信达证券研报指出，新奥股份2025H1实现归母净利润24.08亿元，同比减少4.82%；Q2实现归母净利润14.31亿元，同比减少1.23%，环比增长46.58%。公司具备天然气全产业链优势，有助于抵御气价波动，支撑盈利的持续稳健增长。私有化港股新奥能源后，公司EPS有望增厚，上下游一体化协同效益有望大幅增强。零售气业务上游资源池成本优化，下游顺价持续推进，城燃毛差有望进一步修复，零售气量有望稳健增长，推动公司城燃业务盈利提升。直销气业务25-29年共870万吨/年的长协气源有望放量，下游市场快速开拓，有望推动直销气业务的稳健增长。维持“买入”评级。
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