Sino Prima Gas(SZ:300483)2025-04-29 14:20Financial 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]