| 证券代码：002430 | 证券简称：杭氧股份 | 公告编号：2024-101 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于间接控股股东对外投资事项进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 三、相关承诺事项终止 杭氧集团股份有限公司（以下简称"公司"、"上市公司"）于 2023 年 5 月 5 日披露了《关于间接控股股东对外投资相关事项的公告》（公告编号：2023-0 34），公司间接控股股东杭州市国有资本投资运营有限公司（以下简称"杭州资 本"）拟与其他投资人共同投资设立特殊目的公司（以下简称"买方 SPV1"）， 收购盈德气体香港有限公司（Yingde Gases (Hong Kong) Company Limited） （以下简称"盈德香港"）持有的浙江盈德控股集团有限公司（以下简称"目标 公司"）100%股权，并承诺在目标公司满足《上市公司重大资产重组管理办法》 等相关法律法规规定条件的情况下，在交易完成后的 36 个月内推动上市公司与 买方 S ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2]. Core Views - The company achieved a revenue of 10.35 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 5.85%, while net profit was 675 million yuan, down 20.68% year-on-year. In Q3 alone, revenue was 3.625 billion yuan, up 8.66% year-on-year, with net profit at 238 million yuan, down 26.99% year-on-year [2][3]. - The gross margin decreased by 4.55 percentage points year-on-year to 19.85% in Q3 2024, which was the main reason for the decline in net profit margin. However, management expenses were well controlled, with a management expense ratio down 2.80 percentage points year-on-year [2][3]. - There is a marginal recovery in gas prices, with liquid oxygen, nitrogen, and argon prices increasing by 3%, 2.4%, and 3.85% respectively in October. The average market prices for these gases have shown an upward trend [3]. - The company has a robust pipeline of new projects, having signed new construction and acquisition projects with a total output of 367,500 Nm³/h, exceeding the total for 2023. The largest project is an 80,000 Nm³/h air separation unit in Shanxi [3][4]. - Contract liabilities increased to 3.21 billion yuan by the end of Q3 2024, indicating a healthy order backlog, primarily from the chemical industry [4]. - The company is expanding its overseas market presence, having established an overseas business unit and signed significant export contracts, including a 64,000 Nm³/h order for India and a 50,000 Nm³/h order for Mexico [4]. - The company is projected to achieve net profits of 1.008 billion yuan, 1.305 billion yuan, and 1.553 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 26, 20, and 17 [4].

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company plans to invest in the Qingdao Electronic Bulk Gas Project, with a total investment not exceeding 135 million yuan, accelerating its layout in the electronic gas business, which is expected to bring new growth [3][4]. - The company's electronic bulk gas business is developing rapidly, and retail gas prices are expected to recover with the resurgence of downstream demand, leading to an improvement in profitability [4]. - The target price has been raised to 34.25 yuan, based on a 25x PE for 2025, reflecting an adjustment in the company's EPS forecasts for 2024-2026 to 1.05, 1.37, and 1.67 yuan respectively [4]. Financial Summary - The company's revenue for 2022 was 12.803 billion yuan, with projections of 13.309 billion yuan for 2023, 14.328 billion yuan for 2024, 16.793 billion yuan for 2025, and 19.218 billion yuan for 2026, indicating a growth rate of 7.8%, 4.0%, 7.7%, 17.2%, and 14.4% respectively [5]. - The net profit attributable to the parent company for 2022 was 1.210 billion yuan, with projections of 1.216 billion yuan for 2023, 1.031 billion yuan for 2024, 1.348 billion yuan for 2025, and 1.641 billion yuan for 2026, showing a growth rate of 1.4%, 0.5%, -15.3%, 30.8%, and 21.7% respectively [5]. - The company's net asset return rate is projected to be 14.8% for 2022, decreasing to 13.7% in 2023, and then recovering to 16.4% by 2026 [5]. Market Data - The current price of the stock is 26.30 yuan, with a target price of 34.25 yuan, indicating a potential upside [2][6]. - The total market capitalization of the company is 25.876 billion yuan, with a total share capital of 984 million shares [6]. Project Overview - The Qingdao Electronic Bulk Gas Project is expected to supply industrial gas products and services to the semiconductor technology sector, with a market size projected to reach 12.2 billion yuan by 2025 [4]. - The electronic bulk gas market in China is expected to reach 10.3 billion yuan in 2023, with a year-on-year growth of 8.42% [4].

