证券日报网讯1月22日，首华燃气（300483）在互动平台回答投资者提问时表示，公司的主营业务为天 然气业务，主要从事天然气的勘探、开发、生产、代输增压和销售。 ...

Summary of Shouhua Gas Conference Call Company Overview - Shouhua Gas holds a 67.5% stake in CNOOC Wobang and has become the operator of the Shilou West Block, implementing an equity incentive plan based on 2023 revenue to assess revenue growth rates for 2024-2026, targeting growth rates of 40%, 120%, and 160%, locking in a 17% compound growth rate [2][3] Industry Insights - The deep coalbed methane (CBM) industry has significant potential, with resource volumes exceeding shallow CBM by more than three times. Since the "14th Five-Year Plan," breakthroughs in deep CBM technology have led to reduced comprehensive extraction costs [4][10] - As of 2025, the deep CBM resource volume in China at depths greater than 1,500 meters is approximately 69 trillion cubic meters, which is three times that of shallow resources [6][11] Financial Performance and Projections - Shouhua Gas is expected to turn profitable in 2025, with projected net profits of 102 million yuan, 316 million yuan, and 546 million yuan for 2025-2027, corresponding to P/E ratios of 46, 15, and 9 respectively [8][16] - The company has received government subsidies totaling 170 million yuan by December 2025, which will support annual profits [7][9] Production Capacity and Growth Potential - In the Qingdao region, Shouhua Gas has a designed natural gas production capacity of approximately 3.5 billion cubic meters per year, with actual production in 2024 expected to be less than 500 million cubic meters, indicating a potential sevenfold increase in production capacity [7][13] - The company’s cash flow is strong, and it is expected to restore a dividend payout ratio of around 30%, similar to levels seen from 2015 to 2017 [9] Technological Advancements - The deep CBM exploration and development have progressed through four stages, currently entering a large-scale development phase, with significant breakthroughs in large-scale volume fracturing technology [5][10] - Shouhua Gas has partnered with PetroChina Coal to form a joint project team to facilitate the smooth development of the Shilou West Block [5][13] Cost Structure and Efficiency - The unit cost of extraction is expected to decrease, with the single well cost projected to drop from 0.85 yuan per cubic meter in 2024 to 0.53 yuan per cubic meter after new wells are put into production [6][12] - The drilling cost is currently 29 million yuan per well, which is anticipated to decline further with technological advancements and increased production [12] Revenue Sharing and Business Development - Revenue sharing ratios with PetroChina Coal vary by block, with Shouhua Gas receiving 76% of revenue from certain blocks and 87% from others, maintaining an expected ratio of around 88% for future developments [14] Midstream Business Impact - The acquisition of midstream gas compression business is expected to enhance customer gas transportation, with average transportation fees ranging from 0.14 to 0.30 yuan depending on route length. Although this business currently contributes a small portion of total revenue, it has a high gross margin of 50% [15]

