PETROCHINA(601857) 国信证券·2025-02-19 08:25Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - The report highlights that coalbed methane (coal rock gas) has become a new driving force for natural gas production growth, with a significant year-on-year increase in production [3][28] - The company has achieved a total production of 4.12 billion cubic meters of natural gas, representing a year-on-year growth of 20.96% [3][28] - The report emphasizes the vast resource potential of coal rock gas, with estimates indicating that the geological resource volume for coal rock gas deeper than 2000 meters is approximately 40.71 trillion cubic meters, significantly exceeding the resources available in shallower coalbed methane [6][18] Summary by Sections Production and Growth - The company announced a production of 1.96 billion cubic meters of coal rock gas for the year, marking a remarkable year-on-year growth of 90.4% [3][28] - The overall production of natural gas reached 4.12 billion cubic meters, with a year-on-year increase of 20.96% [3][28] Resource Potential - The geological resource volume of coalbed methane in China is approximately 30.05 trillion cubic meters for depths less than 2000 meters, with 31.5% of this volume located between 1500 to 2000 meters [6][18] - Research indicates that the resource volume for coal rock gas deeper than 2000 meters is significantly abundant, with 29 major basins containing an estimated 40.71 trillion cubic meters [6][18] Market Dynamics - The report notes that the natural gas market in China is undergoing continuous marketization, with a broad market space expected to remain [6][29] - The apparent consumption of natural gas in China is projected to reach 4,261 billion cubic meters in 2024, reflecting an 8% year-on-year growth [6][30]