SPNG(002267)2024-11-04 10:25Group 1: Company Overview - Shaanxi Natural Gas Co., Ltd. is a state-owned listed company primarily engaged in the construction and operation of long-distance natural gas pipelines and downstream distribution [1] - The company has built a total of 4,055 kilometers of pipelines, including 19 long-distance pipelines and 63 branch lines, serving over 3,800 kilometers of urban gas networks [1][2] Group 2: Financial Performance - In the first three quarters of 2024, the company reported revenue of approximately 6.109 billion RMB, a year-on-year increase of 20.44% [2] - The total profit for the same period was 628 million RMB, with the parent company contributing 523 million RMB [2] Group 3: Pricing and Regulation - Current pipeline transportation prices in Shaanxi Province vary by region: 0.273 RMB/m³ in Tongchuan, 0.289 RMB/m³ in Guanzhong, 0.14 RMB/m³ in northern Ganyuan County, 0.229 RMB/m³ in southern Ganyuan County, and 0.471 RMB/m³ in southern Shaanxi [2] - The pricing review by the Shaanxi Provincial Development and Reform Commission occurs every three years, with the last review in 2021 and the next one ongoing in 2024 [2] Group 4: Asset Injection and Future Plans - The asset injection process has been completed, with the transfer of business, assets, and personnel expected by the end of December 2024 [3] - The company plans to increase capital expenditures in the coming years, focusing on two major pipeline projects expected to be completed in 2025 and 2027 [4] Group 5: User Structure and Market Coverage - The company's long-distance pipeline has an annual gas transmission capacity of 17 billion m³, with actual transmission around 8 billion m³, primarily due to seasonal demand fluctuations [3] - The pipeline network covers 11 cities and 91 counties in Shaanxi, reaching approximately 85.05% of the province's population, totaling 25 million people [3] Group 6: Financing and Dividends - The company has raised 1.5 billion RMB through medium-term notes this year to adjust its financing structure and meet liquidity needs [4] - The company has maintained a high level of dividends in recent years, with plans to continue this trend while considering capital expenditures and financial arrangements [4]