首华燃气 20260121 Q&A 首华燃气在深层煤层气领域的转型和发展情况如何？ 首华燃气通过逐步转型进入天然气上游开采领域，特别是在深层煤层气的开采 方面取得了显著进展。公司通过收购中海沃邦子公司，进入石楼西区块的开采 领域，截至 2025 年 9 月 30 日，公司持有中海沃邦 67.5%的股权，并成为石 楼西区块的作业方。2024 年，公司实施了股权激励计划，以 2023 年不含园 艺用品的营业收入为基准，对 2024 年至 2026 年的营业收入增长率进行了考 核，预计这三年的收入增速分别为 40%、120%和 160%，锁定了 17%的复 合增速。 深层煤层气行业的发展前景如何？ 深层煤层气行业前景广阔，其资源量是浅层煤层气资源量的三倍以上。自"十 四五"规划以来，深层煤层气技术取得突破性进展，带动综合开采成本下降。 深层煤层气勘探开发经历四个阶段，目前进入规模开发阶段，大规模体 积压裂等技术取得突破。中油煤在大集区块开展示范项目，为深层煤层 气规模化开发提供重要经验。 首华燃气主要开发石楼西区块，该区块紧邻大宁区块，是鄂尔多斯盆地 东缘深层煤层气资源丰富的区域之一。公司与中油煤合作成立联合项目 ...

证券研究报告·公司深度研究·燃气Ⅱ 首华燃气（300483） 资源+技术驱动，深层煤层气先行者迎业绩拐点 2026 年 01 月 20 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,354 | 1,546 | 2,456 | 2,955 | 3,538 | | 同比（%） | (33.80) | 14.19 | 58.89 | 20.30 | 19.72 | | 归母净利润（百万元） | (246.01) | (710.95) | 102.04 | 316.32 | 545.81 | | 同比（%） | (697.95) | (188.99) | 114.35 | 210.00 | 72.55 | | EPS-最新摊薄（元/股） | (0.85) | (2.45) | 0.35 | 1.09 | 1.88 | | P/E（现价&最新摊薄） | (19.12) | (6.61) | 46.09 | 14. ...

证券研究报告·公司深度研究·燃气Ⅱ 首华燃气（300483） 资源+技术驱动，深层煤层气先行者迎业绩拐点 2026 年 01 月 20 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,354 | 1,546 | 2,456 | 2,955 | 3,538 | | 同比（%） | (33.80) | 14.19 | 58.89 | 20.30 | 19.72 | | 归母净利润（百万元） | (246.01) | (710.95) | 102.04 | 316.32 | 545.81 | | 同比（%） | (697.95) | (188.99) | 114.35 | 210.00 | 72.55 | | EPS-最新摊薄（元/股） | (0.85) | (2.45) | 0.35 | 1.09 | 1.88 | | P/E（现价&最新摊薄） | (19.12) | (6.61) | 46.09 | 14. ...

Financial Performance - In 2024, the company achieved an operating revenue of approximately 15.46 billion yuan, with a natural gas production increase of 35% year-on-year [2] - The net profit attributable to shareholders for 2024 was a loss of 7.1 billion yuan, primarily due to a decline in natural gas sales prices and increased financial expenses [2] - In Q1 2025, the operating revenue reached 688 million yuan, representing a year-on-year growth of 156% [3] - The net profit attributable to shareholders in Q1 2025 was 20.93 million yuan, marking a turnaround from losses [3] Production and Sales Growth - In 2024, natural gas production was 469 million cubic meters, a 35% increase compared to the previous year, with a daily production capacity of 2.31 million cubic meters by year-end [3] - Natural gas sales volume in 2024 was 738 million cubic meters, up 32% year-on-year [3] - In Q1 2025, natural gas production increased by 129%, and sales volume grew by 143% [3] Capital Expenditure and Resource Development - The company completed the acquisition of Yonghe Weirun in early 2024, enhancing its natural gas transportation and sales capabilities [4] - In 2024, the company invested in 32 new wells, with an average initial production of 65,000 cubic meters per day per well [4] - The company established a resource base with an additional proven geological reserve of 88.74 billion cubic meters of coalbed methane by March 2025 [6] Cost Management and Financial Strategy - The cost of constructing coalbed methane wells decreased from 40 million yuan to approximately 31 million yuan [7] - Financial expenses in 2024 were about 120 million yuan, an increase of approximately 35 million yuan from 2023 [5] - The company aims to optimize its financing structure and reduce financial costs in 2025 [5] Market Outlook and Industry Position - China's natural gas consumption is projected to exceed 420 billion cubic meters in 2024, with an 8% growth rate [11] - The company anticipates that domestic natural gas prices will remain advantageous compared to imported prices, despite potential fluctuations [11] - The company is open to mergers and acquisitions to enhance its market position, focusing on extending its industrial chain [8] Future Development Plans - The company aims to achieve a daily production capacity of over 3.2 million cubic meters by the end of 2025, with an annual production target of 900 million cubic meters [5] - Plans for 2026 include a target of 1.2 billion cubic meters in annual production [5] - The company is exploring multi-layer development of existing wells, with minimal capital expenditure expected [9]