换肤

贵州燃气

i问董秘
企业号

600903

主营介绍

  • 主营业务:

    燃气销售及天然气支线管道、城市燃气输配系统、液化天然气接收储备供应站、加气站等设施的建设、运营、服务管理,以及相应的工程设计、施工、维修。

  • 产品类型:

    天然气销售和安装、综合能源供应服务

  • 产品名称:

    天然气销售和安装 、 综合能源供应服务

  • 经营范围:

    法律、法规、国务院决定规定禁止的不得经营;法律、法规、国务院决定规定应当许可(审批)的,经审批机关批准后凭许可(审批)文件经营;法律、法规、国务院决定规定无需许可(审批)的,市场主体自主选择经营。(许可项目:燃气经营;建设工程设计;建设工程施工;施工专业作业;燃气燃烧器具安装、维修;发电业务、输电业务、供(配)电业务;供电业务;保险代理业务(依法须经批准的项目,经相关部门批准后方可开展经营活动)一般项目:非电力家用器具销售;储能技术服务;电动汽车充电基础设施运营;光伏设备及元器件销售;光伏发电设备租赁;太阳能发电技术服务;站用加氢及储氢设施销售;新兴能源技术研发;热力生产和供应;生物质能技术服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;合同能源管理;信息咨询服务(不含许可类信息咨询服务);在保险公司授权范围内开展专属保险代理业务(凭授权经营)(除许可业务外,可自主依法经营法律法规非禁止或限制的项目))。

运营业务数据

最新公告日期:2026-04-23 
业务名称 2025-12-31 2025-06-30 2024-12-31 2023-12-31 2023-06-30
代输量:天然气(立方米) 2100.00万 - 3000.00万 - -
供应量:天然气(立方米) 19.06亿 - 19.09亿 - -
销量:天然气(立方米) 18.85亿 - 18.79亿 16.24亿 9.06亿
代输量:天然气(方) - 1200.00万 - - -
供应量:天然气(方) - 10.89亿 - - -
销量:天然气(方) - 10.77亿 - - -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大供应商:共采购了36.87亿元,占总采购额的75.06%
  • 中国石油天然气股份有限公司天然气销售贵州
  • 中国石油化工股份有限公司天然气分公司云贵
  • 重庆凯源石油天然气有限责任公司
  • 中海石油气电集团有限责任公司西南分公司
  • 自贡西部燃气有限责任公司
  • 其他
客户名称 采购额(元) 占比
中国石油天然气股份有限公司天然气销售贵州
26.20亿 53.33%
中国石油化工股份有限公司天然气分公司云贵
6.22亿 12.67%
重庆凯源石油天然气有限责任公司
1.91亿 3.88%
中海石油气电集团有限责任公司西南分公司
1.37亿 2.79%
自贡西部燃气有限责任公司
1.17亿 2.39%
前5大客户:共销售了8.48亿元,占营业收入的12.70%
  • 第一名客户
  • 第二名客户
  • 第三名客户
  • 第四名客户
  • 第五名客户
  • 其他
客户名称 销售额(元) 占比
第一名客户
4.42亿 6.62%
第二名客户
1.69亿 2.53%
第三名客户
1.00亿 1.50%
第四名客户
7449.64万 1.12%
第五名客户
6205.82万 0.93%
前5大供应商:共采购了35.92亿元,占总采购额的69.30%
  • 第一名供应商
  • 第二名供应商
  • 第三名供应商
  • 第四名供应商
  • 第五名供应商
  • 其他
供应商名称 采购额(元) 占比
第一名供应商
23.35亿 45.07%
第二名供应商
6.90亿 13.32%
第三名供应商
3.23亿 6.23%
第四名供应商
1.29亿 2.49%
第五名供应商
1.14亿 2.19%
前5大客户:共销售了7.88亿元,占营业收入的12.92%
  • 第一名客户
  • 第二名客户
  • 第三名客户
  • 第四名客户
  • 第五名客户
  • 其他
客户名称 销售额(元) 占比
第一名客户
3.94亿 6.46%
第二名客户
1.51亿 2.48%
第三名客户
9127.16万 1.50%
第四名客户
8633.08万 1.42%
第五名客户
6469.34万 1.06%
前5大供应商:共采购了33.23亿元,占总采购额的69.23%
  • 第一名供应商
  • 第二名供应商
  • 第三名供应商
  • 第四名供应商
  • 第五名供应商
  • 其他
供应商名称 采购额(元) 占比
第一名供应商
22.47亿 46.80%
第二名供应商
5.86亿 12.21%
第三名供应商
2.30亿 4.79%
第四名供应商
1.39亿 2.91%
第五名供应商
1.21亿 2.52%
前5大客户:共销售了11.13亿元,占营业收入的18.06%
  • 第一名客户
  • 第二名客户
  • 第三名客户
  • 第四名客户
  • 第五名客户
  • 其他
客户名称 销售额(元) 占比
第一名客户
5.92亿 9.60%
第二名客户
2.55亿 4.14%
第三名客户
1.10亿 1.79%
第四名客户
8344.53万 1.35%
第五名客户
7295.22万 1.18%
前5大供应商:共采购了34.24亿元,占总采购额的73.29%
  • 第一名供应商
  • 第二名供应商
  • 第三名供应商
  • 第四名供应商
  • 第五名供应商
  • 其他
供应商名称 采购额(元) 占比
第一名供应商
23.95亿 51.28%
第二名供应商
7.15亿 15.31%
第三名供应商
1.15亿 2.46%
第四名供应商
1.08亿 2.32%
第五名供应商
8975.32万 1.92%
前5大客户:共销售了8.50亿元,占营业收入的16.70%
  • 第一名客户
  • 第二名客户
  • 第三名客户
  • 第四名客户
  • 第五名客户
  • 其他
客户名称 销售额(元) 占比
第一名客户
5.04亿 9.91%
第二名客户
1.42亿 2.80%
第三名客户
7957.49万 1.56%
第四名客户
6241.19万 1.23%
第五名客户
6101.97万 1.20%
前5大供应商:共采购了25.05亿元,占总采购额的70.52%
  • 第一名供应商
  • 第二名供应商
  • 第三名供应商
  • 第四名供应商
  • 第五名供应商
  • 其他
供应商名称 采购额(元) 占比
第一名供应商
16.61亿 46.75%
第二名供应商
5.57亿 15.67%
第三名供应商
1.02亿 2.86%
第四名供应商
9956.55万 2.80%
第五名供应商
8630.09万 2.43%

