Summary of Conference Call Company and Industry - The conference call pertains to a clean energy company specializing in the entire value chain of natural gas and coal resources in China, celebrating its 25th anniversary in 2025 [1] Key Points and Arguments 1. **Performance Overview**: The company has maintained stable production growth for seven consecutive years, despite a general decline in the natural gas market in 2024 [1] 2. **Financial Challenges**: Financial expenses increased due to the absence of foreign exchange gains that were present in 2023, leading to a decrease in interest income and an increase in financing costs [2] 3. **Management Costs**: The integration of management costs from subsidiaries and employee incentives contributed to an increase in overall expenses, but there is potential for further cost reduction in 2025 [3] 4. **Profit Distribution**: The company faced restrictions on profit distribution due to losses at the parent company level, despite consolidated profits nearing 1.2 billion [4][5] 5. **Production Metrics**: The total production of coalbed methane in the PanZhuang block decreased by approximately 2%, while the MaBi block saw a significant increase of 56.87% [6] 6. **Sales Performance**: The total sales volume of coalbed methane reached 1.953 billion cubic meters, reflecting a growth of over 20% [6] 7. **Investment Projects**: The company is focusing on key investment projects, including the acquisition of the Kashbei project, which spans approximately 3,146 square kilometers [7][8] 8. **Resource Acquisition**: The company has successfully acquired shale gas exploration rights in Guizhou, marking a shift from reliance on PAC agreements to independent resource acquisition [8] 9. **Future Production Goals**: The company aims to achieve production targets of approximately 1.1 billion cubic meters in the PanZhuang block and 500 million to 1 billion in the Zijing Mountain block [21] 10. **Pipeline Developments**: The company is working on the completion of pipelines to enhance market coverage and optimize sales prices [9][22] 11. **Cost Management**: The company has managed to keep production costs low, with coalbed methane production costs around 0.2 yuan per cubic meter [25] 12. **Future Outlook**: The company plans to continue expanding its resource development and production capabilities over the next three to five years, focusing on both upstream and downstream operations [30][31] Other Important but Possibly Overlooked Content - The company is actively working to resolve issues related to profit distribution channels to ensure future dividends can be paid [17][18] - There are ongoing efforts to improve communication with local governments to facilitate project approvals and operational resumption [16][26] - The company is exploring refinancing options in the capital markets to support its growth initiatives [20] This summary encapsulates the key insights and developments discussed during the conference call, highlighting the company's strategic direction and operational performance.

新疆鑫泰天然气股份有限公司 2024 年年度股东大会 会 议 资 料 二○二五年四月 新疆鑫泰天然气股份有限公司 2024 年年度股东大会会议议程 现场会议召开时间：2025 年 4 月 18 日 14 时 30 分 现场会议召开地点：山西省晋城市沁水县嘉峰镇郭北村美中能源有限公司会议室 网络投票时间：本次网络投票采用上海证券交易所股东大会网络投票系统，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；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议议程： 2024 年年度股东大会会议议案 审议议题： 1 一、宣布公司 2024 年年度股东大会开幕； 二、宣布现场出席会议人员情况； 三、介绍现场会议表决及选举办法； 四、股东推选计票人、监票人； 1. 审议《关于公司 2024 年度董事会工作报告的议案》并分别听取《关于公 司 2024 年度独立董事履职报告》； 2. 审议《关于公司 2024 年度监事会工作报告的议案》； 3. 审议《关于公司 2024 年度财务决算报告的议案》； 4. 审 ...

公用事业 买入（维持） 公司煤层气产销量均实现同比高增长 新天然气（603393）2024 年年报点评 2025 年 4 月 8 日 投资要点： 事件：近日公司披露2024年年报。2024年公司实现营收37.77亿元，同比增长 7.40%；归母净利润11.85亿元，同比增长13.12%。 点评： suzhibin@dgzq.com.cn 分析师：刘兴文 SAC 执业证书编号： S0340522050001 公 司 研 究 | 流通 A | 股(亿股) | 4.23 | | --- | --- | --- | | ROE（TTM） | | 14.55% | | 12 月最高价(元) | | 39.49 | | 12 月最低价(元) | | 25.94 | 股价走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn 主要 ...

