据了解，该交易通过交易中心平台公开进行，经过公告发布、线上宣讲、资质审核、公开交易等环节， 充分利用公开竞拍，有助于形成国内市场公允交易价格，更真实地反映市场供需关系，为供需双方快速 响应市场变化提供了有效参考，也为形成反映中国市场需求的LNG船货交易价格奠定基础。 新华财经北京8月22日电近日，中国海洋石油集团有限公司下属中海石油气电集团有限责任公司（下 称"中国海油气电集团"）携手上海石油天然气交易中心（下称"交易中心"）正式推出我国首场液化天然 气（LNG）资源整船竞价交易服务，以进一步响应天然气市场化改革要求，服务行业可持续健康稳定 发展。 该交易采用公开竞价模式，首次竞拍于8月22日上午开展，共吸引国内10余家企业报名参加交易，最终 新奥（天津）能源投资有限公司成功摘单，成交量6.5万吨，交付时间为2025年9月。据了解，此次交易 采取"整船销售＋指定站点"模式，拥有自有LNG接收站或享有其他LNG接收站使用权益的企业均可参与 竞拍，由中国海油气电集团报关后交付至客户指定的LNG接收站，为客户提供了充分的自主选择空 间。 在国际LNG价格持续高位运行背景下，此举为中国海油气电集团依托丰富的资源采购经 ...

国信证券8月10日发布研报称，给予中国石油（601857.SH，最新价：8.77元）优于大市评级。评级理由 主要包括：1）气源端：国产气持续增储上产，管道气增量明显；2）终端：销售更加市场化，天然气综 合售价预期有所提升。风险提示：原油价格大幅波动的风险；自然灾害频发的风险；新项目投产不及预 期的风险；地缘政治风险；政策风险等。 （文章来源：每日经济新闻） ...

证券研究报告 | 2025年08月09日 中国石油（601857.SH） 天然气市场化改革持续深化，龙头有望充分受益 优于大市 |  | 公司研究·公司快评 |  | 石油石化·炼化及贸易 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 薛聪 | 010-88005107 | xuecong@guosen.com.cn | 执证编码：S0980520120001 | | 证券分析师： | 董丙旭 | 0755-81982570 | dongbingxu@guosen.com.cn | 执证编码：S0980524090002 | 事项： 8 月 1 日，国家发改委、国家能源局发布《关于完善省内天然气管道运输价格机制促进行业高质量发展的 指导意见》，省内天然气管道运输价格应当实行统一定价模式，并对管输价格做了相关规定。 国信化工观点： 1)气源端：中石油坚持增储上产，公司作为国产 ...

Summary of Jiufeng Energy Conference Call Industry Overview - The natural gas industry is undergoing significant market-oriented reforms in 2025, with the National Development and Reform Commission (NDRC) establishing unified standards for provincial gas pipeline transportation fees, linked to the 10-year government bond rate, which lowers costs for downstream gas sales companies [2][3][6]. Company Insights Core Business and Strategy - Jiufeng Energy has diversified resources, including offshore LNG, LPG sales, and land-based natural gas resources in Sichuan, enhancing its competitive edge through mergers and acquisitions [2][7]. - The company is committed to a cash dividend of 850 million yuan in 2025 and 1 billion yuan in 2026, translating to a dividend yield of approximately 4% in 2025 and 5% in 2026, indicating strong dividend value [2][7][22][23]. - Jiufeng Energy has established a comprehensive natural gas industry chain covering commercial, industrial, power plants, transportation, and overseas clients, focusing on clean energy, energy services, and specialty gases [2][9]. Financial Performance and Projections - The company’s current P/E ratio is around 12, with a projected compound annual growth rate (CAGR) of 15% over the next three years due to stock incentives [8][21]. - Expected net profit for 2025 is 1.56 billion yuan, increasing to 1.8 billion yuan in 2026 and 2.13 billion yuan in 2027, reflecting a steady growth trajectory [21]. - Jiufeng Energy's cash flow is robust, with annual operating cash flow between 2 to 2.5 billion yuan and a debt ratio of just over 30%, supporting its strong dividend capacity [22][24]. Market Position and Competitive Advantages - The company benefits from a stable production capacity utilization rate of over 90% across its four core projects in Sichuan, with future growth reliant on new project developments [4][18]. - Jiufeng Energy's helium production capacity has increased to 1 million cubic meters, representing about 3% of domestic consumption, providing a significant cost advantage in the market [4][19][20]. - The company is actively involved in the Hainan commercial satellite launch site project, supplying fuel and specialty gases, which is expected to contribute approximately 50 million yuan in profit if 32 launches occur annually [20]. Challenges and Market Dynamics - The natural gas sector is experiencing weak overall demand growth in 2025, despite some monthly recovery, which has affected the performance of the gas sector [4][6]. - The market-oriented reforms are expected to benefit companies with diversified resource capabilities, allowing them to reduce costs and increase supply [6][8]. Future Outlook - Jiufeng Energy's strategic focus on expanding its LNG and LPG receiving capacity, projected to double from 3 million tons to 6 million tons, positions it well for future growth [14][18]. - The company is also exploring new long-term contracts and expanding its logistics capabilities to ensure stable profitability amid market fluctuations [12][13][14]. Conclusion - Jiufeng Energy demonstrates strong growth potential and a solid financial foundation, making it an attractive investment opportunity in the evolving natural gas market. The company's diversified resource base, commitment to dividends, and strategic positioning in the industry suggest a favorable outlook for long-term investors [24].

