新天然气：2024年年报点评：城燃盈利好转，新项目成长可期-20250329

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 3.777 billion yuan in 2024, representing a year-on-year growth of 7.40%. The net profit attributable to shareholders was 1.185 billion yuan, up 13.12% year-on-year, while the net profit excluding non-recurring items reached 1.197 billion yuan, growing by 17.79% [1][4]. - In Q4 2024, the net profit attributable to shareholders increased by 9.47% quarter-on-quarter, despite a year-on-year decline of 18.19% [1]. - The company is experiencing a recovery in natural gas supply margins, with the gross profit margin for natural gas supply increasing by 9.56% year-on-year to 22.26%, while the gross profit margin for coalbed methane extraction decreased by 4.58% to 55.29% [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.777 billion yuan, with a growth rate of 7.40%. The net profit attributable to shareholders was 1.185 billion yuan, reflecting a growth rate of 13.12% [6][12]. - The company forecasts net profits of 1.481 billion yuan, 1.631 billion yuan, and 1.877 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.49, 3.85, and 4.43 yuan per share [4][6]. Production and Resource Development - The company achieved a coalbed methane production of 2.194 billion cubic meters in 2024, marking a year-on-year increase of 28.76%. The production from the Ma Bi block increased by 56.82% year-on-year [3][4]. - The company is actively developing existing natural gas resources and advancing new projects, including a joint venture for exploration in the Jinzhong area [3][4]. Market Conditions and Pricing - The average price of domestic LNG in 2024 was 3.36 yuan per cubic meter, down 7.20% year-on-year. However, the company managed to achieve price increases in its coalbed methane sales, with the Ma Bi block's price rising by 7.31% year-on-year to 2.35 yuan per cubic meter [4][6]. - The company is also expanding into the coal sector, having acquired a coal resource project, which may enhance its energy supply chain [4].