董事会经营评述

  一、报告期内公司从事的业务情况  公司主要从事城市燃气运营,主要业务为燃气销售及天然气支线管道、城市燃气输配系统、液化天然气接收储备供应站、加气站等设施的建设、运营、服务管理,以及相应的工程设计、施工、维修。报告期内,公司主营业务未发生重大变化。  公司从上游供应商购入管道天然气、液化天然气、页岩气及生物质气等气源,通过天然气支线管道、门站、储配站、各级输配管网等设施,输送和分配给城市居民、商业、工业、采暖、加气站、综合用能等用户;为客户提供以天然气为主、多种清洁能源为辅的综合能源供应服务。    二、报告期内公司所处行业情况  当今世界正处于百年未有之大变局与第三次能源转换的浪潮交汇时期... 查看全部▼

  一、报告期内公司从事的业务情况
  公司主要从事城市燃气运营,主要业务为燃气销售及天然气支线管道、城市燃气输配系统、液化天然气接收储备供应站、加气站等设施的建设、运营、服务管理,以及相应的工程设计、施工、维修。报告期内,公司主营业务未发生重大变化。
  公司从上游供应商购入管道天然气、液化天然气、页岩气及生物质气等气源,通过天然气支线管道、门站、储配站、各级输配管网等设施,输送和分配给城市居民、商业、工业、采暖、加气站、综合用能等用户;为客户提供以天然气为主、多种清洁能源为辅的综合能源供应服务。
  
