陕天然气分析师会议-20260124

Investment Rating - The report does not explicitly state an investment rating for the gas industry or the specific company involved [2]. Core Insights - The company operates in the gas industry, focusing on long-distance pipelines and urban gas supply, with an asset scale of approximately 13 billion yuan and a pipeline length of about 4,600 kilometers [25]. - The gas transmission volume is expected to see slight growth from 2024's 13 billion cubic meters, although urban gas sales may decline due to increased market competition and upstream gas price fluctuations [25]. - The company anticipates that the adjustment of gas transmission prices will depend on the results of the next cost monitoring cycle, with potential for price increases if new assets are approved as effective [25][27]. - The company is actively exploring strategic transformation opportunities, including comprehensive utilization of the natural gas industry chain and innovative smart energy solutions, although large-scale natural gas power generation projects are currently not feasible due to lack of financial support [31][30]. Summary by Sections 1. Basic Research Information - The research was conducted on January 22, 2026, focusing on the company Shaanxi Natural Gas [17]. 2. Detailed Research Institutions - Participating institutions included Xinda Securities, Xinda Asset Management, and Zhou Jiang [18]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [22]. 4. Main Content Information - The company’s production and operational performance in 2025 is centered around its core business segments, with a slight increase in gas transmission volume expected despite challenges in urban gas sales [25]. - The company is facing challenges in urban gas consumption due to warmer winter temperatures and increased competition, leading to a potential decline in sales [27]. - The company is also focusing on market acquisitions within the province, with a cautious approach due to the complex ownership structures of potential targets [29]. - The dividend policy for 2026 is expected to maintain a high ratio, but the total amount may adjust based on profit fluctuations [29].