Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is expanding from being an air separation equipment expert into the industrial gas sector, showing strong cash flow. In the first half of 2024, gas revenue accounted for 60% of total revenue, up from 9% in 2010 [1]. - The company's net profit for the first three quarters of 2024 is expected to decline by 21% due to falling gas prices and equipment order structure, but is anticipated to improve in 2025 with a recovery in manufacturing demand [1]. - Retail gas prices are expected to rebound as manufacturing demand recovers, with liquid oxygen and nitrogen prices having risen by 20% and 14% respectively from their lowest points earlier in the year [1]. - The penetration rate of third-party onsite gas production is expected to increase, with the company significantly growing its contracted onsite gas projects since 2019 [1]. - The company is diversifying its operations, having signed supply agreements with emerging industry clients and made strategic investments to enhance its electronic gas supply capabilities [1]. Summary by Sections Investment Logic - The company is transitioning into the industrial gas business, with gas sales growing significantly since its IPO [1]. - The recovery of manufacturing demand is expected to positively impact gas prices and profitability [1]. - The company has seen a substantial increase in its contracted onsite gas production capacity, which is projected to continue contributing to revenue growth [1]. Profit Forecast, Valuation, and Rating - The forecasted net profits for 2024, 2025, and 2026 are 960 million, 1.247 billion, and 1.552 billion RMB respectively, with corresponding EPS of 0.975, 1.267, and 1.578 RMB [3]. - The company is valued at a target price of 31.68 RMB based on a 25x PE ratio for 2025 [1].

2024 年 11 月 3 日 公司研究 营收稳步增长，静待下游需求回暖 ——杭氧股份（002430.SZ）2024 年三季报点评 要点 营收稳步增长，利润短期承压 杭氧股份 2024Q1-Q3 实现营业收入 103.53 亿元，同比增长 5.85%；归母 净利润 6.75 亿元，同比下降 20.68%；毛利率 20.41%，同比下降 3.86 个百分 点；净利率 7.12%，同比下降 2.06 个百分点。 公司 2024Q3 实现营业收入 36.25 亿元，同比增长 8.66%；归母净利润 2.38 亿元，同比下降 26.99%；毛利率 19.85%，同比下降 4.55 个百分点；净利率 7.21%，同比下降 2.85 个百分点。 气体价格下滑使公司零售气业务短期承压 公司利润端承压主要受今年以来气体价格下滑影响。截至 2024 年 10 月 29 日，液氧、液氮、液氩 10 月均价分别为 380/435/647 元/吨，同比分别下滑 14.8%/16.7%/42.7%；环比分别上涨 3.0%/2.4%/3.9%。公司气体业务主要包 括管道气与零售气，其中零售气业务的业绩受气体价格直接影响，今年以来零售 气 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30.4 CNY, compared to the current price of 25.16 CNY [1][2]. Core Insights - The company's Q3 performance met expectations, with revenue for the first three quarters of 2024 reaching 10.35 billion CNY, a year-on-year increase of 5.9%. However, the net profit attributable to shareholders decreased by 20.7% to 680 million CNY [1][2]. - The report highlights a weak domestic gas demand in Q3, attributed to a sluggish economic recovery, particularly in real estate and manufacturing sectors, which has pressured the industrial gas sector [2]. - The company has a solid order backlog, with significant projects expected to come online soon, indicating a potential peak in operational capacity [2]. - The company maintains a leading position in the air separation equipment sector, with strong overseas order performance, which is expected to enhance profitability [2]. - The report suggests that if retail gas prices recover, the company's profit elasticity will become more pronounced, supporting its growth trajectory towards becoming a major player in the industrial gas sector [2]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 14.22 billion CNY, 16.28 billion CNY, and 19.38 billion CNY, representing year-on-year growth rates of 6.8%, 14.5%, and 19.0% respectively [3]. - The net profit attributable to shareholders is forecasted to be 960 million CNY, 1.30 billion CNY, and 1.73 billion CNY for the same period, with a significant decline of 21.0% in 2024, followed by recoveries of 35.4% and 33.0% in 2025 and 2026 respectively [3]. - Earnings per share (EPS) are expected to be 0.98 CNY, 1.32 CNY, and 1.76 CNY for 2024, 2025, and 2026 respectively [3].

