New natural gas (603393): Xinjiang’s city gas business breaks down, Asian and American energy prices rise
Event: The company released its 2019 Interim Report.
The company achieved operating income in the first half of the year12.
20 ppm, an increase of 128 in ten years.
5%, net profit attributable to mother 1.
56 ppm, an increase of 52 in ten years.
1%, in line with Shen Wanwanyuan’s expectations.
Key points of investment: The growth of Xinjiang’s urban gas business has narrowed, and Asian and American energy prices have risen, driving the company’s performance to increase significantly.
The company successfully acquired Yamei Energy 50 at the end of 2018.
1% shares, holding and consolidation led to a significant expansion in revenue scale.
Asian American Energy produced gas in the first half of this year4.
53 billion cubic meters, an increase of 18 over the same period in 2018.
92%, of which Panzhuang Blockchain produced gas in the first half of the year4.
1.6 billion cubic meters, an annual growth of 25.
48%, the Mabi blockchain is still in the trial operation stage, and the first half of the year produced 0 gas.
3.7 billion cubic meters, 24 years later.
At the lowest level, due to the strong demand in the winter heating season, the average gas sales price of Panzhuang withdrawals in the first half of the year.
80 yuan / cubic meter, an increase of 17 in ten years.
65%, because of the change in customer structure of the Mabi blockchain, the gas sales price is basically flat.
Affected 四川耍耍网 by the comprehensive rise in volume and price, Asian American Energy achieved net profit in the first half of the year.
390,000 yuan, an increase of 64 in ten years.
60%, corresponding to the net profit of new natural gas attributable to mothers1.
From this we calculated that the company’s Xinjiang business broke through about 3 million yuan in the second quarter, which was a long-term narrowing of the 10 million yuan breakthrough in the previous quarter, mainly due to the decline in gas source prices.
Asian American Energy continued to supplement and develop gradually, and the scale of development continued to grow.
Absolutely Asian American Energy continued to increase drilling, and the scale of gas production can be expanded. The Panzhuang blockchain completed the forecast of 22 in the first half of 2019, and the cost of single drilling was 2.8 million yuan, followed by 2.9 million yuan in the same period last year.
For historical reasons, the 34 wells originally operated by China United Coalbed Methane were formally transferred to Asia and America in November 2018, adding 60,000 m ^ 3 of production to Panzhuang every day.
In October last year, the Development and Reform Commission approved the rapid growth of CBM production in the Mabi blockchain in the future.
The latest NDRC policy has changed the development plan of coalbed methane foreign cooperation projects from the approval system to the record system, which will help the company develop new blockchains and increase its growth space in the long run.
The national LNG price is in a downward range, and the saturation of coalbed methane is limited.
Affected by the growth rate of natural gas consumption in the country, the price of LNG has been in a downward range since the beginning of the year, and the average price in August decreased by about 20% compared with the same period in 2018.
However, the price of coalbed methane in Asian American Energy is significantly lower than that of LNG. The current price is still very competitive, and the consumption area is mainly in the central and western regions. The impact of LNG price reduction is limited.
During this period, the governments of the two countries strongly encouraged the development of coalbed methane and enjoyed zero coalbed methane.
3 yuan / cubic meter of government subsidy and subsidy 100% immediate rebate policy, we judge the future profitability of Asian American Energy aims to continue to maintain high growth.
Earnings forecast and estimation: Based on the comprehensive progress of Asian and American energy capacity release, the domestic natural gas consumption has grown rapidly and the national LNG price has fallen. We lower our forecast for the company’s 2019-2021 performance to 4.
05 and 6.
0.6 billion (before adjustment is 4).54 and 5.
Corresponding to the current expected PE is 12, 10 and 8 times.
Natural gas consumption continued to grow at a high rate, and the new policy on coalbed methane development was conducive to the company’s long-term expansion.