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 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金隅大厦B 座 邮编：100031 [Table_Title] 马必区块量价齐升，长期产能释放可期 [Table_ReportDate] 2025 年 3 月 29 日 [Table_S 事件：3 月ummar 28 日y]晚，公司发布 2024 年年报，2024 年公司实现营业收入 37.77 ...

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7]. 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% [1]. - 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% [6][12]. - 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 Resource 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 Ma Bi block increased by 56.82% year-on-year [3][4]. - The company is actively developing existing natural gas resources and advancing new projects, including a joint venture for exploration in the Jinzhong area [3][4]. Market Conditions and Pricing - The average price of domestic LNG in 2024 was 3.36 yuan per cubic meter, down 7.20% year-on-year. However, the company managed to achieve price increases in its coalbed methane sales, with the Ma Bi block's price rising by 7.31% year-on-year to 2.35 yuan per cubic meter [4][6]. - The company is also expanding into the coal sector, having acquired a coal resource project, which may enhance its energy supply chain [4].

在煤炭资源领域，公司通过挂牌出让竞拍方式取得了三塘湖矿区七号煤炭资源项目。三塘湖矿区七号勘 查区区块面积为109.28平方公里，1000米以浅估算煤炭资源量为20.93亿吨。该项目主要为长焰煤，是优 良的动力用煤和煤化工用煤。 "去年，公司紧紧围绕'天然气能源全产业链'和'一体两翼'战略支点的打造，以大项目引领大投资，持续 拓展产业版图和业务领域，成为了国内少有的常规天然气和三大非常规天然气及煤炭资源开发全覆盖公 司，高质量发展大局更加稳固，高质量发展步伐更加稳健。"新天然气相关负责人对《证券日报》记者 表示。 年报显示，2024年，公司的潘庄、马必煤层气总产量20.05亿立方米，较上年同期17.04亿立方米增长 17.66%，总销量19.50亿立方米，同比增长约20.00%，实现产销比约97.26%。其中，潘庄区块产销量保 持稳产稳销，马必区块产量同比增长56.82%，销量同比增长约61.11%，销售价格同比上涨7.31%。紫金 山区块成功构建了地质数据库，完成了煤层气勘查实施方案的备案工作。 "值得关注的是，从年报中可以看出，过去一年新天然气以重大项目投资为引领，资源储备不断增厚， 围绕主业的产业链不断完 ...

Financial Performance - The company's operating revenue for 2024 reached RMB 3,776,753,919.71, representing a 7.40% increase compared to RMB 3,516,652,466.29 in 2023[24] - The company achieved a total revenue of approximately 3.777 billion RMB, representing a year-on-year growth of 7.40%[35] - The net profit attributable to shareholders reached approximately 1.185 billion RMB, an increase of 13.12% compared to the previous year[26] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 1.197 billion RMB, up 17.79% year-on-year[26] - The basic earnings per share (EPS) for 2024 was 2.80 RMB, reflecting a 13.36% increase from 2023[27] - The diluted EPS also stood at 2.80 RMB, marking a 13.36% rise compared to the previous year[27] - The company's total assets increased by 25.44% year-on-year, reaching approximately 18.268 billion RMB[26] - The net assets attributable to shareholders grew by 11.15% year-on-year, totaling approximately 8.143 billion RMB[26] - The net cash flow from operating activities was approximately 2.071 billion RMB, a 4.90% increase from the previous year[26] Dividend Policy - As of December 31, 2024, the company's parent company's undistributed profits were negative at RMB -93,931,354.61, leading to a decision not to distribute cash dividends or issue bonus shares for the year[8] - The company plans to disclose an interim dividend by no later than the third quarter of 2025, contingent on receiving dividends from its subsidiary[8] - The company has established a cash dividend policy, ensuring a minimum annual cash distribution of 20% of the distributable profits attributable to shareholders of the parent company, provided there are no major investment plans or cash expenditures[129] - For the fiscal year 2024, the company plans not to distribute cash dividends or issue bonus shares due to a negative retained earnings balance of RMB -93,931,354.61[130] - Over the last three accounting years, the total cash dividends distributed amounted to RMB 635,041,995.30, with an average annual net profit of RMB 1,052,137,081.01, resulting in a cash dividend ratio of 60.36%[133] Operational Highlights - The company continues to expand its business in the natural gas sector, focusing on high-quality development and investment in large projects[35] - Coalbed methane production has shown a continuous growth trend for seven consecutive years, with sales volume increasing by 20.26% and a sales-to-production ratio of 97.25%[36] - The company has entered conventional oil and gas resources through the acquisition of the Kashin North project, with a natural gas wellhead output of 189 million cubic meters expected from August to December 2024[37] - Total coalbed methane production for 2024 is projected to reach 2.005 billion cubic meters, a year-on-year increase of 17.66%, with the Mabi block showing a significant growth of 56.82%[39] - The average sales price of coalbed methane increased by 2.33% to 2.20 yuan per cubic meter, with the Mabi block's price rising by 7.31% to 2.35 yuan[40] - The city gas business has seen a year-on-year sales growth of over 10%[40] Risk Management - The company has not identified any significant risks affecting its normal operations during the reporting period[11] - The company faces risks related to industry cyclicality, uncertainty in reserves, and safety and environmental management[95] - The company faces risks related to government subsidies and VAT refund policies, which may impact the economic benefits of coalbed methane development due to potential changes in national policies[96] - There is a risk of core technical personnel loss, which could weaken the company's core competitiveness despite efforts to retain them through compensation and equity incentives[97] Corporate Governance - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[5] - The company has established a robust internal management and control system to ensure compliance with laws and regulations, safeguarding the interests of shareholders[103] - The company emphasizes the importance of information disclosure, adhering to established protocols to maintain transparency and protect shareholder interests[102] - The company has held 3 shareholder meetings during the reporting period, approving 20 resolutions to ensure compliance with legal requirements and protect shareholder rights[99] - The board of directors consists of 9 members, including 3 independent directors, who diligently fulfill their responsibilities and contribute to informed decision-making[100] Environmental and Social Responsibility - The company invested 4,319.03 million yuan in environmental protection during the reporting period[144] - The company reduced carbon dioxide equivalent emissions by 20.2 tons through the use of low-carbon energy sources[147] - The company established a joint laboratory with China University of Mining and Technology to develop key technologies for low-carbon innovation[148] - The company contributed a total of 118.5 million yuan to public welfare projects during the reporting period[150] - The company actively participated in rural infrastructure construction to support the rural revitalization strategy, with a total investment of 18.79 million yuan[151] - The company emphasizes the importance of environmental protection as part of its sustainable development strategy[145] - The company is committed to achieving carbon neutrality goals by actively promoting energy transition strategies[146] Shareholder Relations - The controlling shareholder has committed to avoiding any related party transactions that could harm the interests of the company and its minority shareholders[12] - The controlling shareholder guarantees that no competitive activities will be undertaken that could directly or indirectly compete with the company's main business[156] - The company will maintain an independent financial accounting department and ensure that financial decisions are made independently without interference from the controlling shareholder[157] - The company will ensure that all senior management personnel are dedicated solely to the company and will not hold positions in related parties[157] - The company has committed to avoiding related party transactions and ensuring transparency in any unavoidable transactions, adhering to fair decision-making processes[162] Strategic Outlook - The company is committed to becoming a leading clean energy group with a focus on the entire natural gas energy industry chain[91] - Future outlook includes plans for market expansion and potential acquisitions, aiming to enhance the company's competitive position in the natural gas sector[108] - The company is focusing on new product development and technological advancements to drive growth and improve operational efficiency[108] - The company is actively exploring partnerships to leverage synergies and expand its market reach, particularly in the natural gas industry[108]

