SGC(SH:601139) Tianfeng Securities·2025-09-08 07:44Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company's urban gas business serves as a profit stabilizer, while the smart services segment is under short-term pressure due to the completion of the "bottle-to-pipe" project in Shenzhen [1][4]. - The company reported a revenue of 15.43 billion yuan for the first half of 2025, a year-on-year increase of 12%, but a net profit attributable to shareholders of 638 million yuan, a decrease of 13.6% [1]. Summary by Sections Urban Gas Business - In the first half of 2025, the company sold 2.63 billion cubic meters of pipeline natural gas, a 5.71% increase from 2.49 billion cubic meters in the same period last year. Sales in the Greater Bay Area reached 763 million cubic meters, up 4.66% year-on-year [2]. - The overall domestic natural gas market showed weakness, with a 0.9% decline in apparent consumption to 211.97 billion cubic meters [2]. Comprehensive Energy Business - The company successfully launched the second 9F unit of the deep-burning heat and power plant, increasing its gas-fired power generation capacity to 1,300 megawatts. The comprehensive energy segment generated revenue of 2.697 billion yuan, a 15.89% increase year-on-year [3]. Smart Services Business - The smart services segment's revenue fell to 319 million yuan, a significant decrease of 68.76% year-on-year, primarily due to the completion of the "bottle-to-pipe" project [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.49 billion yuan, 1.62 billion yuan, and 1.82 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.7x, 11.6x, and 10.4x [5].