新天然气(603393)：量价提升费用拖累业绩 气-油-煤布局稳步推动

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue growth and a slight increase in net profit, despite a decline in net profit for the second quarter [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 2.038 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 622 million yuan, up 2.81% year-on-year [1] - In the second quarter of 2025, total revenue reached 975 million yuan, reflecting an 18.82% year-on-year growth, while net profit decreased by 10.46% to 244 million yuan [1] Production and Pricing - The company's natural gas production reached approximately 1.217 billion cubic meters in the first half of 2025, a 25.33% increase from 971 million cubic meters in the same period last year [2] - The production from the Panzhuang block was 521 million cubic meters, down 7.13% year-on-year, while the Mabi block produced approximately 485 million cubic meters, an 18.29% increase year-on-year [2] - The average selling price for Panzhuang was 2.11 yuan per cubic meter, up 3.94% year-on-year, while Mabi's price was 2.31 yuan per cubic meter, down 1.70% year-on-year [2] Debt and Expenses - As of the end of the reporting period, the company's long-term borrowings reached 5.751 billion yuan, an increase of 85.21% year-on-year, primarily due to the payment for the Santanghu project mining rights [3] - Interest expenses in the second quarter amounted to 85 million yuan, a 109% increase year-on-year, alongside asset impairment and credit impairment totaling 34 million yuan, which impacted the company's performance [3] Strategic Developments - The company is implementing a "strong chain, extended chain, and supplementary chain" strategy to solidify its "natural gas full industry chain" [4] - Significant progress has been made in coal resource exploration, with the Santanghu project obtaining exploration rights and completing preliminary reports, setting the stage for future coal resource development [4] Earnings Forecast - The company expects EPS for 2025-2027 to be 3.07 yuan, 3.44 yuan, and 4.40 yuan, corresponding to PE ratios of 9.70X, 8.65X, and 6.77X based on the closing price on August 29, 2025 [5]