NFG Latest Report

Performance Review

National Fuel Gas recorded a total operating revenue of RMB549,482,000 as of December 31, 2024, up approximately 4.22% from RMB525,361,000 in 2023. This growth indicates a certain upward trend in the company's operating revenue, possibly reflecting improved market demand or successful sales strategies.

Key Financial Data

1. Revenue Growth: The company's operating revenue in 2024 was RMB549,482,000, up 4.22% year-on-year, indicating a certain sales growth in the market.

2. Financial Performance: The company achieved a hedging gain of US$61 million in the fourth quarter of 2024, demonstrating its outstanding performance in market fluctuations, contributing to the growth of operating revenue.

3. Market Factors: The growth of natural gas demand and price fluctuations are important factors driving revenue growth, especially in the context of increased winter heating demand.

4. Competitive Environment: Although the company's revenue growth rate is 4.22%, there are still some competitors in the industry with growth rates above 10%, indicating potential for market share expansion.

5. Policy Impact: The implementation of the "Regulations on the Utilization of Natural Gas" in 2024 may have a positive impact on companies in the industry, helping to promote the healthy development of businesses.

Peer Comparison

1. Industry-wide Analysis: The overall operating revenue of the natural gas industry is affected by multiple factors such as supply and demand, policy regulations, and market competition. Many natural gas companies also experienced revenue growth in 2024, indicating a positive trend in the industry and a recovery in market demand. According to the International Energy Agency, global natural gas demand in 2024 will reach a record high, driven mainly by demand growth in the Asia-Pacific region.

2. Peer Evaluation Analysis: National Fuel Gas' revenue growth rate of 4.22% is average in the industry, slightly slower than some rapidly growing companies. The revenue growth rate of Deshi Energy is 15.18%, while Shaanxi Tongfa's natural gas sales revenue increased by 8.94% in the first half of 2023. This shows that NFG has further room for improvement in terms of market share expansion and sales strategies.

Conclusion

National Fuel Gas' operating revenue grew by 4.22% in 2024, reflecting good market demand and successful sales strategies. However, compared to some rapidly growing companies in the industry, NFG's growth rate still needs to be improved, and future attention should be paid to market competition and policy changes affecting the company.

Opportunities

1. Growing Market Demand: With the increase in global natural gas demand, NFG has the opportunity to further expand its market share.

2. Optimized Sales Strategies: The company can improve sales and customer service to increase sales revenue.

3. Policy Benefits: The newly implemented "Regulations on the Utilization of Natural Gas" may provide a good development environment for the company.

4. Price Fluctuation Utilization: The company can manage price fluctuation risks through hedging strategies to enhance profitability.

5. New Product Development: Launching new products can attract more customers and increase operating revenue.

Risks

1. Intensified Competition: Rapid growth among industry peers may put pressure on NFG's market share.

2. Price Fluctuation Risk: Global natural gas price fluctuations may negatively impact the company's operating revenue.

3. Policy Change Risk: Changes in industry policies may affect the company's operating environment and profitability.

4. Macroeconomic Volatility: Uncertainty in economic recovery may affect overall market demand.

5. Natural Disaster Impact: Extreme weather events may disrupt supply-demand balance, affecting the company's performance.