Core Viewpoint - The report from Dongwu Securities highlights that Shouhua Gas is positioned to benefit from resource and technology-driven growth, marking a performance turning point for deep coalbed methane pioneers [1] Group 1: Company Transformation and Growth Potential - The company has successfully transformed into an upstream natural gas producer, with stock incentives locking in high revenue growth [1] - The outlook for coalbed methane is promising, with technological breakthroughs leading to cost reductions [1] Group 2: Resource and Cost Dynamics - Coalbed methane extraction is entering a phase of large-scale development, with deep coalbed methane resources being over three times more abundant than shallow resources [1] - According to Shouhua Gas data, the unit depletion cost for oil and gas assets is approximately 0.85 yuan per cubic meter for 2024, with expectations to decrease to around 0.53 yuan per cubic meter as new wells come online [1] Group 3: Future Cost Trends and Profitability - Future technological advancements are expected to lower investment costs and increase gas output, leading to further reductions in unit costs as fixed costs are spread over higher production volumes [1] - The company's self-produced gas volume has the potential to increase sevenfold, with fiscal support further enhancing profitability [1] - The company is benefiting from innovations in deep coalbed methane technology, with gas volume and profit growth rates significantly outpacing peers [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a pioneer in deep coalbed methane extraction, with significant potential for revenue growth driven by resource and technological advantages. The company is expected to experience a performance inflection point [3][8]. - The company has successfully transformed into an upstream natural gas producer, focusing on natural gas operations after divesting its gardening business. This strategic shift is expected to enhance revenue growth and profitability [13][20]. - The deep coalbed methane industry is entering a phase of large-scale development, with deep resources being three times more abundant than shallow resources. Technological advancements are expected to reduce extraction costs significantly [37][42]. Summary by Sections Company Transformation and Growth Potential - The company has a sevenfold potential for production increase in its self-produced gas, with fiscal support further enhancing profits. The Shilou West Block, adjacent to the Daji Block, has a designed natural gas production capacity of 3.5 billion cubic meters per year, with a significant production release space compared to 2024 [3][50]. - The company has established a joint project team with experienced partners to facilitate the development of the Shilou West Block, which is expected to contribute to substantial revenue growth [3][50]. Industry Outlook - The deep coalbed methane sector is characterized by a promising outlook, with technological breakthroughs leading to reduced costs. The industry has transitioned into a deep-scale development phase since 2021, with significant advancements in exploration and extraction technologies [37][42]. - The report highlights that the resource potential of deep coalbed methane is substantial, with estimates indicating that the resource volume at depths greater than 1500 meters is approximately 69 trillion cubic meters, significantly higher than that of shallow coalbed methane [42][45]. Financial Projections - The company is projected to achieve a net profit of 1.02 billion yuan in 2025, with a year-on-year growth rate of 114%, and further growth expected in subsequent years [1][8]. - The report anticipates that the company's earnings per share (EPS) will improve significantly, reaching 1.88 yuan by 2027, reflecting the expected operational improvements and market conditions [1][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a pioneer in deep coalbed methane extraction, with significant potential for revenue growth driven by resource and technological advantages [3]. - The company has successfully transformed into an upstream natural gas producer, focusing on natural gas operations after divesting its gardening business [13]. - The deep coalbed methane industry is expected to see substantial growth, with technological advancements leading to reduced extraction costs [37]. Company Overview - The company has a designed natural gas production capacity of 3.5 billion cubic meters per year, with a sevenfold potential increase in output compared to 2024 [3]. - The company is set to benefit from government subsidies, which have increased the subsidy coefficient for coalbed methane from 1.2 to 1.5, enhancing profitability [3]. - The company has implemented a stock incentive plan to lock in revenue growth, with performance targets set for 2024-2026 based on revenue growth rates [10][22]. Industry Analysis - The deep coalbed methane sector is entering a phase of large-scale development, with deep resources estimated to be three times more abundant than shallow resources [37][40]. - Technological breakthroughs in extraction methods are expected to significantly lower costs, with projected reductions in per-unit extraction costs from 0.85 yuan to 0.53 yuan [48]. - The report highlights that the deep coalbed methane resources in China are substantial, with significant production potential demonstrated in various basins [42][45].

Company - Company has successfully transformed into an upstream natural gas producer, with stock incentives locking in high revenue growth [1] - The company's self-produced gas volume has a potential for 7 times release, further enhancing profits with fiscal support [1] Industry - The deep coalbed methane sector has broad prospects, with technological breakthroughs driving down costs [1]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that heating demand and escalating US-Iran tensions have led to a significant increase in overseas gas prices, with US HH prices rising by 10.2% and European TTF prices soaring by 32.4% as of January 16, 2026 [5][10] - The report emphasizes the importance of the commercial aerospace sector in enhancing the value and market share of specialty gases, particularly for companies like Jiufeng Energy [5] Price Tracking - As of January 16, 2026, the week-on-week changes in gas prices are as follows: US HH +10.2%, European TTF +32.4%, East Asia JKM +16.6%, China LNG ex-factory +0.9%, and China LNG CIF +10.1%, with prices reaching 0.8, 3.3, 2.8, 2.6, and 2.6 yuan per cubic meter respectively [10][11] Supply and Demand Analysis - The report notes that the US gas price has increased due to heightened tensions in the Middle East, with a week-on-week decrease in storage levels of 710 billion cubic feet, bringing total storage to 31,850 billion cubic feet, a year-on-year increase of 2.2% [16] - European gas prices have surged due to significantly lower temperatures compared to previous years, with a reported consumption increase of 4.1% year-on-year for the first nine months of 2025, totaling 313.8 billion cubic meters [17] Domestic Market Overview - The report indicates that domestic gas prices have increased by 0.9% week-on-week, with a total apparent consumption of 392 billion cubic meters in China for the first eleven months of 2025, reflecting a year-on-year increase of 1.5% [21][26] - The domestic LNG import price averaged 3,384 yuan per ton in November 2025, showing a year-on-year decrease of 18.3% [26] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter, indicating ongoing efforts to optimize costs for city gas companies [36] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting New Hope Energy, China Resources Gas, and Kunlun Energy as key investment opportunities [5] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and New Hope Holdings, for their potential in the commercial aerospace sector [5]

