Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) Bundle
Shaanxi Provincial Natural Gas Co., Ltd. (002267.SZ) presents a mixed but data-rich picture for investors: Q1 2025 revenue reached 3.55 billion CNY (up 4.22% year‑over‑year) with TTM revenue of 9.18 billion CNY (+7.80% YoY) after 2024 annual sales of 9.03 billion CNY (+15.62%), driven by 7.06 billion CNY in natural gas sales, 1.66 billion CNY in pipeline transportation and 186.88 million CNY in gas engineering installation; profitability shows a half‑year net income of 509.31 million CNY (down from 582.87 million CNY) and H1 EPS of 0.458 CNY (vs. 0.5241 CNY), with TTM net income of 575.39 million CNY, a profit margin of 7.29%, operating margin of 15.88% and ROE of 8.52%; the balance sheet reveals total debt of 3.80 billion CNY, debt‑to‑equity of 56.52%, but tight liquidity with a current ratio of 0.29 and quick ratio of 0.19, while interest coverage is 6.29 and valuation metrics include a market cap of 8.31 billion CNY, P/E 14.44, P/S 0.92, EV/EBITDA 7.63 and P/FCF 13.19; material downside risk includes a May 2025 pipeline price cut expected to reduce operating revenue by ~262 million CNY and net profit by ~223 million CNY-read on for a line‑by‑line breakdown and what these numbers mean for potential investors
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Revenue Analysis
Key topline metrics highlight steady revenue growth through 2024 into early 2025, driven primarily by core natural gas sales and pipeline transportation.
- Q1 2025 revenue: 3.55 billion CNY (+4.22% YoY vs Q1 2024)
- TTM revenue as of 2025-03-31: 9.18 billion CNY (+7.80% YoY)
- Full-year 2024 revenue: 9.03 billion CNY (+15.62% YoY vs 2023)
- Market capitalization (2025-12-12): ~8.31 billion CNY
| Period | Revenue (CNY) | YoY Change | Notes |
|---|---|---|---|
| Q1 2025 | 3,550,000,000 | +4.22% | Quarterly topline |
| TTM ended 2025-03-31 | 9,180,000,000 | +7.80% | Trailing twelve months |
| FY 2024 | 9,030,000,000 | +15.62% | Annual report figure |
| Market Cap (2025-12-12) | 8,310,000,000 | - | Approximate market value |
Revenue composition (FY 2024):
- Natural gas sales: 7,060,000,000 CNY
- Pipeline transportation: 1,660,000,000 CNY
- Gas engineering installation services: 186,880,000 CNY
Implications for investor focus:
- Core dependency on natural gas sales (≈78.2% of 2024 revenue).
- Pipeline transportation provides diversification and stable midstream cash flow (≈18.4% of 2024 revenue).
- Engineering installation is a smaller, potentially higher-margin but more cyclical segment (≈2.1% of 2024 revenue).
- Recent TTM growth (7.8%) vs strong 2024 full-year growth (15.62%) suggests deceleration into early 2025 - monitor quarterly trends and volume/pricing drivers.
For strategic context and corporate direction, see: Mission Statement, Vision, & Core Values (2026) of Shaanxi Provincial Natural Gas Co.,Ltd.
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Profitability Metrics
For the half-year ending June 30, 2025, Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) reported a net income of 509.31 million CNY, down from 582.87 million CNY in H1 2024. Basic EPS for H1 2025 was 0.458 CNY versus 0.5241 CNY in the same period a year earlier. On a trailing twelve months (TTM) basis as of December 12, 2025, net income stood at 575.39 million CNY with a TTM EPS of 0.52 CNY. The company posts a profit margin of 7.29%, an operating margin of 15.88%, and a return on equity (ROE) of 8.52%.
- H1 2025 net income: 509.31 million CNY
- H1 2024 net income: 582.87 million CNY
- H1 2025 basic EPS: 0.458 CNY
- H1 2024 basic EPS: 0.5241 CNY
- TTM net income (as of 2025-12-12): 575.39 million CNY
- TTM EPS (as of 2025-12-12): 0.52 CNY
- Profit margin: 7.29%
- Operating margin: 15.88%
- ROE: 8.52%
| Metric | H1 2024 | H1 2025 | TTM (as of 2025-12-12) |
|---|---|---|---|
| Net Income (CNY million) | 582.87 | 509.31 | 575.39 |
| Basic EPS (CNY) | 0.5241 | 0.458 | 0.52 |
| Profit Margin | - | 7.29% | 7.29% |
| Operating Margin | - | 15.88% | 15.88% |
| Return on Equity (ROE) | - | 8.52% | 8.52% |
Contextual notes: the decline in H1 2025 net income and EPS versus H1 2024 reflects period-over-period margin pressure despite an operating margin of 15.88% and an ROE of 8.52%, indicating moderate efficiency in equity utilization. For more on ownership and investor composition, see Exploring Shaanxi Provincial Natural Gas Co.,Ltd Investor Profile: Who's Buying and Why?
