Tianfeng Securities: Maintaining a "buy" rating for Shanxi Natural Gas, profit from pipeline transportation business is stable, introducing active shareholders.

Tianfeng Securities research report pointed out that Shaanxi Natural Gas is expected to achieve a net profit attributable to the mother of 509 million yuan in the first half of 2025, a decrease of 12.62% year-on-year; cash flow generated from operating activities is 527 million yuan, an increase of 17.91% year-on-year. In terms of structure, in the first half of 2025, the company's long-distance pipeline business operating income was 3.231 billion yuan, a year-on-year increase of 0.04%; gross profit margin was 22.89%, an increase of 0.77 percentage points year-on-year. Urban gas business income was 1.619 billion yuan, a year-on-year decrease of 4.35%; gross profit margin was 6.72%, a decrease of 3.21 percentage points year-on-year. Since 2025, the company's natural gas transportation volume has shown a overall growth trend, and the company will continue to do a good job in the development of large industrial users. It is believed that the adjustment of pipeline transportation prices will have a certain impact on the company's profit in the short term, but in the long run, it will be conducive to stimulating the enthusiasm of users to use gas, releasing the gas demand of users, and is expected to increase the volume of gas transportation in the medium to long term. In addition, the introduction of active shareholders will help the company optimize its corporate equity structure, enhance core competitiveness, further expand its business and achieve synergistic development in the industry. Maintain a "Buy" rating.