Sino Prima Gas(SZ:300483)2025-09-17 12:49Investment Rating - The report does not explicitly state the investment rating for Sino Prima Gas Core Insights - The natural gas business is showing strong growth, with production reaching 420 million cubic meters and sales at 640 million cubic meters, marking year-on-year increases of 116% and 109% respectively [8] - The company has potential for reducing gas costs in the future, primarily through decreased investment costs and the dilution of fixed costs due to increased gas volume [2][6] - Significant progress has been made in the exploration and development sector, including the completion of 31 coalbed methane horizontal wells and the discovery of 20.5 billion cubic meters of new geological reserves [4][8] Summary by Sections Latest Developments - The natural gas business has shown strong growth, with natural gas production at 420 million cubic meters and sales at 640 million cubic meters, reflecting year-on-year increases of 116% and 109% respectively [8] - The volume of natural gas transmitted reached 468 million cubic meters, marking an 85% year-on-year increase [8] Cost Reduction Potential - Future gas costs can decrease due to lower investment costs and the dilution of fixed costs from increased gas volume [2][6] - The current investment cost for a single coalbed methane well is approximately 29 million yuan, with a cumulative production of about 55 million cubic meters [2][6] Exploration and Development Progress - The company completed drilling 31 coalbed methane horizontal wells, with 11 now in operation [4][8] - New geological reserves of coalbed methane reached 20.5 billion cubic meters in the first half of 2025, bringing total reserves to 88.7 billion cubic meters [4][8] Pipeline Transportation Capacity - The Yongxi connection line's gas transmission capacity is expected to improve, with plans to increase capacity from 3 million to 4 million cubic meters per day [4][8] - The expected capital expenditure for this project is estimated to be within 100 million yuan [4][8]