Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][7]. Core Views - The company accelerates its upstream gas source layout, establishing an integrated natural gas industry chain. By investing in leading coalbed methane developer Yamei Energy and continuously expanding upstream projects, the company has become a rare private enterprise in China with its own gas sources, achieving a nearly integrated structure of "resources above, pipelines in the middle, and customers below." In 2023, the proportion of coalbed methane extraction and sales significantly increased to around 68% [3][4]. - The growth potential of unconventional gas is substantial, with long-term demand for natural gas remaining strong. Natural gas is the only clean low-carbon energy among the three major primary energy sources globally and is crucial during the energy transition. However, its consumption in China was only 9% in 2023, significantly lower than the global average of about 23%, indicating considerable growth potential under the "dual carbon" strategy [3][31]. - Resource advantages continue to strengthen, with multiple blocks accelerating growth. The acquisition of Yamei Energy has provided the company with coalbed methane development resources, including the Pan Zhuang and Ma Bi projects. In the first half of 2024, the Ma Bi block's production increased by approximately 59.90%, with an average selling price rising by about 12.04% [3][4]. Summary by Sections 1. Accelerating Upstream Gas Source Layout - The company is one of the few private gas enterprises in China with its own gas sources, primarily engaged in coalbed methane exploration and development, as well as urban natural gas distribution and sales [14]. - The company has maintained a high growth rate in performance, with a CAGR of approximately 11.25% from 2019 to 2023, despite a decline in 2020 due to the pandemic [20][28]. 2. Growth Potential of Unconventional Gas - Natural gas is a key transitional energy source in the "dual carbon" strategy, with significant room for growth in domestic consumption [31]. - The domestic coalbed methane geological resource is approximately 36.8 trillion cubic meters, with Shanxi Province being a major contributor [42]. 3. Resource Advantages and Growth Acceleration - The company has fully controlled Yamei Energy, enhancing its coalbed methane extraction and sales capabilities, and has established a comprehensive energy supply and service provider [65]. - The Pan Zhuang block has shown a consistent increase in production, with a CAGR of approximately 15.62% from 2017 to 2022, supported by breakthroughs in thin coal seam development technology [70].

公司报告 | 季报点评 前三季度煤层气量价齐升，储备项目充足 事件 2024 年前三季度，公司实现营业收入 29.6 亿元，同比+16.7%；实现归母 净利润 8.8 亿元，同比+30.3%；其中第三季度实现营业收入 10.1 亿元，同 比+42.7%；实现归母净利润 2.8 亿元，同比+43.8%。 前三季度，公司煤层气业务实现量价齐升 ➢ 产量方面：前三季度，公司煤层气总产量 14.82 亿立方米，同比增长 20.48%，占山西省煤层气总产量 102.7 亿立方米的 14.44%，占全国 规上煤层气总产量 126.1 亿立方米的 11.76%。其中，潘庄区块前三 季度煤层气总产量约 8.38 亿立方米，同比增长约 0.12%；马必区块前 三季度煤层气总产量约 6.44 亿立方米，同比大幅增长 63.87%。公司 预计马必区块全年产气量有望接近或达到 9 亿方，明年有望接近或达 到 11 亿方。 第三季度，公司煤层气总产量 5.11 亿立方米，同比增长 29.47%、环 比增长 3.06%。 ➢ 销价方面：前三季度，公司煤层气平均销售价格 2.16 元/立方米，较 上年同期 2.06 元，同比增长 4.81 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨新天然气（603393.SH） [Table_Title] 量价同环比提升主业稳健，全产业链化布局未来 可期 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年三季报。 2024 年前三季度公司实现营业收入 29.64 亿元，同比上升 16.70% ； | | | 实现归母净利润 8.82 亿元，同比增长 30.28% 。其中， 2024 单三季度公司实现营业收入 10.13 | | | 亿元，同比增长 42.67% ；实现归母净利润 2.77 亿元，同比增长 43.76% 。煤层气销售量价同 | | | 环比均实现提升，主业发展持续稳健；受城燃和安装业务拖累， Q3 单季度毛利率同环比下滑； | | | | | | 通过"强链、延链和补链"战略， ...