证券日报网讯1月13日，首华燃气（300483）在互动平台回答投资者提问时表示，截至2026年1月9日， 首华燃气普通股股东总数为19629户。 ...

Group 1 - Tongyuan Petroleum, based in Chengdu, is a leading company in perforation technology, providing a full range of oil and gas engineering services, and is well-positioned to benefit from rising oil prices through increased orders and revenue [1][36] - Huai Oil Co., located in Jiangsu, has a stable oil and gas production base and benefits from regional cooperation, allowing for dual revenue growth during rising oil prices [2][37] - CNOOC Services, the largest marine oil and gas engineering service provider in China, is set to see significant increases in drilling platform utilization and service orders due to rising oil prices [3][38] Group 2 - Sinopec Oilfield Services, a leading player in oil and gas engineering services, is expected to benefit from increased internal orders and global oil development opportunities as oil prices rise [4][39] - Beiken Energy, based in Xinjiang, focuses on oilfield technical services and is well-positioned to expand its business in response to rising oil prices and increased exploration activities in the western oil and gas regions [5][41] - Zhongman Petroleum, with integrated oil and gas exploration and service capabilities, is likely to see increased orders and revenue from both domestic and international projects as oil prices rise [6][42] Group 3 - Potential Energy, specializing in oil and gas exploration technology services, is expected to benefit from increased demand for high-precision exploration services as oil prices rise [8][43] - China National Offshore Oil Corporation, the largest offshore oil producer in China, is positioned to benefit from rising oil prices through increased revenue from oil sales and a focus on deepwater development [9][44] - Bomeike, focusing on marine oil and gas engineering equipment, is set to see increased demand for its products as marine oil and gas projects accelerate due to rising oil prices [10][45] Group 4 - Blue Flame Holdings, a leader in coalbed methane development, is expected to benefit from rising demand for clean energy and increased coalbed methane sales prices as oil prices rise [11][47] - Shouhua Gas, with a comprehensive natural gas business model, is likely to see revenue growth from both upstream exploration and downstream distribution as oil prices and natural gas prices rise [12][48] - CNOOC Engineering, a leading marine oil and gas engineering construction company, is expected to gain stable orders and enhance profitability through deep cooperation with CNOOC as oil prices rise [13][49] Group 5 - Intercontinental Oil and Gas, focusing on overseas oil resource development, is well-positioned to benefit from rising oil prices through increased sales revenue from its overseas oil fields [14][50] - Guanghui Energy, a comprehensive energy service provider, is expected to see significant revenue growth from its oil and gas extraction and LNG production businesses as oil prices rise [15][51] - CNOOC Development, providing comprehensive marine oil and gas services, is likely to see increased demand for its services as oil production rises due to higher oil prices [16][52] Group 6 - China Petroleum Engineering, a leading oil and gas engineering construction company, is set to benefit from increased orders due to rising oil prices and expanded overseas market opportunities [18][54] - New Natural Gas, focusing on natural gas exploration and distribution, is expected to see revenue growth from both upstream and downstream operations as oil and natural gas prices rise [19][55] - ST Xinchao, despite its current ST status, is expected to see improved performance from its oil and gas business as oil prices rise, benefiting from the synergy between its oil and chemical operations [20][56]

Group 1 - The company Shouhua Gas announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 28, 2026 [2]