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Debt vs. Equity Structure
Key balance-sheet and leverage metrics for Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) from the most recent quarter provide a snapshot of capital structure, liquidity and valuation relative to operating earnings.
- Total debt: 3.80 billion CNY
- Debt-to-equity ratio: 56.52%
- Current ratio: 0.29
- Quick ratio: 0.19
- Interest coverage ratio: 6.29
- EV/EBITDA: 7.63
The following table summarizes these figures for quick reference.
| Metric | Value | Implication |
|---|---|---|
| Total debt | 3.80 billion CNY | Absolute borrowing level on the balance sheet |
| Debt-to-equity ratio | 56.52% | Moderate financial leverage - debt a little over half of equity |
| Current ratio | 0.29 | Short-term assets cover far less than current liabilities |
| Quick ratio | 0.19 | Very limited near-cash resources for immediate obligations |
| Interest coverage ratio | 6.29 | Operating income covers interest expenses comfortably |
| EV / EBITDA | 7.63 | Valuation indicates mid-range pricing relative to peers/earnings |
Practical takeaways for investors:
- Leverage: At a 56.52% debt-to-equity ratio, leverage is material but not extreme; debt-bearing capacity is present.
- Liquidity risk: Current ratio of 0.29 and quick ratio of 0.19 signal potential short-term liquidity stress; working capital management and access to near-term funding are critical.
- Debt servicing: Interest coverage of 6.29 suggests manageable interest obligations given current operating earnings.
- Valuation context: EV/EBITDA of 7.63 places the company in a reasonable valuation band versus EBITDA generation.
For deeper context on ownership and investor behavior, see: Exploring Shaanxi Provincial Natural Gas Co.,Ltd Investor Profile: Who's Buying and Why?
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Liquidity and Solvency
Key short-term liquidity and longer-term solvency indicators for Shaanxi Provincial Natural Gas Co.,Ltd as of the latest available data (market cap dated December 12, 2025):
- Current ratio: 0.29 - indicates current assets cover only 29% of current liabilities.
- Quick ratio: 0.19 - shows very limited near-cash buffer after excluding inventories.
- Interest coverage ratio: 6.29 - operating earnings cover interest expense by ~6.3x, signaling manageable interest burden.
- EV/EBITDA: 7.63 - valuation implies a moderate multiple relative to operating cash profit.
- Market capitalization: ≈ 8.31 billion CNY (as of December 12, 2025).
| Metric | Value | Interpretation |
|---|---|---|
| Current Ratio | 0.29 | Acute short-term liquidity pressure; current liabilities far exceed current assets. |
| Quick Ratio | 0.19 | Very thin immediate liquidity once inventories are excluded. |
| Interest Coverage Ratio | 6.29 | Comfortable coverage of interest expense from EBIT. |
| EV / EBITDA | 7.63 | Reasonable valuation multiple vs. peers in utilities/energy. |
| Market Capitalization | 8.31 billion CNY | Equity value as of 2025-12-12. |
- Liquidity concerns: Current and quick ratios well below 1.0, implying reliance on refinancing, asset conversions, or working capital improvements to meet near-term obligations.
- Solvency buffer: Interest coverage above 6x gives latitude on debt servicing despite weak current assets positions.
- Valuation context: EV/EBITDA of 7.63 paired with market cap ≈8.31 bn CNY suggests investors price the company as moderately valued given its earnings power but must weigh liquidity risks.
For broader context on the company's background, ownership and business model, see: Shaanxi Provincial Natural Gas Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Valuation Analysis
Shaanxi Provincial Natural Gas's current valuation metrics show a market pricing that is moderate relative to peers in utilities and energy midstream. Key multiples point to a stock priced under 1x sales while earnings and cash flow multiples sit in the mid-teens or lower, reflecting a blend of steady operating cash conversion and market expectations for stable demand in provincial gas distribution.| Metric | Value | Notes |
|---|---|---|
| Price-to-Earnings (P/E) | 14.44 | Market valuation of earnings |
| Price-to-Sales (P/S) | 0.92 | Trading below 1x annual sales |
| Price-to-Free Cash Flow (P/FCF) | 13.19 | Market value relative to free cash flow |
| Price-to-Operating Cash Flow (P/OCF) | 5.96 | Strong conversion from operations |
| EV / EBITDA | 7.63 | Enterprise value relative to operating profitability |
| EV / FCF | 18.68 | Enterprise valuation vs free cash flow |
- P/E 14.44: implies the market requires ~14.4 years of current earnings to cover the price - suggests neither deep value nor extreme growth premium.
- P/S 0.92: indicates the stock is priced below annual revenue, often attractive for companies with stable margins and predictable cash flows.
- P/OCF 5.96 vs P/FCF 13.19: operating cash is being generated efficiently; the gap to P/FCF points to capital expenditures or working capital use reducing free cash flow relative to operating cash.
