新天然气（603393）：以技术为引领，开发拓展油煤气资源

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][55]. Core Views - The company is a comprehensive energy supplier and service provider with its own gas sources, having evolved from primarily urban gas operations to a significant player in coalbed methane exploration and development [6][13]. - The company leads in technology, being the first in China to successfully adopt multi-branched horizontal well drilling technology and multi-layer fracturing techniques for coalbed methane development [6][43]. - The company is actively expanding high-quality oil and gas resources, with ongoing exploration and production in unconventional gas fields and new shale gas exploration rights acquired in 2024 [6][49][51]. - The company is rapidly advancing coal resource projects, having secured exploration rights for high-quality coal resources with significant estimated reserves [6][53]. Summary by Sections 1. Company Overview - The company was established in 2002 and listed on the Shanghai Stock Exchange in 2016, initially focusing on urban gas business [6][13]. - It has long-term operating rights in several regions in Xinjiang for natural gas markets [6]. 2. Growth in Coalbed Methane Production - The company has seen rapid growth in coalbed methane production and sales, with total production reaching 1.704 billion cubic meters in 2023, a year-on-year increase of 16.16% [14]. - In the first half of 2024, production reached 0.971 billion cubic meters, up 16.23% year-on-year [14]. 3. Development of Oil and Gas Resources - The company operates three unconventional gas fields in Shanxi and Ordos, and has acquired shale gas exploration rights in Guizhou [49][51]. - It has also entered conventional oil and gas projects, acquiring significant exploration and production rights in the Kashgar North project [49][51]. 4. Financial Performance - The company's revenue grew from 2.617 billion yuan in 2021 to 3.517 billion yuan in 2023, with a compound annual growth rate (CAGR) of 15.92% [18][21]. - The net profit for the first three quarters of 2024 was 882 million yuan, a 30.28% increase year-on-year [18]. 5. Investment Recommendations - The report projects earnings per share of 3.05 yuan, 3.60 yuan, and 4.06 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 10x, 8x, and 8x [55][56].