深圳燃气（601139）公告，2024年营业收入为283.48亿元，同比下降8.34%。归属于上市公司股东的净 利润为14.57亿元，同比增长1.19%。基本每股收益为0.51元／股，同比增长2.00%。公司拟以总股本为 基数，向全体股东每10股派发现金红利1.6元(含税)，不以资本公积转增股本，不送红股。 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

Financial Performance - Total revenue for Q1 2025 reached 751,304 million yuan, an increase of 9.48% compared to 686,251 million yuan in Q1 2024[4] - Net profit attributable to shareholders was 23,304 million yuan, a decrease of 15.47% from 27,568 million yuan in the same period last year[4] - The weighted average return on equity decreased by 0.39 percentage points to 1.49%[4] - The company reported a basic earnings per share of 0.08 yuan, down 20.00% from 0.10 yuan in the previous year[4] Sales Performance - Natural gas sales volume was 1.635 billion cubic meters, up 25.10% from 1.307 billion cubic meters in Q1 2024[6] - Pipeline natural gas sales volume increased to 1.253 billion cubic meters, a growth of 7.00% year-on-year[6] - Wholesale natural gas volume surged to 382 million cubic meters, marking a significant increase of 180.88% compared to 136 million cubic meters in Q1 2024[6] Asset Management - Total assets at the end of the reporting period were 4,509,099 million yuan, down 1.40% from 4,573,026 million yuan at the beginning of the period[4] - The net asset per share attributable to shareholders increased to 5.49 yuan, a rise of 1.48% from 5.41 yuan[4] Business Impact - The company experienced a decrease in profits from smart services and comprehensive energy businesses, impacting overall net profit[6]

Core Viewpoint - Shenzhen Gas (601139) reported a total operating revenue of 7.513 billion yuan in Q1 2025, representing a year-on-year increase of 9.48% [1] Financial Performance - Net profit attributable to shareholders decreased to 233 million yuan, down 15.47% year-on-year [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 229 million yuan, a decline of 15.02% year-on-year [1] - Basic earnings per share were 0.08 yuan, reflecting a decrease of 20.00% year-on-year [1] - The weighted average return on net assets was 1.49%, down 0.39 percentage points year-on-year [1] Operational Metrics - Natural gas sales volume reached 1.635 billion cubic meters, marking a year-on-year increase of 25.10% [1]

深圳市燃气集团股份有限公司 持续督导现场检查报告 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 2024 年度 持续督导工作现场检查报告 上海证券交易所： 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》 和《上海证券交易所上市公司自律监管指引第 11 号—持续督导》等有关法律、 法规的规定，国信证券股份有限公司（以下简称"国信证券"或"保荐机构"） 作为正在履行深圳市燃气集团股份有限公司（以下简称"深圳燃气"或"公司"） 持续督导工作的保荐机构，对公司 2024 年以来的规范运行情况进行了现场检查， 报告如下： 一、本次现场检查的基本情况 （一）保荐机构 （二）保荐代表人 何浩武、吴军华 （三）现场检查时间 2025 年 3 月 31 日-2025 年 4 月 1 日 （四）现场检查人员 吴军华、何浩武、李恒林、许航铮 （五）现场检查内容 1、公司治理和内部控制情况； 2、公司信息披露情况； 1 国信证券股份有限公司 根据对公司的公司章程、三会议事规则、三会文件、会议记录的检查，并核 对公司相关公告及查阅公司其他内控制度；保荐机构认为：截至本次现场检查之 日，深圳燃气已按照《公司法 ...

债券代码：113067 债券简称：燃 23 转债 深圳燃气可转债转股结果暨股份变动公告 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。 证券代码：601139 证券简称：深圳燃气 公告编号：2025-012 "燃 23 转债"的转股期限为 2024 年 2 月 2 日至 2029 年 7 月 26 日，自 2024 年 2 月 2 日至 2025 年 3 月 31 日期间，"燃 23 转债"累计共有人民币 77,000 元 已转换为公司股票，转股数量为 10,046 股，占"燃 23 转债"转股前公司已发行 股份总额的 0.000349%。其中，2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"燃 23 转债"共有人民币 3,000 元已转换为公司股票，转股数量为 396 股，占"燃 23 转债"转股前公司已发行股份总额的 0.000014%。 截至 2025 年 3 月 31 日，"燃 23 转债"尚未转股的可转债金额为人民币 2,999,923,000 元，占"燃 23 转债"发行总量的 99.99 ...

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券代码：601139 证券简称：深圳燃气 公告编号：2025-011 债券代码：113067 债券简称：燃 23 转债 | 名称 | 深圳市燃气集团股份有限公司 2025 年度第二期中期票据（科创 简称 | | 25 深燃气 MTN002 | | --- | --- | --- | --- | | | | 票据） | （科创票据） | | 代码 | 102580552 期限 | | 3 年 | | 计息方式 | 采用单利按年计息，不计复利。 每年付息一次，于兑付日一次性 起息日 | | 2025 年 2 月 14 日 | | | | 兑付本金 | | | 计划发行总额 | 15 实际发行总额 | 亿元 | 15 亿元 | | 票面价格 | 人民币一百元（RMB100.00 元） 票面利率 | | 1.85% | | 主承销商 | 招商银行股份有限公司 | | | | 联席主承销商 | 中国银行股份有限公司 | | | 本期中期票据发行的有关文件已在中国货币网（www.chinamoney.com.cn）和上海 清算所网站（www.shclearing.com）公告。 特此公告。 深圳市燃气集团股份有限公司董 ...

上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2025年第一次临时股东大会的 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：86 755-82816698 传真：86 755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：深圳市燃气集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市燃气集 团股份有限公司（以下简称"公司"）的委托，指派本所王成昊律师、韩欣茹律 师出席了公司于 2025 年 2 月 7 日召开的公司 2025 年第一次临时股东大会（以下 简称"本次股东大会"），并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）以及《上 市公司股东大会规则》（中国证券监督管理委员会公告〔2022〕13 号）（以下 简称"《股东大会规则》"）、《上海证券交易所股票上市规则》（上证发〔202 ...