新奥股份：公司信息更新报告：Q3平台交易气量下滑，天然气主业成长仍可期

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company reported a revenue of 98.78 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 3.49 billion yuan, up 12.5% year-on-year [2] - Despite a decline in platform trading gas volume in Q3, the growth in the natural gas core business remains promising, with expectations for revenue and profit recovery in the coming years [2] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 5.52 billion, 6.01 billion, and 6.84 billion yuan respectively, reflecting a year-on-year decrease of 22.2% in 2024, followed by increases in subsequent years [2] Financial Summary - For Q3 2024, the company achieved a revenue of 31.76 billion yuan, a quarter-on-quarter decrease of 3.1%, and a net profit of 0.96 billion yuan, down 33.6% quarter-on-quarter [2] - The company’s retail gas sales for the first three quarters reached 18.819 billion cubic meters, a year-on-year increase of 4.8%, with strong growth in commercial gas sales [2] - The company’s total assets are projected to reach 151.714 billion yuan by 2024, with a total liability of 80.434 billion yuan, indicating a healthy balance sheet [3][4]