证券代码：603393 证券简称：新天然气 新疆鑫泰天然气股份有限公司投资者关系活动记录表 | --- | --- | |-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

新天然气（603393.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 马必区块持续放量，24Q3 业绩环比微增 2024 年 10 月 30 日 ➢ 事件：2024 年 10 月 29 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现营业收入 29.64 亿元，同比增长 16.70%；实现归母净利润 8.82 亿元，同比增长 30.28%；实现扣非归母净利润 8.77 亿元，同比增长 31.23%。 ➢ 24Q3 毛利率环比下降，在其他收益和投资收益环比提升的驱动下，业绩环 比微增。24Q3，公司实现营业收入 10.13 亿元，同比增长 42.67%，环比增长 23.47%；实现归母净利润 2.77 亿元，同比大增 43.76%，环比增长 1.55%。从 盈利能力来看，24Q3 公司实现毛利润为 4.19 亿元，环比小幅下降 2.90%；毛 利率为 41.41%，环比下降 11.24pct。此外，公司其他收益和投资收益分别为 1.11 和 0.24 亿元，环比分别增长 119.39%和 113.49%。 ➢ 马必产量持续增长，明年有望进一步贡献增量。 ...

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Financial Performance - Revenue for the third quarter reached RMB 1,012,822,004.46, a 42.67% increase year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 277,103,476.26, up 43.76% year-over-year[2] - Basic earnings per share for the third quarter were RMB 0.65, a 44.44% increase year-over-year[3] - Total operating revenue for the first three quarters of 2024 reached 2,964,272,507.17 RMB, a 16.7% increase compared to 2,539,989,376.89 RMB in the same period of 2023[13] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 881,863,103.46 RMB, a 30.3% increase from 676,910,815.32 RMB in the same period of 2023[14] - Basic earnings per share for the first three quarters of 2024 were 2.08 RMB, a 30% increase from 1.60 RMB in the same period of 2023[15] - Total comprehensive income for the first three quarters of 2024 was 910,866,227.73 RMB, a 9.2% decrease from 1,002,687,969.67 RMB in the same period of 2023[15] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 17,422,543,760.75, a 19.64% increase compared to the end of the previous year[3] - Total liabilities as of Q3 2024 amounted to 7,643,706,160.45 RMB, a 14.7% increase from 6,664,503,777.41 RMB at the end of 2023[11] - Long-term borrowings increased to 3,210,832,108.33 RMB in Q3 2024, up 17.9% from 2,722,700,000.00 RMB at the end of 2023[11] - Total equity attributable to the parent company's shareholders reached 7,833,330,469.75 RMB in Q3 2024, a 6.9% increase from 7,326,067,059.45 RMB at the end of 2023[12] - Contract liabilities as of Q3 2024 stood at 127,063,350.89 RMB, an 11.6% increase from 113,831,524.92 RMB at the end of 2023[11] Cash Flow - Operating cash flow for the first nine months of the year was RMB 1,472,606,055.57, up 12.73% year-over-year[2] - Sales of goods and services received cash of 3,304,429,455.31 yuan, an increase of 10.3% compared to the same period last year[16] - Net cash flow from operating activities was 1,472,606,055.57 yuan, up 12.7% year-over-year[16] - Net cash flow from investing activities was -1,305,196,525.91 yuan, an improvement from -3,400,803,194.09 yuan in the same period last year[17] - Net cash flow from financing activities was 34,031,871.65 yuan, a significant decrease from 2,179,603,836.79 yuan in the previous year[17] - Cash and cash equivalents increased by 198,228,030.70 yuan, compared to 121,224,635.02 yuan in the same period last year[18] - The company's cash and cash equivalents at the end of the period were 2,991,184,255.96 yuan, down from 3,167,776,921.22 yuan at the end of the previous year[18] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 17,223[7] - Ming Zaiyuan holds 174,090,367 shares, representing 41.07% of the total shares[7] - Yin Xianfeng holds 14,743,453 shares, representing 3.48% of the total shares[7] - Ming Zaifu holds 10,596,231 shares, representing 2.50% of the total shares[7] - Zhang Zhi holds 9,524,457 shares, representing 2.25% of the total shares[7] - Li Yanli holds 9,170,116 shares, representing 2.16% of the total shares[7] - Zhao Huixin holds 7,782,300 shares, representing 1.84% of the total shares[7] - National Social Security Fund 503 holds 6,944,600 shares, representing 1.64% of the total shares[7] - Huang Min holds 5,146,656 shares, representing 1.21% of the total shares[7] - Hong Kong Securities Clearing Company holds 4,698,643 shares, representing 1.11% of the total shares[7] Revenue and Profit Drivers - The increase in revenue was primarily driven by higher production and sales volume of coalbed methane, as well as an increase in unit prices[6] - The company's acquisition of minority equity in Asia America Energy contributed to the increase in net profit attributable to shareholders[6] - Non-recurring gains and losses for the third quarter amounted to RMB 1,727,337.17, including gains from government subsidies and financial asset transactions[4][5] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 1,686,424,419.14 RMB, a 28.1% increase compared to 1,316,524,311.38 RMB in the same period of 2023[13] - Financial expenses for the first three quarters of 2024 were 102,468,272.51 RMB, a significant increase from -35,932,808.33 RMB in the same period of 2023[13] - The company paid 169,023,089.31 yuan to employees, a 19.5% increase from the previous year[17] - Taxes paid decreased to 310,710,646.38 yuan from 411,011,177.68 yuan in the same period last year[17] Borrowings and Debt - The company received 1,312,000,000.00 yuan from borrowings, a decrease from 2,851,269,299.41 yuan in the previous year[17] - The company repaid 808,157,891.67 yuan of debt, compared to 318,697,500.00 yuan in the same period last year[17]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 47,793,365 股。 本次股票上市流通总数为 47,793,365 股。 本次股票上市流通日期为 2024 年 10 月 23 日。 一、本次限售股上市类型 证券代码：603393 证券简称：新天然气 公告编号：2024-047 新疆鑫泰天然气股份有限公司 非公开发行限售股上市流通公告 新疆鑫泰天然气股份有限公司（以下简称"公司"或"新天然气"）本次限 售股上市类型为非公开发行的有限售条件流通股。 （一）非公开发行核准情况 2020 年 10 月 21 日，中国证券监督管理委员会出具《关于核准新疆鑫泰天然 气股份有限公司非公开发行股票的批复》（证监许可[2020]2646 号），核准公司非 公开发行不超过 3,500 万股新股，发生转增股本等情形导致总股本发生变化的， 可相应调整本次发行数量；该批复自核准发行之日起 12 个月内有效。具体内容详 见公司于 2020 年 10 月 30 日披 ...

