丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨新天然气（603393.SH） [Table_Title] 费用拖累当期业绩，气-油-煤全资源布局未来仍 可期 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现营业收入 29.7 亿元，同比增长 0.2%；归属于母公司 所有者的净利润 8.15 亿元，同比减少 7.53%。第三季度实现营业收入 9.32 亿元，同比减少 8.0%；归属于母公司所有者的净利润 1.94 亿元，同比减少 30.08%。支付项目款导致长期借款 提升，费用增加对业绩产生影响；旺季到来天然气价格上涨，业绩有望迎来拐点；清洁能源专 项资金期限延长，煤层气奖补力度加大；通过"强链、延链和补链"战略，有望构筑和夯实"天 然气全产业链化"。 分析师及联系人 [Table_Author] 魏凯 张韦华 王岭峰 司旗 SAC：S0490520080009 SAC：S0490517080003 SAC：S0490521080001 SAC：S0490520120001 SFC：BUT964 SFC：BQT627 SFC：BWF918 请阅读最 ...

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue growth and a slight increase in net profit, despite a decline in net profit for the second quarter [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 2.038 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 622 million yuan, up 2.81% year-on-year [1] - In the second quarter of 2025, total revenue reached 975 million yuan, reflecting an 18.82% year-on-year growth, while net profit decreased by 10.46% to 244 million yuan [1] Production and Pricing - The company's natural gas production reached approximately 1.217 billion cubic meters in the first half of 2025, a 25.33% increase from 971 million cubic meters in the same period last year [2] - The production from the Panzhuang block was 521 million cubic meters, down 7.13% year-on-year, while the Mabi block produced approximately 485 million cubic meters, an 18.29% increase year-on-year [2] - The average selling price for Panzhuang was 2.11 yuan per cubic meter, up 3.94% year-on-year, while Mabi's price was 2.31 yuan per cubic meter, down 1.70% year-on-year [2] Debt and Expenses - As of the end of the reporting period, the company's long-term borrowings reached 5.751 billion yuan, an increase of 85.21% year-on-year, primarily due to the payment for the Santanghu project mining rights [3] - Interest expenses in the second quarter amounted to 85 million yuan, a 109% increase year-on-year, alongside asset impairment and credit impairment totaling 34 million yuan, which impacted the company's performance [3] Strategic Developments - The company is implementing a "strong chain, extended chain, and supplementary chain" strategy to solidify its "natural gas full industry chain" [4] - Significant progress has been made in coal resource exploration, with the Santanghu project obtaining exploration rights and completing preliminary reports, setting the stage for future coal resource development [4] Earnings Forecast - The company expects EPS for 2025-2027 to be 3.07 yuan, 3.44 yuan, and 4.40 yuan, corresponding to PE ratios of 9.70X, 8.65X, and 6.77X based on the closing price on August 29, 2025 [5]

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 3.777 billion yuan for 2024, representing a year-on-year growth of 7.4%, with a net profit attributable to shareholders of 1.185 billion yuan, up 13.12% year-on-year. However, in the fourth quarter alone, revenue decreased by 16.81% year-on-year to 812 million yuan, and net profit fell by 18.19% to 303 million yuan [2][6]. - The sales volume and price of coalbed methane have both increased year-on-year, indicating steady development in the main business. The company has secured exploration rights for the No. 7 exploration area in the Xinjiang Santanghu mining area, further solidifying its upstream resource reserves. The strategy of "strengthening, extending, and supplementing the chain" is expected to build and solidify a "fully integrated natural gas industry chain" [2][6]. Summary by Sections Financial Performance - In 2024, the company's total revenue reached 3.777 billion yuan, a 7.4% increase year-on-year, while the net profit attributable to shareholders was 1.185 billion yuan, reflecting a 13.12% growth. The total coalbed methane production reached 2.005 billion cubic meters, up 17.66% year-on-year [2][6]. Business Development - The company achieved a record high in coalbed methane production due to new drilling and the enhancement of old wells. The total production from the PanZhuang block was 1.108 billion cubic meters, a decrease of 2.12%, while the MaBi block saw a significant increase of 56.82% to 0.897 billion cubic meters due to breakthroughs in fracturing technology [12]. - The company won exploration rights for the Santanghu mining area, covering 109.28 square kilometers with an estimated coal resource of 2.093 billion tons, which is expected to enhance its resource base [12]. Strategic Initiatives - The company has implemented a strategy of "strengthening, extending, and supplementing the chain," achieving a fully integrated operational model with resources, pipelines, and customers. This includes the privatization of Yamei Energy and cross-border acquisitions to enhance its resource portfolio [12]. Future Earnings Projections - The company expects EPS for 2025, 2026, and 2027 to be 3.42 yuan, 4.04 yuan, and 5.05 yuan respectively, with corresponding PE ratios of 8.44X, 7.15X, and 5.72X based on the closing price on April 1, 2025 [12].