证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 设施维护/高温天气带动欧洲/美国气价上涨， 国内气价平稳 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 2025 年 06 月 09 日 证券分析师 袁理 《需求偏弱国内气价回落，储库推进 欧洲气价回落》 2025-06-03 《库存大幅增长美国气价回落，需求 偏弱国内气价回落，库存偏低欧洲气 价微增》 2025-05-26 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024/6/11 2024/10/9 2025/2/6 2025/6/6 燃气Ⅱ 沪深300 相关研究 | 1. 价格跟踪：设施维护/高温天气带动欧洲/美国气价上涨，国内气价平稳 4 | | --- | | 2. 顺价进展：全国顺价逐步推进，城燃 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,012,812 | 2,937,981 | 3,039,996 | 3,002,751 | 3,003,101 | | 同比（%） | (6.99) | (2.48) | 3.47 | (1.23) | 0.01 | | 归母净利润（百万元） | 161,414 | 164,676 | 166,843 | 172,062 | 178,656 | | 同比（%） | 8.52 | 2.02 | 1.32 | 3.13 | 3.83 | | EPS-最新摊薄（元/股） | 0.88 | 0.90 | 0.91 | 0.94 | 0.98 | | P/E（A） | 9.00 | 8.82 | 8.71 | 8.45 | 8.13 | | P/E（H） | 6.07 | 5.95 | 5.88 | 5.70 | 5.49 | [Table_Tag] [Table_Summary] 投 ...

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight decline in total revenue and net profit, while core profit experienced a marginal increase, indicating performance slightly below expectations [1]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 33.74 billion yuan, a year-on-year decrease of 1.44% [1]. - The net profit attributable to shareholders was 976 million yuan, down 9.64% year-on-year [1]. - Core profit reached 1.08 billion yuan, reflecting a slight increase of 0.1% year-on-year, indicating resilience in core operations [1]. Group 2: Gas Sales and Market Dynamics - The company’s gas sales volume in Q1 2025 was 10.544 billion cubic meters, up 5.4% year-on-year, driven by a 34.5% increase in wholesale gas sales [2]. - Retail gas sales volume was 7.258 billion cubic meters, a slight increase of 0.3% year-on-year, with residential gas sales growing by 1.1% [2]. - The company’s platform trading gas sales volume was 1.196 billion cubic meters, showing a minor decline of 1.4% year-on-year, while international trade volume increased by 1.21 billion cubic meters [2]. Group 3: LNG Processing and Energy Sales - The LNG processing volume at the Zhoushan receiving station reached 551,700 tons in Q1 2025, a year-on-year increase of 28.6% [3]. - The company’s comprehensive energy sales volume was 10.039 billion kilowatt-hours, reflecting a year-on-year growth of 9.9% [3]. - The company has 367 operational comprehensive energy projects with a total installed capacity of 6.25 GW, and 73 projects under construction with a capacity of 1.18 GW [3]. Group 4: Strategic Developments - The privatization of New World Energy is progressing steadily, with asset restructuring expected to enhance shareholder returns [4]. - The company has updated financial data and is advancing through regulatory approvals for the privatization process [4]. - Profit forecasts for 2025-2027 have been adjusted downward due to delays in long-term resource availability and the impact of a warm winter on retail gas growth [4].

大家好欢迎参加东武环保公用新澳能源深度汇报被低估的城市燃气龙头电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均为经合法授权 严禁录音 准核配合 谢谢各位投资者大家晚上好 我是袁里非常感谢大家的时间今天我们一起来聊一聊新鲜出炉的消耗能源的深度报告但是相信如果对我们的研究这些比较有长期跟踪的投资人应该能看到我们从去年开始就一直在搞水汽 固定市场化的研究包括今天晚上还有一场深圳找水带的这个电话会因为我们一直对行业的市场化是很关注的然后燃气行业呢其实如果我们做个梳理也能看到我们其实是在前一段时间啊就是今年以来底部一直在推荐燃气板块为什么呢就是一方面我们会看到剩价的推进确实比较符合预期另外一方面就最最重要的关键变量是行业的呃这个成本侧预期是见底了的 就是我们可以看到这分为两块一块是海气海气价格从高点开始往下有所松动了海外的供应格局在中期会去宽松我们也是一直都是基于这一点认为供给侧的宽松会对整个板块的成长性就是顺价和成长都会有帮助所谓的成长就是指气价在价形的过程中间随着供应侧的宽装尤其是海气资源丰富的公司在成本侧 ...