股票代码：002430 股票简称：杭氧股份 公告编号：2024-096 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 13 日以通讯方式召开了第八届董事会第十四次会议，本次会议的通知及会议资料于 2024 年 11 月 8 日以传真、电子邮件等方式送达各位董事。会议由公司董事长郑伟先 生主持，应参加会议的董事 9 名，实际参加会议的董事 9 名。本次会议的召集和召开 符合《公司法》及《公司章程》的有关规定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会董事以书面表决 方式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于投资建设青岛物元电子大宗气项目暨设立气体子公司的 议案》 同意设立青岛杭氧经开电子气体有限公司（暂定名，最终以当地市场监督管理 局核准的名称为准，以下简称"气体公司"），以气体公司为主体承建青岛物元电 子大宗气项目，开展气体工厂建设和生 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-099 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于对全资子公司北京杭氧深冷技术有限公司增资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 为满足子公司日常经营活动需要，杭氧集团股份有限公司（以下简称"公司"或 "本公司"）第八届董事会第十四次会议、第八届监事会第十三次会议分别审议通过 了《关于对全资子公司北京杭氧深冷技术有限公司增资的议案》。公司拟以自有资金 对全资子公司北京杭氧深冷技术有限公司（以下简称"北京杭氧"）增资4,500万元。 增资完成后，北京杭氧注册资本由500万元增至5,000万元，北京杭氧仍为公司全资子 公司。 本次对外投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。根据《深圳证券交易所股票上市规则》《公司章程》的相关规定，该 事项属于公司董事会审批权限，无需提请股东大会审议。截至本公告披露日，北京杭 氧本次增资事项工商登记 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-100 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于杭氧特气对其子公司万达气体贷款提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 13 日分别召开了第八届董事会第十四次会议、第八届监事会第十三次会议，审议通过 了《关于杭氧特气对其子公司万达气体贷款提供担保的议案》，同意公司控股子公 司衢州杭氧特种气体有限公司（以下简称"杭氧特气"）为其全资子公司杭州万达 气体有限公司（以下简称"万达气体"）拟向杭州银行股份有限公司申请的不超过 人民币 1,500 万元的贷款提供担保。本次担保额度占公司最近一期经审计归属于上 市公司股东的净资产 889,742.93 万元的 0.17%。本次担保额度获批后，公司及控股 子公司累计已审批的对外担保额度为 247,600 万元，占公司最近一期经审计归属于 上市公 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-098 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于投资建设青岛物元电子大宗气项目暨设立气体子公司的公 告 1、公司名称：物元半导体技术(青岛)有限公司 2、住所：山东省青岛市城阳区棘洪滩街道锦盛二路金岭片区社区中心430室 3、法定代表人：陈为玉 4、注册资本：400,000万元人民币 5、类型：有限责任公司(非自然人投资或控股的法人独资) 6、经营范围：一般项目：工程和技术研究和试验发展；集成电路芯片设计及服 务；集成电路芯片及产品制造【分支机构经营】；集成电路芯片及产品销售；电子 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、对外投资概述 为进一步拓宽气体产业布局，杭氧集团股份有限公司（以下简称"公司"或 "本公司"）第八届董事会第十四次会议、第八届监事会第十三次会议分别审议通 过了《关于投资建设青岛物元电子大宗气项目暨设立气体子公司的议案》。公司拟 投资设立全资子公司——青岛杭氧经开电子 ...