  二、报告期内公司所处行业情况
  当今世界正处于百年未有之大变局与第三次能源转换的浪潮交汇时期,绿色低碳转型已成为全球发展的重要驱动引擎。党的二十届四中全会对“十五五”期间我国能源产业发展的主要目标和具体任务作了全面部署,明确“十五五”末“初步建成清洁低碳安全高效的新型能源体系”,将保障能源安全放到了突出位置,首次提出“建设能源强国”,为“十五五”时期能源产业高质量发展提供了根本遵循。省委十三届八次全会将能源定位为我省举足轻重的支柱产业、经济社会发展的重要支撑和保障,提出巩固提升新型综合能源产业集群。党中央和省委、省政府明确了能源产业的重要地位,为公司高质量发展提供了难得的历史机遇。
  “十四五”时期,贵州省深入实施“富矿精开”战略,开展城镇燃气和天然气基础设施建设攻坚行动,推动非常规天然气勘探开发、天然气管道建设等领域取得巨大突破。截至2025年,贵州省累计煤层气探明储量447亿立方米、页岩气探明储量380亿立方米,非常规天然气产量达5.85亿立方米,接通长输天然气管道县区达67个,天然气消费量超35亿立方米。“十五五”时期,贵州省将围绕健全高效协同的天然气产供储销体系,统筹煤层气开发利用和煤矿瓦斯抽采综合治理,推动页岩气产量快速提升,加快建设全省天然气“一张网”,持续提升油气储备和天然气调峰能力。到2027年,全省88个县级城区实现天然气管道“县县通”;到2030年,全省非常规天然气产量达30亿立方米。这为公司高质量发展提供了坚实的基础。
  截至报告期末,公司在贵州省内已建成6条天然气支线管道,在省内38个特定区域及1个省外特定区域取得了管道燃气特许经营权,业务范围覆盖贵州省主要城市、核心经济区和主要工业园区,公司在贵州省天然气市场占主导地位,是行业内全国少有的全省性燃气企业。
  三、经营情况讨论与分析
  本报告期,面对能源市场深刻变革、行业竞争加剧的复杂局面,公司认真贯彻落实党的二十大和二十届历次全会精神和习近平总书记在贵州考察时的重要讲话精神,全面落实省委、省政府的各项决策部署,聚焦主责主业,统筹高质量发展与高水平发展,生产经营总体呈现平稳态势。2025年,公司实现天然气供应量19.06亿立方米,同比下降0.17%,其中天然气销售量18.85亿方,代输量0.21亿方;完成营业收入66.41亿元,同比下降0.59%;公司实现净利润1.09亿元,同比下降3.47%;实现归属于母公司股东的净利润0.47亿元,同比下降24.62%。报告期末,公司资产总额118.43亿元,同比增长4.04%;净资产40.93亿元,同比增长0.46%;归属于母公司股东的净资产31.19亿元,同比下降0.27%。
  (一)聚焦市场开拓服务,推动经营稳步发展
  本报告期,公司精准锚定“稳存量、扩增量、提质量”的核心发展主线,围绕年度目标任务,全力抓好市场拓展与服务,强化客户价值挖掘,增强客户黏性与贡献度,稳慎推进省内城燃市场整合与空白区域市场发展。报告期内,取得习水县六乡镇管道燃气特许经营权,发展居民用户超15万户、非居民用户超2,200户,累计建档户数超320万户。
  统筹综合能源发展,系统性布局增值业务,逐步开展“产品+服务”的销售模式,全力开拓第二增长曲线。
  (二)聚焦项目投资建设,筑牢可持续发展根基
  本报告期,公司以提升供气保障能力与输气管网韧性为核心,统筹支线管道建设、老旧管网改造、应急储备设施完善等项目投资,推进黔北、黔中、黔西等区域管网互联互通,服务全省天然气管网“一张网”。报告期内,公司完成老旧管道改造144.60公里,遵义新舟至和平天然气输气管道项目正式通气,天然气储备能力达0.96亿立方米。积极争取政策资金,播州区城镇燃气瓶改管、安顺市西秀区燃气用户安全设施改造等8个项目成功获批超长期特别国债资金支持。坚持创新驱动发展,开展智能阴保测试装置、燃气管道FRP光固化装置等7项实用新型专利申报,与武汉大学联合申报2项国家、省级重大研发任务,创新及应用能力持续提升。以“123”智慧燃气生产综合调度指挥体系为核心的全省燃气调控中心投入运营,数智化转型全面贯穿主营业务,提升公司应急响应和调控效率。
  (三)聚焦改革深化提升,持续推进治理体系建设
  本报告期,公司以国企改革深化提升行动为抓手,坚持“两个一以贯之”,在完善现代企业制度过程中全面加强党的领导,完成新一届董事会换届选举,推进监事会改革与董事会职权落实,健全完善董事会授权机制,形成权责法定、权责透明、协调运转、有效制衡的公司治理机制。优化公司组织架构,剥离组建贵州燃气集团贵阳市燃气有限公司,新设立6个区域性主业子公司党委,推动劳动、人事、分配三项制度改革,开展经理层任期制与契约化管理、管理人员竞争上岗、全员绩效考核等各项制度建设,形成覆盖经理层、部门中层、一般员工的市场化经营机制。优化子公司管控机制,规范各子公司股东会、董事会、党委会、经理层的建设和决策,理顺集团总部与子公司的权责关系。推进依法经营,成立法治建设工作领导小组,全面强化合规管理,筑牢风险管理“三道防线”,构建权责清晰合规管理架构。
  (四)聚焦安全生产管理,提升本质安全水平
  本报告期,公司始终坚持“人民至上、生命至上”,健全完善安全生产责任管理体系,构建长效安全机制,全面提升本质安全水平。报告期内,公司以安全生产治本攻坚三年行动为核心抓手,统筹推进教育培训、标准化建设、隐患排查治理与应急能力建设四大关键路径,辅以专项工作、数字化赋能、安全投入、班组建设等多维支撑,推动安全管理体系全面向系统化、精细化、智能化跃升。通过城镇燃气安全专项整治工作、安全生产思想作风纪律大整顿等专项工作,全面排查整治各类风险隐患,全面推进居民用户“三年难入户”安全检查,坚决遏制安全事故发生;7S场站建设持续深化,新增15个“7S”标准化场站;无“三违”班组建设深入推进,覆盖一线班组148个。引入PPB级、PPM级高精度巡检设备,长输管道采用无人机协同巡检模式,有效缩短泄漏识别响应时间。
  (五)聚焦多方合作共赢,强化多气源供应格局
  本报告期,公司加快推进管道及应急储备基础工程建设,建立完善应急救援抢险队伍,持续完善区域管网互联互通,坚持构建“三大气源为主、关联单位作补充、中间商做调节”的多气源供应格局,多渠道引进中石油、中石化、中海油及川气、渝气、海气等气源资源,统筹推进贵州省天然气产供储销一体化发展,加快煤层气、页岩气等勘探开发利用,推进黔北区域页岩气、六盘水区域煤焦化气、黔西区域煤层气的使用,形成供应充足、运行稳定、调度精准、保障有力的天然气供应体系。
  
