新天然气：量价齐升主业稳健增长，汇兑和补贴错期影响Q2业绩

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 1.951 billion yuan in the first half of 2024, representing a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 605 million yuan, up 24.91% year-on-year [3][4]. - In Q2 2024, the company reported a revenue of 820 million yuan, a slight increase of 1.02% year-on-year, but a net profit of 273 million yuan, which is a decline of 19.23% year-on-year due to foreign exchange and subsidy timing impacts [3][4]. - The sales volume and price of coalbed methane have risen, indicating steady growth in the core business, with total coalbed methane production reaching 971 million cubic meters in the first half of 2024, a year-on-year increase of 16.23% [3][4]. - The company has implemented a "strong chain, extended chain, and supplemented chain" strategy to solidify its position in the "natural gas full industry chain" [4]. Financial Performance Summary - The company’s Q2 2024 financial expenses increased to 28 million yuan, primarily due to significant foreign exchange gains in the same period last year [3]. - The average sales price of coalbed methane was 2.17 yuan per cubic meter, a year-on-year increase of 2.54%, despite a 15.03% drop in the average domestic LNG price [3][4]. - The gross profit margin for Q2 2024 was 52.65%, an increase of 4.01 percentage points year-on-year and 14.94 percentage points quarter-on-quarter [3]. Future Earnings Projections - The company is expected to have an EPS of 3.64 yuan, 4.68 yuan, and 5.85 yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 8.90X, 6.93X, and 5.54X based on the closing price on August 29, 2024 [4].