非公开发行限售股上市流通的核查意见 信达证券股份有限公司（以下简称"信达证券"或"保荐机构"）作为新疆鑫泰 天然气股份有限公司（以下简称"新天然气"或"公司"）非公开发行股票的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》及 《上海证券交易所上市公司自律监管指引第11号——持续督导》等相关法律、法 规和规范性文件的规定对新天然气本次非公开发行股票限售股份的解除限售事项进 行了审慎核查，具体核查情况如下： 信达证券股份有限公司 关于新疆鑫泰天然气股份有限公司 一、本次限售股上市类型 本次限售股上市类型为非公开发行限售股。 （一）非公开发行限售股核准情况 2020年10月21日，中国证券监督管理委员会（以下简称"中国证监会"）出具 《关于核准新疆鑫泰天然气股份有限公司非公开发行股票的批复》（证监许可 [2020]2646号），核准新天然气非公开发行不超过3,500万股新股，发生转增股本 等情形导致总股本发生变化的，可相应调整本次发行数量；该批复自核准发行之 日起12个月内有效。 2021年10月19日，新天然气发布《关于实施2019年度、2020年度利润分配方 案后调整非公开发行A ...

2024 年 9 月 25 日，明再远先生在中国证券登记结算有限责任公司上海分公司办 理了股份质押手续，将其持有的 12,750,000 股公司股份质押给银河证券，具体情况 如下: 关于控股股东股份质押及解除质押的公告 本公司董事会及全体董事会保证公告内容不存在虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告披露日，新疆鑫泰天然气股份有限公司（以下简称"公司"）控股股东 明再远先生持有公司股份 174,090,367 股，占公司总股本的 41.07%；本次办理质 押及解除质押业务后，明再远先生累计质押公司股份 50,600,000 股，占其所持 有公司股份的 29.07%，占公司总股本的 11.94%。 公司近日接到控股股东、实际控制人明再远先生的通知，获悉明再远先生将其持有的 12,750,000 股公司股份质押给中国银河证券股份有限公司（以下简称"银河证券"），并 将其质押给银河证券的部分股份办理了解除质押手续，具体情况如下： 一、 上市公司股份质押 证券代码：603393 证券简称：新天然气 公告编号：2024-046 新疆鑫泰天然气股份有 ...