  四、报告期内核心竞争力分析
  (一)品牌优势
  公司专业运营城市燃气30多年,核心技术人员和专业化管理团队保持稳定,在城市燃气输送、生产供应、服务以及城市燃气工程设计、施工、维修业务等方面积累了丰富的运营和安全管理经验。公司荣获“中国能源企业500强”“中国工业行业履行社会责任五星级企业”“贵州企业100强”“贵州省诚信示范企业”“贵州省履行社会责任五星级企业”“贵州新时代绿色发展50强”“贵州服务企业50强”“贵州省低碳减排之星”贵州省首批“省级健康企业”“2024年度(行业)标志品牌”及上市公司金牛奖“金信披奖”等荣誉,在行业内获得了良好的口碑。
  (二)管网优势
  近年来,公司加快推进省内支线管道基础建设工程,持续完善区域管网互联互通,不断提高燃气管网覆盖率,提升城市整体输气能力。截至本报告期末,公司在贵阳市、贵安新区、遵义市、安顺市、都匀市、凯里市、毕节市、六盘水市、仁怀市、盘州市、桐梓县、习水县、镇宁县等多个城市建设了用于接收国家主干管道天然气的门站、分输站及联络线等设施,公司城市管网覆盖贵州省主要城市、人口集聚区、核心经济区和主要工业园区。
  (三)资源优势
  贵州省围绕国发〔2022〕2号文件精神,统筹推进贵州省天然气产供储销一体化发展,推进川气入黔、海气入黔等工作,推进黔北区域页岩气、六盘水区域煤焦化气、黔西区域煤层气的利用。公司把多气源供应作为支撑发展的第一保障,紧紧围绕量足价优的目标,打通气源跨省串换入黔渠道,破解全省管道气资源单一供应难题,打造供应充足、运行稳定、调度精准、保障有力的天然气供应体系,构建多气源保障格局,为高质量发展筑牢坚实基础。
  (四)数字化管理优势
  公司持续推进数字化建设,从数据标准化出发,以业务全流程数字化应用为抓手,依托贵州燃气“123智慧能源生产综合指挥体系”,加强客户服务、工程建设、财务管理、安全管理、生产运行等业务领域数字化建设,以数智化赋能天然气全产业链条,推动公司由单一的天然气供应向数字化、智能化的综合能源运营转型升级。
  (五)规模优势
  城市燃气属于市政公用事业,实行特许经营,在同一供气区域内具有自然排他性,管网覆盖区域越广、规模越大,公司发展潜力越大。按照贵州省委、省政府要求,公司全力推动贵州省天然气行业发展,承接中缅、中贵管道天然气入黔项目,积极投资建设贵州省天然气支线及气源接收、输送、储气等相关配套设施。2012年以来,公司建成6条天然气支线管道并建设用于接收国家管道天然气的门站、分输站等设施,省内最大的LNG应急调峰设施2024年投产试运行,自有储备能力大幅提升,随着贵州省天然气普及和产能利用率提升,公司管道等接气设施仍可满足相关区域未来中长期天然气生产运行需要。贵州燃气在省内38个特定区域及1个省外特定区域取得了管道燃气特许经营权,贵州省9个地州首府中贵阳市(含贵安新区)、遵义市、安顺市、毕节市、六盘水市、凯里市、都匀市均由公司经营,特许经营区域覆盖贵州省主要人口聚集区及核心工业园区,公司是贵州省供气规模最大、管网覆盖区域最广、服务用户最多的城市燃气专业运营商及综合能源供应服务商。公司在省内大范围的管网辐射和大规模的能源供应服务有助于提升管理效率、降低运营成本,实现规模效益。
  贵州燃气主要业务分布区域
  (六)市场优势
  根据国发〔2022〕2号文件要求,贵州省全力实施围绕“四新”主攻“四化”主战略、实现“四区一高地”主定位,统筹社会经济发展。根据《2025年贵州省政府工作报告》及贵州省统计局相关数据显示,2025年贵州省地区生产总值23,562.17亿元,比上年增长4.9%,2025年末,全省常住人口3,857万人,城镇常住人口2,224万人,占全省常住人口的比重为57.66%,比上年末提高1.01个百分点,电力、热力、燃气及水生产和供应业投资增长8.9%。贵州省经济运行回升向好,新型城镇化进程稳步推进,有效需求进一步扩大,用户基数和用气需求扩大,贵州能源市场的高成长性和其他清洁能源的匮乏性,为贵州城市燃气行业提供较大的潜在市场发展空间。
  (七)政策优势
  2022年1月,国务院印发《关于支持贵州在新时代西部大开发上闯新路的意见》,提出要加强市政设施和防灾减灾能力建设,推进燃气等城市管道建设和更新改造,强化能源消费强度和总量双控,落实重点领域节能降碳要求,推进“川气入黔”、“海气入黔”等工作。
  2023年7月,贵州省发改委出台《贵州省城镇管道燃气配售价格管理办法》,2024年3月,出台《贵州省油气管道运输价格管理办法(试行)》,进一步健全完善城镇管道燃气配气和销售价格管理及省内支线管道运输价格管理,促进贵州省城镇燃气行业、管道运输行业健康有序安全可持续发展。
  2024年5月,国家发展和改革委员会修订《天然气利用管理办法》,提出对优先类用气项目,鼓励地方各级人民政府及相关部门在规划、用地、融资、财税等方面给予政策支持。天然气利用坚持产供储销体系协同,供需均衡、有序发展;坚持因地制宜、分类施策,保民生、保重点、保发展;坚持绿色低碳,促进天然气在新型能源体系建设中发挥积极作用。
  2024年7月,贵州省人民政府办公厅印发了《贵州省城镇燃气和天然气基础设施建设攻坚行动方案(2024—2027年)》。《方案》提出,要以深入推进城镇燃气管道“带病运行”专项治理、实现管道天然气“县县通”为重点,系统规划全省城镇燃气和天然气基础设施建设,规范整顿城镇燃气行业秩序,支持有能力的城镇燃气经营主体采取收购、控股等方式整合“小散弱”经营主体,进一步扩大管道天然气覆盖范围、提高管道燃气普及水平。
  2026年1月,贵州省第十四届人民代表大会第四次会议通过《贵州省国民经济和社会发展第十五个五年规划纲要》。《纲要》提出,巩固提升新型综合能源产业集群,构建清洁低碳、安全高效的新型能源体系。加快非常规天然气勘探开发及气源上载通道布局建设,推动毕水兴煤层气产业化基地、遵义页岩气示范区增储上产,打造织金、盘州等煤层气重点建产区和黔北、黔东南页岩气重点建产区,提高非常规天然气自给率。统筹天然气调峰储备能力集中布局建设,推动建设习水—遵义、黔东南州等一批储气调峰站,提升天然气保供能力。加快实施天然气输气管道建设工程,推进城镇新建燃气管道和老旧燃气管道改造,加快实现管道天然气“县县通”,构建全省天然气管道“一张网”。推动全省天然气资源交易中心建设。加快推动川气、渝气入黔,积极融入“全国一张网”。
  