杭氧集团股份有限公司 第八届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 13 日 以通讯方式召开了第八届监事会第十三次会议，本次会议的通知及会议资料于 2024 年 11 月 8 日以传真、电子邮件等方式送达各位监事。会议由公司监事会主席董吉琴 女士主持，应参加会议的监事 3 名，实际参加会议的监事 3 名。本次会议的召集和召 开符合《公司法》及《公司章程》的有关规定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会监事以书面表决方 式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于投资建设青岛物元电子大宗气项目暨设立气体子公司的议 案》 股票代码：002430 股票简称：杭氧股份 公告编号：2024-097 转债代码：127064 转债简称：杭氧转债 本项目预计总投资不超过 13,500 万元，气体公司注册资本金 3,300 万元，由公 司以自有资金出资，剩余资金通过外部融资解决。气体公司股权结构如下： 单位：万元 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][11][19] Core Views - The company's Q1-Q3 2024 revenue reached 10.353 billion yuan, a year-on-year increase of 5.85%, while the net profit attributable to shareholders was 675 million yuan, a decrease of 20.68% year-on-year [5] - The company is expected to face short-term pressure on profitability, but there is anticipation for a recovery in downstream demand to bring about a profit turning point [5][7] - The company has a solid growth in contract liabilities, indicating a good order backlog, and the net cash flow from operating activities was 811 million yuan, up 31.08% year-on-year [7] Summary by Sections Financial Performance - For Q3 2024, the company reported a single-quarter revenue of 3.625 billion yuan, an increase of 8.66% year-on-year, with a net profit of 238 million yuan, down 26.99% year-on-year [5] - The gross margin and net margin for Q1-Q3 2024 were 20.41% and 7.12%, respectively, showing a decline of 3.86 percentage points and 2.06 percentage points year-on-year [6] Cost Management - The company maintained good control over expenses, with a total expense ratio of 11.14% for Q1-Q3 2024, down 0.90 percentage points year-on-year [6] - The breakdown of expense ratios for Q3 2024 showed sales, management, financial, and R&D expenses at 1.30%, 4.90%, 1.29%, and 3.12%, respectively [6] Market Conditions - The overall industrial demand remains weak, with a reported 3.5% year-on-year decline in profits for major industrial enterprises in China from January to September 2024 [7] - Liquid gas prices have started to rise, with the average price of liquid oxygen at 406 yuan/ton, up 2.01% month-on-month [7] Future Outlook - The company plans to maintain a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% during mature development stages without major capital expenditure [10] - The projected net profit for 2024 is estimated at 1.010 billion yuan, a decrease of 17.0% year-on-year, with an expected recovery in subsequent years [11][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience in its Q3 2024 performance, with revenue slightly increasing by 5.85% year-on-year to 10.353 billion yuan, while net profit decreased by 20.86% to 675 million yuan due to gas price impacts [2][4] - The company is awaiting a rebound in gas prices, with retail prices for oxygen, nitrogen, and argon showing signs of improvement, which is expected to enhance profitability [3][4] - The company is actively expanding its international operations, having established an overseas business unit to enhance its global market presence [3] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.63 billion yuan, an increase of 8.66% year-on-year and 5.94% quarter-on-quarter, while net profit was 240 million yuan, down 26.99% year-on-year but up 2.13% quarter-on-quarter [2] - The gross margin for Q3 2024 was 19.85%, a decrease of 4.54 percentage points year-on-year, and the net profit margin was 6.57%, down 3.21 percentage points year-on-year [2] - As of Q3 2024, the company's inventory was 2.04 billion yuan, down 7.57% from the previous quarter, while contract liabilities increased by 9.11% to 3.209 billion yuan [3] Earnings Forecast - The company's revenue forecasts for 2024-2026 are adjusted to 14.866 billion yuan, 18.066 billion yuan, and 21.112 billion yuan, respectively [4] - The net profit forecasts for the same period are adjusted to 1.045 billion yuan, 1.340 billion yuan, and 1.511 billion yuan, respectively [4] - The diluted EPS for 2024-2026 is projected to be 1.1 yuan, 1.4 yuan, and 1.5 yuan, with corresponding P/E ratios of 25, 19, and 17 times [4][6]