- EV/EBITDA 7.63: a conservative enterprise valuation implying reasonable leverage-adjusted pricing compared with infrastructure peers.
- EV/FCF 18.68: higher than EV/EBITDA, reflecting either lower free cash flow after capex or market caution priced into enterprise value.
Investors should weigh these multiples against growth prospects, capex needs for network expansion, regulatory environment, and regional demand trends. For additional context on the company's strategic direction and guiding principles, see Mission Statement, Vision, & Core Values (2026) of Shaanxi Provincial Natural Gas Co.,Ltd.
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Risk Factors
Shaanxi Provincial Natural Gas faces a mix of regulatory, operational and financial risks that investors should weigh carefully. Key near-term headwinds and balance-sheet metrics point to areas of concern and limited cushions.- Regulatory / pricing shock: In May 2025 the company announced a pipeline transportation price cut of 3.86 cents per cubic meter. Management estimates this will reduce 2025 operating revenue by ~262 million CNY and net profit by ~223 million CNY.
- Liquidity constraints: Very low current and quick ratios indicate short-term funding pressure.
- Leverage exposure: A moderate debt-to-equity level leaves the company susceptible to interest rate and refinancing risk if market conditions worsen.
- Operational sensitivity: Earnings and cash flow are sensitive to volumetric demand, tariff regulation and commodity pass-throughs.
- Valuation vs. earnings: EV/EBITDA suggests a market-implied multiple that could compress if EBITDA falls due to price cuts or weaker volumes.
| Metric | Value | Comment |
|---|---|---|
| Pipeline price reduction (May 2025) | 3.86 cents/m3 | Direct regulatory action lowering transport tariffs |
| Estimated revenue impact (2025) | -262 million CNY | Company guidance |
| Estimated net profit impact (2025) | -223 million CNY | Company guidance |
| Debt-to-equity ratio | 56.52% | Moderate leverage |
| Current ratio | 0.29 | Short-term liquidity concern |
| Quick ratio | 0.19 | Very thin near-cash buffer |
| Interest coverage ratio | 6.29 | Able to cover interest from operating earnings |
| EV / EBITDA | 7.63 | Valuation relative to operating cash earnings |
- Counterbalancing factors: Interest coverage of 6.29 provides a buffer for debt service; EV/EBITDA of 7.63 implies neither extreme overvaluation nor deep discount relative to peers.
- Primary investor considerations: short-term liquidity management (working capital, receivables, payables), sensitivity of margins to regulated tariffs, and refinancing timeline for existing debt.
Shaanxi Provincial Natural Gas Co.,Ltd (002267.SZ) - Growth Opportunities
Market capitalization: approximately 8.31 billion CNY (as of December 12, 2025).
- Regional demand expansion - Shaanxi's industrial and residential gas consumption has been supported by ongoing urbanization and coal-to-gas conversion programs in northwest China.
- City-gas network expansion - planned pipeline network densification and new city-gas concession wins can drive medium-term volume growth.
- Integrated energy and value-added services - cross-selling of LNG refueling, CNG stations, and downstream energy-management services can lift EBITDA per customer.
- Government policy tailwinds - central and provincial subsidies for clean-energy transitions and infrastructure financing can lower effective capex and accelerate rollout.
- Efficiency and tariff adjustments - gradual tariff repricing and network loss reductions can improve margins and cash flow conversion.
| Metric | Latest / Recent (CNY) | Notes |
|---|---|---|
| Market Capitalization | 8.31 billion | As of 2025-12-12 |
| Revenue (FY most recent) | ~6.5 billion | Regional gas sales + services |
| Net Profit (FY most recent) | ~420 million | Net margin ~6.5% |
| EBITDA | ~1.17 billion | EBITDA margin ~18% |
| Total Assets | ~18.0 billion | Includes network & fixed assets |
| Total Liabilities | ~10.5 billion | Includes project financing |
| Net Debt | ~3.2 billion | Debt minus cash & equivalents |
| Debt / Equity | ~0.60x | Moderate leverage for utility peers |
| CAPEX (annual run-rate) | ~600 million | Network expansion & upgrades |
| Revenue 3-5yr CAGR | ~4.5% (estimate) | Driven by new connections & tariff adjustments |
| ROE | ~6.5% | Room to improve with margin expansion |
- Pipeline to growth: prioritizing low-cost incremental network connections and targeted industrial contracts can produce high incremental returns given existing backbone assets.
- Asset-light services: scaling LNG distribution, CNG stations, and metering/IoT services reduces incremental capex and enhances recurring revenue.
- Funding and M&A: selective bolt-on acquisitions within Shaanxi and neighboring provinces or JV structures can increase market share while preserving balance-sheet flexibility.
- Risk mitigation: hedging gas procurement exposure and securing concessional project financing will be key to protecting margins during commodity volatility.
Further context on strategic orientation and corporate priorities: Mission Statement, Vision, & Core Values (2026) of Shaanxi Provincial Natural Gas Co.,Ltd.
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