Earnings per share for the first three quarters of 2024 were CNY 0.37, compared to CNY 0.38 in the same period of 2023[21]. - The company reported a significant decrease in profits from integrated energy and smart services, impacting overall net profit[7]. Cash Flow and Assets - The cash flow from operating activities increased by 113.44% year-to-date, reaching approximately ¥1.19 billion for the quarter[6]. - The net cash flow from operating activities for Q3 2024 was approximately CNY 2.56 billion, an increase of 57% compared to CNY 1.63 billion in Q3 2023[23]. - Total cash outflow from operating activities amounted to CNY 19.93 billion, compared to CNY 22.69 billion in the same period last year[23]. - Cash inflow from financing activities totaled CNY 11.68 billion, down from CNY 19.99 billion in Q3 2023[23]. - The cash and cash equivalents at the end of Q3 2024 stood at CNY 5.65 billion, a decrease from CNY 6.32 billion at the end of Q3 2023[23]. - The company reported a cash outflow for the acquisition of fixed assets and intangible assets of CNY 2.35 billion, down from CNY 2.88 billion in Q3 2023[23]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥44.67 billion, reflecting a 0.90% increase from the end of the previous year[4]. - Current assets totaled CNY 13.355 billion, slightly down from CNY 13.553 billion at the end of 2023[15]. - The company's short-term borrowings increased to CNY 3.147 billion from CNY 2.952 billion at the end of 2023[16]. - Long-term borrowings rose to CNY 2.116 billion, compared to CNY 1.846 billion at the end of the previous year[16]. - The total liabilities of the company were CNY 26.652 billion, a decrease from CNY 26.998 billion at the end of 2023[16]. - Total liabilities and shareholders' equity as of the end of the third quarter of 2024 was CNY 44,666,668,421.81, compared to CNY 44,269,903,538.09 at the end of 2023[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,566[8]. - The largest shareholder, Shenzhen Municipal Government, holds 40.10% of the shares[8]. Operational Metrics - Natural gas sales volume reached 4.245 billion cubic meters, an increase of 5.73% compared to 4.015 billion cubic meters in the same period last year[12]. - Pipeline natural gas sales volume was 3.827 billion cubic meters, up 4.91% from 3.648 billion cubic meters year-on-year[12]. - The company reported a decrease in natural gas transmission volume to 560 million cubic meters, down 13.71% from 649 million cubic meters in the previous year[12]. Research and Development - The company reported a decrease in research and development expenses to CNY 508,876,632.68 in 2024 from CNY 562,874,389.17 in 2023, reflecting a cost-saving strategy[18]. Comprehensive Income - Other comprehensive income after tax for the first three quarters of 2024 was CNY 3,553,675.57, down from CNY 23,070,186.79 in 2023[20]. - The company’s total comprehensive income for the first three quarters of 2024 was CNY 1,153,398,441.26, compared to CNY 1,260,960,115.15 in 2023[21]. Future Outlook - The company plans to continue focusing on market expansion and new technology development to enhance future growth prospects[20].

| 证券代码：601139 证券简称：深圳燃气 公告编号：2024-067 | | --- | | 债券代码：113067 债券简称：燃 23 转债 | 深圳燃气关于为控股子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： 被担保人名称及是否为上市公司关联人：DAPENG PRINCESS LNG SHIPPING PTE. LTD.（以下简称"单船公司"）。本次担保为深圳市燃气集团股份有限公 司（以下简称"深圳燃气"或"公司"）全资子公司深燃（国际）控股有限公司 （以下简称"深燃国际"）为其控股子公司单船公司提供担保，本次担保不属于 关联担保。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 79,241,271.00美元（565,045,731.12元人民币）；已实际为其提供的担保余额 为79,241,271.00美元（565,045,731.12元人民币，含本次）。 一、担保情况概述 因业务发展需求，单船公司向中国银行股份有限公司深圳市分行（以下简称 中国银行深圳分行）申请 79 ...

深圳市燃气集团股份有限公司 2024 年第四次临时股东大会会议资料 深圳市燃气集团股份有限公司 2024 年第四次临时股东大会 会议资料 二零二四年十一月 深圳市燃气集团股份有限公司 2024 年第四次临时股东大会会议资料 会议须知 根据中国证监会《上市公司股东大会规则》和《深圳市 燃气集团股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，为确保公司股东大会顺利召开，特制订大会须知 如下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不 得侵犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法 利益、确保大会正常秩序和议事效率为原则，认真履行法定 职责； 三、出席大会的股东依法享有发言权、咨询权、表决权 等各项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱大会的正常秩序和会议程序；会议 期间请关闭手机或将其调至静音状态。 深圳市燃气集团股份有限公司 2024 年第四次临时股东大会会议资料 会议议程 | | 序号 | | 内容 | | --- | --- | --- | --- | | 第 | 1 | 项 | 宣布会议开始 | | 第 | 2 ...

深圳燃气关于使用部分闲置募集资金进行 现金管理及以协定存款等方式存放募集资金余额的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： | 证券代码：601139 | 证券简称：深圳燃气 公告编号：2024-064 | | --- | --- | | 转债代码：113067 | 转债简称：燃 23 转债 | 本次现金管理额度及产品类型：使用不超过人民币 100,000.00 万元闲置 募集资金购买安全性高、流动性好、具有合法经营资格的金融机构销售的结构性 存款、大额存单、定期存款、通知存款等保本型产品，单项产品期限最长不超过 一年，在确保不影响募集资金投资项目建设和募集资金使用的情况下，资金可以 循环滚动使用。公司董事会授权公司管理层及指定授权人员在上述额度范围和有 效期内行使相关投资决策权并签署相关文件。 履行的审议程序：本事项已经深圳市燃气集团股份有限公司第五届董事 会第二十七次会议（临时会议）及第五届监事会第十三次会议（临时会议）审议 通过，保荐机构已发表明确同意意见，本事项无需提交股东大会审议。 深 ...

证券代码：601139 证券简称：深圳燃气 公告编号：2024-065 深圳市燃气集团股份有限公司 关于召开 2024 年第四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 年第四次临时股东大会 召开的日期时间：2024 年 11 月 6 日 15 点 00 分 召开地点：深圳市福田区梅坳一路 268 号深燃大厦十四楼第 7 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (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 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 11 月 6 日 至 2024 年 11 月 6 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 ...