新天然气（603393）：产量稳步释放，资源充足未来成长可期

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 1.064 billion yuan in Q1 2025, a year-on-year decrease of 5.95%, while the total profit reached 538 million yuan, an increase of 32.71% year-on-year, and the net profit attributable to shareholders was 377 million yuan, up 13.72% year-on-year [2][6] - The production of coalbed methane is steadily increasing, with a total output of 2.005 billion cubic meters in 2024, representing a year-on-year growth of 17.66% [12] - The government has extended the special funding period for clean energy, increasing subsidies for coalbed methane, which is expected to significantly benefit the company [12] - The company is implementing a "strong chain, extended chain, and supplementary chain" strategy to solidify its position in the "natural gas full industry chain" [12] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 1.064 billion yuan, a decrease of 5.95% year-on-year; total profit was 538 million yuan, an increase of 32.71%; and net profit attributable to shareholders was 377 million yuan, up 13.72% year-on-year [2][6] - The company expects EPS for 2025-2027 to be 3.42 yuan, 4.04 yuan, and 5.05 yuan, with corresponding PE ratios of 8.11X, 6.87X, and 5.50X [12] Production and Strategy - The total production of coalbed methane reached 2.005 billion cubic meters in 2024, with the Ma Bi block showing a significant increase of 56.82% year-on-year [12] - The company has acquired exploration rights for shale gas in Guizhou and has made strategic acquisitions to enhance its resource base [12] Market Outlook - The average selling price of coalbed methane remains stable at around 2.2 yuan, with potential for improvement as new pipelines come online [12] - The report indicates a strong support for the company's profitability despite global gas price declines [12]