新天然气：提量控本售价稳定，构建天然气全产业链未来可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][12]. Core Views - The company reported a total revenue of 3.517 billion yuan in 2023, an increase of 2.94% year-on-year, and a net profit attributable to shareholders of 1.048 billion yuan, up 13.45% year-on-year. In the first quarter of 2024, the revenue reached 1.131 billion yuan, a year-on-year increase of 11.11%, with a net profit of 332 million yuan, up 126.85% year-on-year. The company has effectively controlled costs while maintaining stable profitability despite a decline in global gas prices. The profitability of the urban gas business in Xinjiang is expected to improve significantly following the price adjustment [3][4][8][11]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 3.517 billion yuan, with a net profit of 1.048 billion yuan. The first quarter of 2024 saw revenue of 1.131 billion yuan and a net profit of 332 million yuan, indicating strong growth [3][11]. - The average cost of coalbed methane in 2023 was 0.85 yuan per cubic meter, a decrease of 3% year-on-year. The total production for 2023 was 1.704 billion cubic meters, an increase of 16.16% year-on-year [11][12]. Strategic Developments - The company has implemented a "strong chain, extended chain, and supplemented chain" strategy to build a comprehensive natural gas industry chain. This includes the privatization of Asia Energy and cross-border acquisitions to secure unconventional gas resources [4][28]. - The establishment of joint ventures in Xinjiang and Henan aims to enhance the company's market presence and operational efficiency in the energy sector [4][28]. Market Outlook - The urban gas business in Xinjiang is expected to see significant profitability improvements due to recent price adjustments. The first phase of price adjustments for centralized heating gas sales is set to increase by 0.33 yuan per cubic meter [4][8]. - The company’s production business is expected to remain resilient against global gas price declines, supported by its focus on pipeline gas sales [11][12].