Group 1 - The forum "Natural Gas Pipeline Operation Mechanism" focused on the safe operation of natural gas pipelines and resource coordination, featuring key industry leaders [1] - The establishment of the National Pipeline Group has significantly changed the natural gas market in China, enhancing gas flow and promoting high-quality industry development [3] - Hong Kong and China Gas has over 160 years of history, providing gas services to over 4.2 million customers in mainland China and operating more than 130,000 kilometers of pipelines [5][6] Group 2 - Hong Kong and China Gas integrates safety culture into all business operations, establishing a comprehensive safety management system and training over 50,000 employees [5] - The company employs advanced technologies like AI and unique methods such as "dog-scent detection" for efficient pipeline leak detection [8] - The company has a significant focus on environmental protection, with hydrogen accounting for about half of the pipeline gas in Hong Kong, and has never experienced hydrogen embrittlement incidents [10] Group 3 - The domestic natural gas market reform in China has achieved remarkable results, and there is a call for global energy companies to strengthen cooperation to build a low-carbon and efficient energy system [11]

Core Viewpoint - The consensus among industry leaders is to enhance upstream and downstream resource integration, strengthen customer service and comprehensive energy service capabilities, and utilize new AI technologies to improve operational efficiency [1][8]. Industry Challenges - The urban gas industry is undergoing deep adjustments due to changes in business models, increased safety costs, and complex international situations, which pose new challenges for company development [1][4]. - The industry has transitioned from a decade of rapid growth to a more saturated market, with major players and numerous small companies creating a fragmented landscape [4]. - The operating environment for urban gas companies is becoming less optimistic due to intensified safety regulations, rising costs, and international market fluctuations caused by geopolitical events like the Russia-Ukraine conflict [4][5]. Financial Performance - Urban gas companies have seen a decline in net profits, shifting from double-digit growth to single-digit or even negative figures, largely due to reduced margins in gas connection services [5]. - The engineering installation business has also been negatively impacted by the ongoing downturn in the real estate market, leading to significant revenue and margin declines [5]. Pricing and Market Dynamics - The pricing structure in the urban gas sector is characterized by a mismatch between upstream pricing controlled by major oil companies and government-regulated downstream sales prices, which limits flexibility [5][6]. - Companies are experiencing pressure from gas price inversions, particularly in regions like Wuhan, where selling gas incurs losses [5]. Infrastructure and Investment - Companies are investing heavily in upgrading aging pipeline networks, with Shanghai Gas completing 770 kilometers of pipeline renovations and planning to invest around 10 billion yuan for an additional 900 kilometers [6][8]. - The strategic focus includes enhancing local high-pressure gas networks and improving interconnectivity with other regions to ensure stable gas supply [8]. Customer Service and Technological Integration - Companies are recognizing the need to diversify energy services to meet the evolving demands of industrial clients, who now require various forms of energy beyond just gas [9]. - The adoption of AI and digital technologies is seen as crucial for reducing operational costs and improving service efficiency, with initiatives like the installation of smart gas meters being implemented [9].