信达证券股份有限公司 关于 新疆鑫泰天然气股份有限公司 重大资产购买暨关联交易 之 1、本持续督导意见所依据的文件和材料由交易各方提供，提供方对所提供 文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本持续督导意见不构成对上市公司的任何投资建议或意见，对投资者根 据本持续督导意见作出的任何投资决策可能产生的风险，本独立财务顾问不承担 任何责任。 3、本独立财务顾问未委托或授权其他任何机构和个人提供未在本持续督导 意见中列载的信息，以作为本持续督导意见的补充和修改，或者对本持续督导意 见作任何解释或说明。未经本独立财务顾问书面同意，任何人不得在任何时间、 为任何目的、以任何形式复制、分发或者摘录本持续督导意见或其任何内容，对 于本持续督导意见可能存在的任何歧义，仅本独立财务顾问自身有权进行解释。 2024年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年四月 独立财务顾问声明 信达证券股份有限公司接受委托，担任新疆鑫泰天然气股份有限公司重大资 产购买暨关联交易的独立财务顾问，根据《上市公司重大资产重组管 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 3.777 billion yuan for 2024, representing a year-on-year growth of 7.4%, with a net profit attributable to shareholders of 1.185 billion yuan, up 13.12% year-on-year. However, in the fourth quarter alone, revenue decreased by 16.81% year-on-year to 812 million yuan, and net profit fell by 18.19% to 303 million yuan [2][6]. - The sales volume and price of coalbed methane have both increased year-on-year, indicating steady development in the main business. The company has secured exploration rights for the No. 7 exploration area in the Xinjiang Santanghu mining area, further solidifying its upstream resource reserves. The strategy of "strengthening, extending, and supplementing the chain" is expected to build and solidify a "fully integrated natural gas industry chain" [2][6]. Summary by Sections Financial Performance - In 2024, the company's total revenue reached 3.777 billion yuan, a 7.4% increase year-on-year, while the net profit attributable to shareholders was 1.185 billion yuan, reflecting a 13.12% growth. The total coalbed methane production reached 2.005 billion cubic meters, up 17.66% year-on-year [2][6]. Business Development - The company achieved a record high in coalbed methane production due to new drilling and the enhancement of old wells. The total production from the PanZhuang block was 1.108 billion cubic meters, a decrease of 2.12%, while the MaBi block saw a significant increase of 56.82% to 0.897 billion cubic meters due to breakthroughs in fracturing technology [12]. - The company won exploration rights for the Santanghu mining area, covering 109.28 square kilometers with an estimated coal resource of 2.093 billion tons, which is expected to enhance its resource base [12]. Strategic Initiatives - The company has implemented a strategy of "strengthening, extending, and supplementing the chain," achieving a fully integrated operational model with resources, pipelines, and customers. This includes the privatization of Yamei Energy and cross-border acquisitions to enhance its resource portfolio [12]. Future Earnings Projections - The company expects EPS for 2025, 2026, and 2027 to be 3.42 yuan, 4.04 yuan, and 5.05 yuan respectively, with corresponding PE ratios of 8.44X, 7.15X, and 5.72X based on the closing price on April 1, 2025 [12].

1）美亚光电 （上海彤源投资参与公司电话交流会&线上交流） 调研纪要：美亚光电在机构调研中表示，色选机业务增长得益于国内外市场需求和产品竞争力提升。尽 管2024年口腔业务下滑，但公司仍看好未来口腔行业发展，将加大资源投入。口腔CBCT市场竞争中， 公司通过不降价竞争、研发投入和成本效应保持毛利率稳定。海外出口毛利率上升源于产品竞争力提 升、海外布局和美元汇率变化。第四季度业绩增长主要因汇兑收益、坏账转增和费用下降。医疗产品出 口取得多国市场准入，出口快速增长。工业检测设备收入下滑受经济环境和市场需求放缓影响。国内口 腔CBCT价格体系处于低位，大幅下滑可能性不大。2025年财务预算为内部管理控制指标，存在不确定 性。公司重视投资者回报，将继续延续分红政策。 2）新天然气 （彤源投资参与公司特定对象调研） 根据市场公开信息及3月31日披露的机构调研信息，知名私募彤源投资近期对3家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 3）怡和嘉业 （上海彤源投资参与公司电话会形式） 调研纪要：怡和嘉业介绍 ...

