SPNG(SZ:002267) Tianfeng Securities·2025-10-30 14:17Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][18]. Core Insights - The company reported a revenue of 5.957 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.38%, and a net profit attributable to shareholders of 474 million yuan, down 23.85% year-on-year [1]. - The third quarter of 2025 saw a significant decline in revenue, amounting to 1.107 billion yuan, which is a 26.67% decrease compared to the same period last year, resulting in a net loss of 35 million yuan [1]. - The new gas transportation pricing policy, effective from June 1, 2025, reduced the transportation fee by 0.039 yuan per cubic meter, impacting the company's performance in Q3 [2]. - Natural gas demand has weakened, with a national apparent consumption of 317.75 billion cubic meters in the first three quarters of 2025, a slight decline of 0.2% year-on-year [3]. - The company has successfully progressed in transferring 13% of its equity to new investors, which is expected to enhance liquidity and governance [4]. Financial Summary - The company forecasts net profits for 2025-2027 to be 704.81 million yuan, 623.93 million yuan, and 728.53 million yuan respectively, with corresponding EPS of 0.63, 0.56, and 0.66 yuan per share [5]. - The projected revenue for 2025 is 9.711 billion yuan, with a growth rate of 7.50% [5]. - The company’s total assets are expected to reach 15.565 billion yuan by 2025, with a debt-to-asset ratio of 55.19% [12].