Investment Rating - The report gives the company an "Accumulate" rating for the first time [6]. Core Views - The company, Kunlun Energy, is positioned to benefit from the high-quality development of its natural gas terminal business, leveraging the advantages of its parent company, China National Petroleum Corporation (CNPC) [1][4]. - The company aims to increase its dividend payout ratio to 45% by 2024, reflecting a commitment to returning value to shareholders [1][46]. - The long-term growth trend in natural gas demand is expected to support the company's revenue and profit recovery, with a projected net profit of 6 billion yuan in 2024, a year-on-year increase of 4.9% [1][4]. Summary by Sections 1. Company Overview - Kunlun Energy is the only platform enterprise under CNPC engaged in natural gas terminal sales and comprehensive utilization, covering city gas, LNG plants, and LNG receiving stations [1][17]. - The company has a significant market presence, operating in 28 provinces and achieving a natural gas sales volume of 54.2 billion cubic meters in 2024, a 9.9% increase year-on-year [17][26]. 2. Business Development - The natural gas sales business has shown strong growth, with a CAGR of 13.7% in revenue from 2016 to 2024 and a CAGR of 15.7% in pre-tax profit [2][53]. - The company has a competitive edge in gas procurement costs, with a purchase cost of 2.437 yuan per cubic meter in 2024, lower than its peers [2][64]. - The LNG receiving stations have a combined unloading capacity of 13 million tons per year, contributing a pre-tax profit of 3.577 billion yuan in 2024, with a profit margin of 75% [3][76]. 3. Financial Projections and Valuation - The company is expected to achieve net profits of 6.649 billion, 7.124 billion, and 7.598 billion yuan in 2025, 2026, and 2027, respectively, with corresponding EPS of 0.77, 0.82, and 0.88 yuan per share [4][5]. - The report anticipates a steady increase in revenue, with projected revenues of 187.046 billion yuan in 2024, reflecting a growth rate of 5.46% [5][28]. 4. Market Trends - The report highlights the robust growth of natural gas consumption in China, with a projected increase in demand driven by urbanization and energy transition efforts [90][93]. - The company is well-positioned to capitalize on the growing demand for natural gas in various sectors, including residential, industrial, and transportation [100][108].

Core Viewpoint - The company, a subsidiary of China National Petroleum Corporation, is focused on natural gas terminal sales and is expected to see profit recovery and increased dividends in 2024, with a projected net profit of 6 billion yuan, representing a 4.9% year-on-year growth [2]. Group 1: Business Performance - The company's natural gas sales business has shown strong growth, with a compound annual growth rate (CAGR) of 13.7% in revenue and 15.7% in pre-tax profit from 2016 to 2024 [3]. - The company has a significant presence in the mid-western city gas projects and is actively expanding its retail gas market, particularly in industrial gas, which is expected to grow at a CAGR of 24.35% from 2018 to 2024 [3]. - The company's gross margin for 2024 is projected to be 0.47 yuan per cubic meter, a slight decrease of 0.03 yuan per cubic meter year-on-year, primarily due to structural impacts from adjustments in the gas station business [3]. Group 2: LNG Operations - The company operates two LNG receiving stations with a combined unloading capacity of 13 million tons per year, contributing a pre-tax profit of 3.577 billion yuan in 2024, with a profit margin of 75% [4]. - The processing fee for LNG remains stable at 0.30 yuan per cubic meter, with unit pre-tax profit ranging between 0.21 to 0.22 yuan per cubic meter, providing a consistent revenue and profit source [4]. - The company is transitioning from upstream oil exploration to focus on natural gas terminal utilization, thereby reducing its cyclical attributes [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company has achieved a revenue of 3.777 billion yuan in 2024, representing a year-on-year increase of 7.4%. However, net profit decreased by 15.23% to 1.205 billion yuan, while the attributable net profit increased by 13.12% to 1.185 billion yuan. The cash flow from operating activities was 2.071 billion yuan, up 4.9% year-on-year [1][6] - The report emphasizes the growth in the Ma Bi block, with significant production increases expected in the long term. The company is focusing on enhancing its coalbed methane extraction and sales, which contributed 2.908 billion yuan in revenue, a 21.3% increase year-on-year, accounting for 76.99% of total revenue [3][5] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 812 million yuan, down 16.89% year-on-year and 19.84% quarter-on-quarter. Net profit for the same period was 298 million yuan, a decrease of 21.37% year-on-year but an increase of 2.41% quarter-on-quarter [2] - The overall revenue for 2024 was 3.777 billion yuan, with a year-on-year growth rate of 7.4%. The attributable net profit was 1.185 billion yuan, reflecting a 13.1% increase compared to 2023 [6] Business Segments - The coalbed methane extraction and sales business is the primary profit source, with a gross profit contribution of 1.608 billion yuan, a 12.02% increase year-on-year, and a gross margin of 55.29% [3] - The average selling price of coalbed methane in the Ma Bi block increased by 7.31% to 2.35 yuan per cubic meter, while the overall average selling price for the company was 2.20 yuan per cubic meter, up 2.33% year-on-year [4] Production and Capacity - The company achieved a coalbed methane production of 2.005 billion cubic meters in 2024, a 17.66% increase year-on-year. The Ma Bi block saw a production increase of 56.82%, reaching approximately 897 million cubic meters [3][5] - The report projects that the Ma Bi block could reach a production capacity of over 2.5 billion cubic meters annually by 2025-2027, with significant growth expected in the coming years [5] Future Outlook - The company is expected to maintain long-term high growth in natural gas production, supported by rich reserves in various blocks, including the Ma Bi and Xinjiang Kashgar North blocks. The report forecasts attributable net profits of 1.371 billion yuan, 1.507 billion yuan, and 1.629 billion yuan for 2025, 2026, and 2027, respectively [5][6]