新天然气 20250329 摘要 Q&A 新天然气公司在 2024 年的经营情况如何？有哪些重大项目和战略部署？ 2024 年是新天然气公司成立 25 周年，公司一直致力于清洁能源的深耕，从区 域性公司逐步走向全国。2024 年，公司围绕新疆自治区十大产业，包括煤炭、 煤电、煤化工及油气资源勘探，进行了两个重大的战略部署：投资了喀什气田 项目，并竞拍获得了一个煤炭资源。这些项目奠定了公司长期可持续发展的基 础。尽管受到国内外市场天然气震荡态势的影响，公司仍坚定前行，以大项目 引领大投资，以大投资带动大发展，持续增厚资源储备。截至目前，公司已成 • 新天然气战略部署喀什气田和煤炭资源，奠定长期发展基础，成为国内少 有的综合能源开发公司，覆盖常规天然气及煤炭资源。 • 2024 年净利润同比下降，从 14.2 亿元降至 12.05 亿元，主要原因是财务 费用增加（汇兑收益减少 1.4 亿元）、管理费用增加（合并中能持股影响 及员工成本增加）以及新疆城燃板块业务影响（资源端价格上涨及工程安 装业务影响）。 • 2025 年未及时兑现分红，因母公司规模或未分配利润为负值，受限于资金 回笼及外管审批等因素，境外境内个别 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company has achieved a revenue of 3.777 billion yuan in 2024, representing a year-on-year increase of 7.4%. However, net profit decreased by 15.23% to 1.205 billion yuan, while the attributable net profit increased by 13.12% to 1.185 billion yuan. The cash flow from operating activities was 2.071 billion yuan, up 4.9% year-on-year [1][6] - The report emphasizes the growth in the Ma Bi block, with significant production increases expected in the long term. The company is focusing on enhancing its coalbed methane extraction and sales, which contributed 2.908 billion yuan in revenue, a 21.3% increase year-on-year, accounting for 76.99% of total revenue [3][5] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 812 million yuan, down 16.89% year-on-year and 19.84% quarter-on-quarter. Net profit for the same period was 298 million yuan, a decrease of 21.37% year-on-year but an increase of 2.41% quarter-on-quarter [2] - The overall revenue for 2024 was 3.777 billion yuan, with a year-on-year growth rate of 7.4%. The attributable net profit was 1.185 billion yuan, reflecting a 13.1% increase compared to 2023 [6] Business Segments - The coalbed methane extraction and sales business is the primary profit source, with a gross profit contribution of 1.608 billion yuan, a 12.02% increase year-on-year, and a gross margin of 55.29% [3] - The average selling price of coalbed methane in the Ma Bi block increased by 7.31% to 2.35 yuan per cubic meter, while the overall average selling price for the company was 2.20 yuan per cubic meter, up 2.33% year-on-year [4] Production and Capacity - The company achieved a coalbed methane production of 2.005 billion cubic meters in 2024, a 17.66% increase year-on-year. The Ma Bi block saw a production increase of 56.82%, reaching approximately 897 million cubic meters [3][5] - The report projects that the Ma Bi block could reach a production capacity of over 2.5 billion cubic meters annually by 2025-2027, with significant growth expected in the coming years [5] Future Outlook - The company is expected to maintain long-term high growth in natural gas production, supported by rich reserves in various blocks, including the Ma Bi and Xinjiang Kashgar North blocks. The report forecasts attributable net profits of 1.371 billion yuan, 1.507 billion yuan, and 1.629 billion yuan for 2025, 2026, and 2027, respectively [5][6]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新天然气(603393.SH) 投资评级 买入 上次评级 买入 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 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 电力公用研究助理 执业编号：S1500524080001 邮 箱：tangchanyu@cindasc.com ➢ 潘庄区块资源优质，25-28 年有望维持稳产；马必区块中深部煤层气储 量丰富，有望快速上产；紫金山区块加速勘探，有望放量；喀什北第一 指定区域稳步增产，第二指定区丰富油气储量开采空间广阔。以上区块 气量释放有望驱动公司业绩长期持续稳步增长。1）潘庄区块为全国最 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 信达证券股份有限公司 CINDA SECURITIE ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][15]. Core Insights - The company achieved a revenue of 3.777 billion yuan in 2024, representing a year-on-year growth of 7.40%. The net profit attributable to shareholders was 1.185 billion yuan, up 13.12% year-on-year, while the net profit excluding non-recurring items reached 1.197 billion yuan, growing by 17.79% [1][4]. - In Q4 2024, the net profit attributable to shareholders increased by 9.47% quarter-on-quarter, despite a year-on-year decline of 18.19% due to rising period expenses and reduced other income [1][4]. - The company is experiencing a recovery in natural gas supply margins, with the gross profit margin for natural gas supply increasing by 9.56% year-on-year to 22.26%, while the gross profit margin for coalbed methane extraction decreased by 4.58% to 55.29% [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.777 billion yuan, with a growth rate of 7.40%. The net profit attributable to shareholders was 1.185 billion yuan, reflecting a growth rate of 13.12% [1][6]. - The company forecasts net profits of 1.481 billion yuan, 1.631 billion yuan, and 1.877 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.49, 3.85, and 4.43 yuan per share [4][6]. Production and Development - The company achieved a coalbed methane production of 2.194 billion cubic meters in 2024, marking a year-on-year increase of 28.76%. The production from the Mabi block grew by 56.82% year-on-year [3][4]. - New projects are progressing steadily, including the establishment of a joint venture for coalbed methane exploration in the Jinzhong area, covering an area of 87.8 square kilometers [3][4]. Market Conditions - The average domestic LNG price in 2024 was 3.36 yuan per cubic meter, down 7.20% year-on-year. However, the company’s coalbed methane prices showed a slight increase, with the Mabi block achieving a price of 2.35 yuan per cubic meter, up 7.31% year-on-year [4][6]. - The company is expanding into the coal sector, having acquired a coal resource project covering approximately 109 square kilometers, which is expected to enhance its energy industry chain [4][6].