  五、报告期内主要经营情况
  本报告期,公司实现天然气供应量19.06亿立方米,同比下降0.17%,其中天然气销售量18.85亿方,代输量0.21亿方;完成营业收入66.41亿元,同比下降0.59%;公司实现净利润1.09亿元,同比下降3.47%;实现归属于母公司股东的净利润0.47亿元,同比下降24.62%。报告期末,公司资产总额118.43亿元,同比增长4.04%;净资产40.93亿元,同比增长0.46%;归属于母公司股东的净资产31.19亿元,同比下降0.27%。
  
  六、公司关于公司未来发展的讨论与分析
  (一)行业格局和趋势
  1、政策制度体系更加法治化、规范化
  行业监管将从传统的“重准入、轻运营、弱追责”逐步转向覆盖事前、事中、事后全生命周期的刚性监管,法治化、规范化将成为行业发展的根本遵循。
  政策法规系统性升级。2024年11月8日第十四届全国人民代表大会常务委员会第十二次会议表决通过的《中华人民共和国能源法》,作为能源领域基础性、综合性法律,其所确立的能源规划、开发利用、市场体系、储备应急、科技创新、监督管理与法律责任等方面的核心规定,将成为城镇燃气行业全链条管理的根本准则。在安全管理层面,燃气安全专项整治将从阶段性集中治理转向常态化管控,企业安全生产主体责任全面压实,形成覆盖管网设施、用户终端、场站运营、应急处置的全链条监管机制,对违法违规运营、安全责任不落实行为的追责问责力度将显著加大。
  特许经营与市场监管机制持续规范。按照“十五五”规划纲要关于深化公用事业市场化改革、建设全国统一大市场的部署要求,特许经营刚性准入退出机制全面落地见效,对于不符合安全运营要求、保供履约不到位、违规转包经营的市场主体,将被依法依规撤销其特许经营权,新增特许经营项目全面推行市场化竞标。跨部门联合监管、数字化智慧监管、信用分级分类监管等模式进一步推广,监管体系与城市生命线工程、新型城镇化建设深度融合,合规运营能力、安全管控能力将成为市场主体存续发展的核心前提。
  价格市场化改革向纵深推进。围绕《能源法》关于能源价格形成机制的法定要求,以及“管住中间、放开两头”的天然气行业改革总体方向,输配环节成本监审持续强化,不合理输配收费将进一步规范,上下游价格联动机制将进一步理顺,居民用气顺价机制将刚性落地,终端销售价格形成机制将更加透明规范,在坚守民生保供公益属性的同时,为行业可持续经营预留合理空间。同时,基础设施建设与运营相关政策持续完善,管网设施公平开放、应急储备商业化运营将得到有力的政策保障。
  2、供应保障能力系统性提升
  行业将构建“国产为主、进口为辅、多元互补、韧性充足”的气源供应保障格局,供应链自主可控能力与抗风险能力系统性提升。
  国产气供应基础保障作用进一步增强。“十五五”时期实施的中长期油气增储上产战略行动与新一轮找矿突破战略行动,将推动鄂尔多斯盆地、新疆、川渝等地区成为陆上常规天然气增产核心区域,川渝地区将建成全国最大的页岩气生产基地,页岩气、煤层气、煤制气等非常规天然气将成为产量增长新亮点,为国内天然气产量稳步增长提供了有利的政策支持,也为城镇燃气供应提供稳定的本土气源保障。
  进口气源保障能力与多元化水平持续提升。随着沿海LNG接收站布局持续完善,天然气进口来源进一步拓宽,进口LNG将成为城镇燃气供应的重要补充,多元供应格局持续巩固,有效弥补国内气源供应缺口,提升供应体系的调节灵活性。但复杂多变的国际环境可能会给海外天然气供应安全带来一定不确定性。
  储气调峰与统筹调配机制持续健全。地方政府、上游供气企业、城镇燃气企业将全面落实储气能力建设的法定要求,气源地储气库、大型LNG储气设施持续完善,强化储气设施与管网设施、政府储备和企业储备“两个协同”,通过建立更加灵活的轮换动用机制,进一步增强天然气储备调节保障能力。“全国一张网”统筹调配能力持续增强,最高日供气量保障能力稳步提升,可有效应对季节性调峰与应急保供需求,从根本上强化城镇燃气供应体系的抗风险韧性。
  3、行业市场格局深度重塑
  行业将告别分散经营的无序竞争状态,行业集聚效应持续显现,市场集中度稳步提升,形成层级清晰、分工明确、竞争有序的市场发展新格局。
  行业规模化整合全面提速。安全合规成本高企、气源保障能力不足、资金技术实力薄弱的区县、乡镇级中小市场主体,生存空间将持续收窄,行业将通过并购重组、国资划转、市场化退出等方式实现低效主体出清,行业经营主体数量持续压减。“一城一企、一县(区)一企”的运营模式将推动区域内分散燃气企业整合重组,实现区域燃气资源统一规划、统一建设、统一运营、统一管理。
