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Provincial natural-gas transmission and distribution company serving cities across Shaanxi province.
Provincial natural-gas transmission and distribution company serving cities across Shaanxi province.
In one line: A provincial Chinese gas-pipeline and distribution utility.
Moat: narrow (regulatory licence). Province-wide gas transmission network concession with limited direct competition.
Headquarters: Xi'an, China · Employees: 2,597
Size Shaanxi Provincial Natural Gas (002267.SZ) is a China Utilities company (Gas Distributors) with a market value of $1.17B, the 2009th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.02 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against -10.9% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +0.3%); the operating margin is 7.7% (peer median 5.8%).
Valuation It trades at 12.5× forward earnings against a peer median of 12.0× (6th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.73B | CN¥8.58B | CN¥8.98B | CN¥7.78B | CN¥8.47B |
| Revenue growth | — | -4% | +15% | -8% | — |
| Gross profit | CN¥1.57B | CN¥1.18B | CN¥1.28B | CN¥994M | CN¥1.05B |
| EBITDA | n/a | CN¥1.51B | CN¥1.57B | CN¥1.31B | CN¥1.32B |
| Net income | CN¥493M | CN¥584M | CN¥724M | CN¥544M | CN¥616M |
| Free cash flow | CN¥221M | CN¥576M | CN¥525M | CN¥89.6M | CN¥662M |
| Capital expenditure | CN¥943M | CN¥727M | CN¥910M | CN¥784M | CN¥504M |
| Total debt | CN¥5.21B | CN¥4.73B | CN¥4.21B | CN¥3.20B | CN¥3.12B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shaanxi Provincial Natural Gas 002267.SZ | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% |
| Shenzhen Gas 601139.SS | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% |
| China Suntien Green Energy 600956.SS | $3.40B | -18% | -12% | 13% | 15.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002267.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.6% | -3.2% | 9th lowest of 21 |
| 6-month return | -11.5% | -10.9% | 11th highest of 21 |
| Distance from 52-week high | -23.2% | -28.6% | 8th highest of 21 |
| Revenue growth (TTM) | +2.4% | +0.3% | 10th highest of 21 |
| Operating margin | 7.7% | 5.8% | 8th highest of 21 |
| Forward P/E | 12.5× | 12.0× | 6th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | -1.5% | 7th least demanding of 15 |
| Growth delivered (Del g) | +1.0% | +8.5% | lowest of 15 |
| Hurdle (Req g minus delivered) | -6.1 pp | -7.0 pp | 8th least demanding of 15 |
| ROIC minus cost of capital | +2.8 pp | -0.5 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | n/a | -10.0% | +5.1% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | n/a | 15.0% | +8.6% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | n/a | 8.0% | +9.4% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 14.4× | -5.6% | +4.5% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | n/a | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | n/a | n/a | n/a |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| Shanghai Dazhong Public Utilities (Group) 1635.HK | Hong Kong | $1.59B | -41% | +6% | 1% | n/a | n/a | n/a |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Ascopiave ASC.MI | Italy | $699M | -8% | +34% | 26% | 15.6× | 4.4% | +8.3% |
| Henan Lantian Gas 605368.SS | China | $687M | -18% | -9% | 8% | 10.8× | 0.0% | +2.7% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Shenzhen Guangju Energy 000096.SZ | China | $634M | -18% | +4% | 4% | n/a | n/a | n/a |
| Shizuoka Gas 9543.T | Japan | $631M | -5% | 0% | 6% | 11.6× | -9.0% | +10.6% |
| Saibu Gas 9536.T | Japan | $630M | +23% | -6% | 5% | n/a | n/a | n/a |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Anhui Province Natural Gas Development 603689.SS | China | $601M | -10% | -9% | 9% | 8.5× | 0.6% | +1.4% |