Investment Rating - The report maintains an "Accumulate" rating for the gas industry, specifically recommending New World Energy for its stable profits and high dividend yield [1]. Core Insights - The report highlights the upward trend in European gas prices due to ongoing storage developments, while high temperatures have led to a decline in U.S. gas prices. Domestic gas prices are showing weak performance [5][10]. - The supply-demand analysis indicates that U.S. natural gas prices decreased by 3.5% week-on-week, with total supply down by 0.7% and total demand up by 0.8% as of July 9, 2025. In Europe, gas prices increased by 4.6% week-on-week, with a total consumption of 192 billion cubic meters in the first four months of 2025, up 7.4% year-on-year [5][17][19]. - The report emphasizes the importance of the recent reduction in U.S. LNG import tariffs from 140% to 25%, which enhances the economic viability of U.S. gas imports [45][51]. Price Tracking - As of July 11, 2025, the week-on-week price changes for various gas prices are as follows: U.S. HH gas price decreased by 3.5%, European TTF increased by 4.6%, and domestic LNG prices increased by 1.1% [10][15]. - The average total supply of natural gas in the U.S. was 1,125 billion cubic feet per day, with a year-on-year increase of 3.4% [17]. Supply and Demand Analysis - The report notes that the average total demand for natural gas in the U.S. increased by 2% year-on-year, with residential and commercial consumption rising by 2.3% week-on-week [17]. - In Europe, the gas supply decreased by 6% week-on-week, with significant contributions from inventory consumption and LNG receiving stations [19]. Investment Recommendations - The report recommends focusing on companies with stable profit structures and high dividend yields, such as New World Energy (2025 dividend yield of 5.3%), China Gas (2025 dividend yield of 6.4%), and Blue Sky Gas (TTM dividend yield of 8.9%) [51][52]. - It suggests monitoring companies with quality long-term contracts and cost advantages, such as New World Holdings and Jiufeng Energy [52]. Important Events - The report mentions that the European Parliament and EU member states have agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10 percentage points from the 90% storage target [50].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that facility maintenance and high temperatures have driven up gas prices in Europe and the US, while domestic gas prices remain stable [6][11] - It anticipates a gradual recovery in demand, with a focus on cost optimization for gas companies and the continued adjustment of pricing mechanisms [50] Price Tracking - As of June 6, 2025, gas prices have changed week-on-week as follows: US HH +1.8%, European TTF +8.5%, East Asia JKM +2.4%, China LNG ex-factory +0.1%, and China LNG CIF +4% [11][13] - The average total supply of natural gas in the US decreased by 0.5% week-on-week to 1,124 billion cubic feet per day, while total demand fell by 1.5% to 962 billion cubic feet per day [16] Supply and Demand Analysis - The report notes that the average natural gas consumption in China decreased by 1.3% year-on-year to 1,393 billion cubic feet in the first four months of 2025, attributed to a warmer winter in 2024 [24][30] - In Europe, natural gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year [17] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in city gas companies [37] Important Events - The US gas import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [44][46] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages and price spikes [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as New Energy, China Gas, and Kunlun Energy [50][51] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, like Jiufeng Energy and New Energy [51]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual performance is under pressure, with a significant dividend payout ratio of 126.93% [7][8] - The company reported a total revenue of 4.755 billion yuan in 2024, a decrease of 3.87% year-on-year, and a net profit attributable to shareholders of 503.38 million yuan, down 16.98% year-on-year [8][9] - The report highlights the stability of midstream and downstream gas sales, while the company is expected to benefit from the gradual implementation of residential gas pricing policies [12][13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 47.55 billion yuan, a decrease of 3.87% year-on-year, and a net profit of 5.03 billion yuan, down 16.98% year-on-year [8][9] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 3.22 billion yuan, leading to an annual dividend of 6.39 billion yuan [8][9] - The average return on equity (ROE) decreased by 2.97 percentage points to 13.61% [8][11] Business Segments - Pipeline natural gas sales generated revenue of 21.62 billion yuan, down 6.91% year-on-year, with a gross margin of 9.26% [9][10] - City gas sales achieved revenue of 18.84 billion yuan, a slight decrease of 0.69% year-on-year, with a gross margin of 13.9% [9][10] - The gas installation engineering segment reported revenue of 5.65 billion yuan, down 5.77% year-on-year, with a gross margin of 66.79% [9][10] Future Outlook - The company expects to benefit from the gradual implementation of residential gas pricing policies, which could lead to a recovery in price differentials [12][13] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 5.10 billion yuan and 5.28 billion yuan, respectively [13][14] - The projected P/E ratios for 2025-2027 are 15.21, 14.71, and 14.55, respectively [14]