  “龙头引领、区域主导”的市场格局加快构建。全国性龙头企业将依托气源保障、资金实力、运营管理等核心优势,持续整合区域优质项目,通过深化与地方国资的合作,巩固核心区域市场份额。大型区域性燃气企业特别是国有企业将立足公用事业运营管控职责,加快整合碎片化资源,成为区域市场保供稳价、安全运营的核心力量,形成全国性龙头引领、区域性企业主导的双层次市场发展格局。
  市场竞争全面升级。行业竞争焦点从传统的特许经营权资源争夺转向安全运营、综合服务、低碳转型等综合实力的全面比拼,具备跨区域、跨品类服务能力的市场主体可通过市场化竞标、合作运营等方式参与区域燃气市场建设,合规运营能力、技术实力、服务水平将成为地方政府选择合作主体的核心评判标准。
  4、发展动能实现转换
  行业“燃气购销价差+工程接驳费”的增长模式将发生转变,价值重心将从燃气商品销售向综合能源服务供给延伸,形成“基础保供业务托底、综合服务业务增值”的发展格局。
  传统发展动能逐步减弱。受新型城镇化增速放缓、房地产市场调整的影响,新建住宅燃气接驳业务收入持续萎缩,已无法支撑行业规模扩张;输配环节价格监管持续从严,购销价差空间受到严格管控,燃气销售业务将逐步从盈利核心转变为提供稳定现金流的托底业务,行业发展将从规模扩张期转入“增速放缓、结构优化、提质增效”的高质量发展新阶段。
  消费结构深度重构。民生用气需求稳步扩容,南方地区采暖用气继续成为城镇燃气消费的增长极,重点城市天然气采暖覆盖率及用气量增速进一步提升,城市燃气管网覆盖范围持续扩大,为行业发展提供稳定的基础支撑。工业用气实现结构性增长,传统化肥化工领域用气增长空间受限,光伏玻璃、锂电池材料等高端制造业与算力中心等新兴高耗能产业成为工业用气增长的核心驱动力,工业用气成为城镇燃气消费的核心基本盘。交通用气开辟新的增长空间,LNG重卡市场渗透率持续提升,远洋LNG船舶绿色转型同步提速,为交通用气持续增长提供稳定动力。
  盈利结构与行业价值进一步转型。非燃气销售业务将成为核心增长引擎,增值服务、综合能源服务、低碳服务等新兴业务利润占比持续提升,逐步摆脱对传统燃气购销业务的路径依赖。行业核心价值将从单一的燃气输配与销售升级为承载城市安全保供、能源调峰、低碳转型的公共服务价值以及为终端用户提供一站式能源解决方案的综合服务价值,用户全生命周期价值挖掘将成为行业增长的核心抓手。
  5、数智化转型与多能融合纵深推进
  数智化将成为行业标配能力,多能融合将成为行业转型的核心方向。
  数智化转型推动本质安全水平与运营效能提升。城市燃气老旧管道更新改造持续推进,同步建立管网设施全生命周期管理机制,实现设计、建设、运维、报废全流程数字化管控,行业运营逻辑将从“被动抢修”转向“主动预防”,管网漏损率、安全事故发生率将大幅下降。智慧燃气体系实现全域覆盖,数字孪生、人工智能、物联网、大数据等新一代信息技术将全面融入管网输配、场站运营、用户服务、应急处置、运营管理全业务链条,智能燃气表具基本实现全域覆盖,打通用户端安全监管盲区。场站无人值守、数字孪生管网等技术规模化应用,将大幅降低运营成本,提升全链条运营效率。同时,监管平台OT与IT数据深度融合,推动行业安全监管效能实现质的飞跃。
  多能融合发展路径进一步拓宽。在碳达峰碳中和目标与新型能源体系建设的引领下,城镇燃气企业将从传统的城市民生燃气供应商转型为城市新型能源体系的核心节点、低碳转型的重要载体,形成“燃气为主、多能互补、低碳融合”的全新发展格局。城镇燃气企业将依托现有管网资源、客户资源、场站资源,规模化布局分布式综合能源项目,为工业园区、商业综合体、公共建筑提供一站式综合能源服务。氢能产业布局全面提速,行业将依托现有燃气管网设施,推进天然气管网掺氢燃烧试点规模化落地,同步布局城市加氢站、输氢管网等基础设施,成为城市氢能供给体系的核心建设与运营主体。同时,依托海量终端用户资源,延伸拓展节能改造、碳核算、碳减排、碳资产管理等低碳增值服务,深度参与城市、园区、企业的“双碳”行动,实现从传统能源供应商全面转型为城市低碳转型综合服务商。
  (二)公司发展战略