3月28日晚间，新天然气(603393)披露2024年年报，报告期公司实现营业收入37.77亿元，同比增长 7.40%，实现净利润约12.05亿元，实现归母净利润11.85亿元，同比增长13.12%，归属于上市公司股东 的扣除非经常性损益的净利润11.97亿元，同比增长17.79%，基本每股收益达到2.8元。 在原有山西煤层气区域，新天然气通过内部子公司联合成立山西鑫泰亚美新能源有限公司及其分公司， 针对晋中地区探矿区面积87.8平方公里、未探明区面积53.9平方公里的区块开展煤层气勘查工作，创新 打造煤层气新的合作典范。同时开工建设潘庄、马必区块联络线。建成后，潘庄、马必区块将实现"互 联互通"，助力煤层气销售结构优化和价格提升。 从主要业绩指标来看，新天然气煤层气产量持续走高，保持了连续七年的稳定增长态势；常规天然气、 致密气产量实现零的突破。报告期内，公司克服通豫管线停摆的严峻市场形势，煤层气销量保持了 20.26%的增长势头，产销比率达97.25%；城燃常规天然气销量年度增幅10%以上。 展望未来，新天然气将强化潘庄、马必区块稳产和继续增产，全力推进管线尽快通气，扩大市场覆盖 面，提升销售价格；全力推 ...

证券代码：603393 证券简称：新天然气 公告编号：2025-015 新疆鑫泰天然气股份有限公司 关于召开 2024 年年度股东大会的通知 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、准确和完整承担个别及连带责任。 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 年年度股东大会 召开的日期时间：2025 年 4 月 18 日 14 点 30 分 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 (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：2025年4月18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 2025 年 4 月 18 日 至 2025 年 4 月 18 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的投票时间为股 东大 ...

本公司监事会及全体监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。 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届监事会第二次 会议的通知，于 2025 年 3 月 17 日以电子邮件的方式发出。第五届监事会第二 次会议于 2025 年 3 月 27 日在公司会议室召开，会议应出席监事 3 人，实到 3 人。会议由监事会主席黄敏先生主持，符合《公司法》《公司章程》及《监事 会议事规则》的有关规定。会议经审议表决，以现场表决方式一致通过以下决 议： 一、审议《关于公司 2024 年度监事会工作报告的议案》 经与会监事表决，审议通过该议案，并同意将该议案提交股东大会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《新 疆鑫泰天然气股份有限公司 2024 年度监事会工作报告》。 证券代码：603393 证券简称：新天然气 公告编号：2025-010 新疆鑫泰天然气股份有限公司 第五届监事会第二次会议决议公告 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 二、 审议《关于公司 2024 年度财务决 ...

会议审议并通过了如下决议： 一、 审议《关于公司 2024 年度董事会工作报告的议案》 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。 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届董事会第二次 会议通知于 2025 年 3 月 17 日以电子邮件方式发出。本次第五届董事会第二次 会议于 2025 年 3 月 27 日以现场与通讯相结合的方式召开，会议应出席董事 9 人，实际出席 9 人。 本次会议由董事长明再远先生主持，公司部分监事会成员及高级管理人员 列席了会议，符合《公司法》和《公司章程》有关规定，会议合法有效。 经与会董事表决，审议通过该议案，并同意将该议案提交股东大会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《新 疆鑫泰天然气股份有限公司 2024 年度董事会工作报告》。 表决结果：同意票 9 票、反对票 0 票、弃权票 0 票。 证券代码：603393 证券简称：新天然气 公告编号：2025-009 新疆鑫泰天然气股份有限公司 第五届董事会第二次会议决议公告 二、 ...