首华燃气(300483)：天然气业务增长强劲 方气成本具备下降潜力

Key Insights - The company's natural gas business is experiencing strong growth, with production reaching 420 million cubic meters and sales at 640 million cubic meters, representing year-on-year increases of 116% and 109% respectively [1] - The exploration and development segment has made significant progress, completing drilling on 31 coalbed methane horizontal wells and putting 11 into production, with further drilling planned for H2 2025 [1] - The company has added 20.5 billion cubic meters of proven geological reserves of coalbed methane, bringing the total to 88.7 billion cubic meters [1] Natural Gas Business Performance - Natural gas sales prices have remained stable with a slight increase year-on-year [1] - The company has expanded its gas transmission capacity, with the Yongxi connection line expected to increase its capacity from 3 million cubic meters per day to 4 million cubic meters per day, supporting future production plans [2] Cost Management and Efficiency - The company anticipates a decrease in future gas extraction costs due to lower investment costs and the dilution of fixed costs as production volumes increase [4] - The investment cost for a single coalbed methane well has decreased to approximately 29 million yuan, with a projected cumulative production of about 55 million cubic meters over the well's life [4] - The operational cost per unit is expected to decline as production volumes rise, benefiting from the fixed nature of certain costs [4]