  为践行中央“创新、协调、绿色、开放、共享”五大发展理念,积极响应国家“碳达峰、碳中和”战略决策部署,公司坚持“立足贵州、深耕主业、上下延伸、供应多源”的总体发展战略,积极培育新质生产力。公司紧抓能源行业发展机遇,以持续提升能力和效益为目标,以提供优质产品和高效服务为抓手,不断深耕现有市场,积极拓展具有潜力的新区域、新用户,扩大市场份额;以天然气全产业链为发展方向,充分发挥国资国企和资本市场两个平台的优势,加快上下游资源整合,协同推进天然气产-供-储-销四个产业链条一体化发展,向天然气各应用领域拓展,逐步向氢能、光伏、生物质能等新能源方向延伸;以大数据、物联网等信息化手段,不断提高创新运营能力,增强核心功能,为实现从天然气单一能源供应商向综合能源运营服务商转型的目标奋力迈进。
  (三)经营计划
  2026年公司计划天然气销售20.09亿立方米,营业收入69.32亿元,利润总额1.56亿元。
  特别提示:上述财务预算、经营计划、经营目标并不代表上市公司对2026年度的盈利预测或业绩承诺,存在不确定性,请投资者特别注意风险。
  (四)可能面对的风险
  1、政策风险
  (1)管道天然气销售业务政府定价导致的风险
  我国天然气体制改革按照“管住中间、放开两头”的总体思路进行。随着国家管网公司成立运营,气源采购向市场公平开放;国家发展改革委2020年新版《中央定价目录》中,天然气门站价正式从定价目录中移出,未来气源价格可根据市场变动。城市燃气企业可多渠道选择气源,但同时存在气源采购成本增加的风险。公司上游管道气气源供应商频繁调整价格,在燃气销售价格仍然受到较为严格管制情况下,公司向下游转移成本的能力受到一定限制。目前,贵州省虽已建立上下游价格联动机制,但因上下游价格调整方式、调整时间与调整幅度不一致,存在成本无法完全、及时向下游转移的风险。
  2025年7月28日国家发展改革委、国家能源局发布《关于完善省内天然气管道运输价格机制促进行业高质量发展的指导意见》(发改价格〔2025〕1014号),要求省内各级天然气管道(不含企业内部自用管道)运输价格,由省级发改委按照准许成本加合理收益统一核定,统一折旧年限,合理确定收益率;原则上不再下放定价权限。从“一线一价、一企一价”,逐步向分区定价或全省统一价格过渡,新建管道运价原则上参照标杆价、分区价或全省统一价执行。加强管网整合,严控重复建设,压减供气中间环节、降低成本。
  国家发展改革委发布《石油天然气基础设施规划建设与运营管理办法》(国家发展改革委令第35号)自2026年1月1日起施行,“第十六条支持上游企业和下游城燃、工业等用户间直购直销”。
  (2)燃气工程安装业务政府定价导致的风险
  2019年6月27日国家发展改革委发布《关于规范城镇燃气工程安装收费的指导意见》(发改价格〔2019〕1131号),要求加强工程安装收费管理;取消燃气企业为排除用气安全隐患而开展的燃气表后至燃具前设施修理、材料更换等服务所需费用,纳入配气成本统筹考虑。2023年12月25日《省发展改革委关于规范我省城镇燃气工程安装及服务收费有关事项的通知》(黔发改收费〔2023〕909号)明确各地价格主管部门要按照国家和省的部署,积极推进燃气收费清理工作,城镇燃气工程安装收费标准过高的,要及时降低;原定的燃气工程安装收费中包含计量装置费用的,要将其剥离,降低收费标准,并明确收费范围及服务内容,切实减轻社会负担。公司存在因政府定价政策变化导致收入降低的风险。
  (3)税收政策变化可能带来的风险
  根据财政部、税务总局、国家发展改革委联合下发的《关于延续西部大开发企业所得税政策的公告》(财税2020年第23号),自2021年1月1日至2030年12月31日,对设在西部地区的鼓励类产业企业减按15%的税率征收企业所得税。由于我国目前正在积极稳妥地推进税制改革,与公司相关的税收优惠政策理论上存在不确定性。如公司无法享受税收优惠,将给公司的盈利水平、资金筹措及使用造成影响,公司存在因税收政策变化导致的经营业绩不确定性风险。
  2、经营风险
  (1)管道气供应商集中的风险
  公司管道天然气主要来自中石油,报告期内,管道气供应基本稳定。随着国家管网公司正式运营,公司积极开拓其他管道气气源,但目前国内能稳定供应管道天然气的供应商仍以中石油、中石化、中海油为主,公司管道天然气供应商仍较为集中。由于我国天然气在用气高峰仍存在供应紧张情形,如未来上游管道气供应商在天然气调配平衡中因政策或其他因素不能为公司提供足够合同内气源,公司将以市场价采购LNG,并以高额的线上竞拍价购入额外管道气资源以补充城市燃气气源缺口,将对公司经营效益产生不利影响。
  (2)下游市场需求波动的风险
  天然气下游市场需求受多种因素影响,若宏观经济下滑或政策变化导致天然气消费增速放缓或天然气市场萎缩,则可能给公司经营带来不利影响。
  (3)市场竞争加剧的风险
  2017年6月,国家发展改革委、国家能源局等13部委出台《加快推进天然气利用的意见》,明确“建立用户自主选择资源和供气路径的机制”,用户可自主选择资源方以及供气路径,减少中间环节,降低用气成本。2022年1月,国家发展改革委、国家能源局发布《“十四五”现代能源体系规划》,提出要稳步推进天然气价格市场化改革,减少配气层级,或最终形成供气上游—用气终端的用气模式,可能给公司经营带来不利影响。同时,来自替代燃料、其他清洁能源竞争加剧,给公司未来的业务布局及发展带来一定的挑战。
  (4)工程安装业务量下降的风险
  工程安装与房地产行业景气度高度相关。若房地产行业持续下行,新房交付量持续减少,公司工程安装业务量将受到影响,将对公司经营情况产生不利影响。
  (5)特许经营权的风险
  截至报告期末,公司已获得39个特定区域的城市燃气特许经营权,如不能持续满足特许经营协议要求,存在被取消或提前终止特许经营协议的风险;由于管道燃气实行特许经营,公司业务区域的扩张通常需要获得目标区域的特许经营权,如公司不能取得新的特许经营权,经营规模的扩张会受到影响,不利于公司经营战略目标的实现。
  (6)安全生产的风险
  《贵州省城镇燃气管理条例》于2020年1月1日正式施行,对相关管道运营、安全管理等提出了新要求;《中华人民共和国安全生产法》已经修改并自2021年9月1日起施行,要求加强安全生产工作,提高安全生产水平,确保安全生产。因行业特性,公司未来仍不能完全排除因第三方破坏、违章占压燃气管道、老旧管道改造、用户端违规用气等因素引发的燃气事故,或因自然灾害等不可抗力因素导致管道毁损引起天然气泄漏等安全事故的可能性。
  (7)业务规模扩大引致的管理风险
  随着公司市场拓展和上下游业务延伸,公司可能面临业务扩张带来的风险:一是若公司管理水平不能及时适应发展需要,将影响公司实现经营战略目标,从而影响公司的经营业绩或盈利水平;二是扩张整合过程中若企业文化及业务协同不足,可能导致标的公司经营效益不及预期;三是业务扩张可能推高公司资产负债率,加剧流动性压力。
  (8)业务区域集中的风险
  公司业务以省内燃气经营为主,虽已在省外取得1个特定区域的城市燃气特许经营权,但主要业务仍集中在贵州省内,公司未来的经营业绩受已取得天然气特许经营权区域的社会经济增长、城镇化水平及人均收入等因素影响,若已取得天然气特许经营权区域的天然气使用量增长不足,公司将面临业绩下滑的风险。
  (9)经营业绩的风险
  公司城市管网和支线管道项目投资额大、建设周期长,目前建设资金以银行借款等债务融资方式取得,财务成本较高;项目建成后折旧及运营等成本增加,项目能否达到预期,及时产生稳定的收入和收益,存在一定的不确定性;因国际政治局势及大宗商品交易价格影响,导致能源价格剧烈波动,公司气源采购成本高,下游燃气价格因受政府管控,成本难以疏导,经营业绩存在下滑的风险。
  (10)人才流失及复合型人才不足的风险
  尽管公司拥有多年燃气行业从业经历、生产运营和管理经验丰富的管理层及业务人员,已制定并实施了多种绩效激励制度,报告期内核心管理团队保持稳定,但随着燃气市场规模的扩大,可能有新的竞争对手进入,不排除关键管理人员、核心技术人员流失的风险;公司经营规模不断扩大,对相应人才的需求也随之扩大,同时,随着业务范围扩展,可能面临人才不足和缺乏新型业务方面人才的风险。公司如不能及时补充适应新形势下企业发展的复合型高素质人才,公司发展将受到制约。
  3、法律风险
  公司一贯秉承守法合规经营的原则,建立了较为健全的内部控制制度,能够对公司生产经营各个环节进行较为有效地控制,但在实际经营过程中由于经营复杂性,存在被行政处罚的风险和诉讼过程中败诉的风险。 收起▲

产品价格

数据截至(20260522)
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20260522,10.42,2.91,4.3043043043043,-3.6779324055666,20260522
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