在9月中下旬推出顺周期领域的五朵金花是其中之一那最近的话其实大家关注度对航仰会比较高但是同时的话跟市场交流下来也发现了大家其实对航仰下游客户的有一定的担忧那么我们提供几个视角供大家参考首先航仰的话它是为数不多能够同时感知到量价共振的顺周期的标的 我们从航仰历史价格零售区价也可以看得出来以氧气为例的话就是基本上氧气的变动范围的话基本上氮气的话可能只有300多元一吨然后到矽油旺的话可能会涨到六七百元一吨这里面是存在一个三倍的弹性的这是第一个点就是航仰数为数不多能够感受到量价共振的升周期的标题所以也就是说它在新一轮周期起来的时候能够带来弹性是更大的 第二点的话其实航仰从这几年产能扩张的一个趋势来看我们能够感受到航仰是能够实现历史产能扩张的表底在下一个客户景气度上下的时候航仰它每年依然能够获得比较多的项目合同在航仰开始发递项目合同之后高峰期的时候最多的时候可能一年能够签个60万方那是最高峰的时候但是可能到了后面2012年下来的时候就可能每年大概在40百万方即使后面整体景气度下来了 到了2030年恒养每年新增的项目规模仍然都有40多万方而且在低谷期的时候到2040年可以发现客户产能滞让出来的一些资产更加多了在低谷期的时 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5]. Core Views - The company's Q3 2024 performance met expectations, with steady growth in pipeline gas business and a potential recovery in bulk gas prices, leading to an expected increase in both volume and price in retail gas business [3][5]. - The company’s revenue for the first three quarters of 2024 reached 10.353 billion yuan, a year-on-year increase of 5.85%, while net profit attributable to shareholders was 675 million yuan, a year-on-year decrease of 20.68% [5]. - The report anticipates a gradual recovery in gas prices due to downstream demand recovery, despite short-term pressure on profitability from declining gas prices [5]. Financial Summary - The company’s revenue is projected to grow from 14.328 billion yuan in 2024 to 18.692 billion yuan in 2026, reflecting a compound annual growth rate of approximately 14.3% [6]. - The net profit attributable to shareholders is expected to decrease to 1.082 billion yuan in 2024, before recovering to 1.559 billion yuan by 2026 [6]. - The report adjusts the company's EPS forecasts for 2024-2026 to 1.10, 1.32, and 1.58 yuan respectively, down from previous estimates [5][6]. Market Data - The target price for the company has been raised to 30.36 yuan, based on a 23 times PE ratio for 2025, compared to the current price of 24.66 yuan [2][5]. - The average price of liquid oxygen, nitrogen, and argon has shown weekly increases, indicating a potential upward trend in gas prices [5]. Business Operations - The pipeline gas business is expected to provide stable cash flow, with long-term supply contracts in place [5]. - The retail gas business is anticipated to benefit from a cyclical recovery, with gas prices expected to rise from current lows [5]. - Equipment orders remain robust, with a total order value of 3.781 billion yuan in the first half of 2024, indicating strong demand in the sector [5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,625,325,232.43, an increase of 8.66% compared to the same period last year[2]. - Net profit attributable to shareholders decreased by 26.99% to ¥238,123,154.40 in Q3 2024, while the year-to-date net profit was ¥675,281,836.82, down 20.68% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.2420, reflecting a decrease of 26.95% compared to the same period last year[2]. - The net profit for the third quarter of 2024 was CNY 736,935,734.22, a decrease of 17.93% compared to CNY 897,987,516.68 in the same period last year[14]. - The total profit for the quarter was CNY 927,933,439.96, down from CNY 1,182,418,697.24, reflecting a decline of 21.43% year-over-year[14]. - Operating profit for the quarter was CNY 918,617,830.45, compared to CNY 1,183,131,699.84 in the previous year, indicating a decrease of 22.34%[14]. - The basic earnings per share decreased to CNY 0.6862 from CNY 0.8647, reflecting a decline of 20.56%[15]. - The company reported a net profit margin improvement, with net profit figures to be detailed in future reports[13]. Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥23,992,755,972.84, representing a 6.07% increase from the end of the previous year[2]. - Current liabilities totaled ¥9,286,246,793.03, an increase of 9.74% from ¥8,461,716,986.82 in the previous period[12]. - Long-term borrowings rose to ¥3,166,808,881.98, up 16.67% from ¥2,713,437,258.23 year-on-year[12]. - The company's total assets increased to ¥23,992,755,972.84, compared to ¥22,620,316,087.34 at the end of the previous period, reflecting a growth of 6.06%[12]. - The total equity attributable to shareholders at the end of Q3 2024 was ¥8,988,717,906.93, a slight increase of 1.03% from the previous year[2]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥811,089,508.80, showing a significant increase of 31.08%[6]. - The net cash flow from financing activities increased by 354.87% to ¥451,399,399.12, attributed to an increase in cash received from borrowings[6]. - The net cash flow from operating activities for Q3 2024 was ¥811,089,508.80, an increase from ¥618,781,784.74 in Q3 2023, representing a growth of approximately 31.1%[17]. - Total cash outflow from investing activities was ¥2,123,462,878.00, compared to ¥984,627,773.11 in the same period last year, indicating a significant increase of about 115%[17]. - The total cash and cash equivalents at the end of Q3 2024 stood at ¥1,925,110,098.92, down from ¥2,705,735,171.24 at the end of Q3 2023, reflecting a decrease of approximately 28.8%[17]. - Cash paid for operating activities totaled ¥4,913,030,598.70, a decrease from ¥5,842,494,248.88 in the previous year, showing a reduction of approximately 15.9%[17]. Expenses - Total operating costs amounted to ¥9,475,139,006.61, up 9.66% from ¥8,641,746,630.87 year-on-year[13]. - The company experienced a 41.90% rise in financial expenses, totaling ¥86,102,415.86, mainly due to increased exchange losses[4]. - Research and development expenses increased to CNY 340,555,826.50, up from CNY 320,137,243.93, marking a growth of 6.36%[14]. - Sales expenses for the quarter were CNY 137,519,025.26, compared to CNY 128,254,304.39, an increase of 7.84%[14]. - Financial expenses rose to CNY 86,102,415.86 from CNY 60,676,911.87, representing an increase of 42.00%[14]. Shareholder Information - The top shareholder, Hangzhou Hangyang Holding Co., Ltd., holds 524,754,485 shares, representing a significant portion of the company's equity[9]. - The company reported no changes in the participation of major shareholders in margin financing and securities lending activities[9]. Future Outlook - Future guidance indicates a continued emphasis on cost management and operational efficiency to sustain growth[13]. - The company is focusing on expanding its market presence and enhancing product development, although specific new products were not detailed in the report[11]. - The company has not disclosed any new product developments or technological advancements in this report[9]. - There are no significant mergers or acquisitions reported during this quarter[9].

002430 杭氧集团股份有限公司 证券代码：002430 证券简称：杭氧股份 杭氧集团股份有限公司投资者关系活动记录表 编号：20241018 | --- | --- | --- | |--------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------| | | | | | 投 资 者关 系活动 | ☑ | 特定对象调研 □分析师会议 | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 □其他 | | | 参与单位名称及人 | | 浙商证券、华福证券、国泰君安、财通证券、海通证券、博 | | | 金、富国基金等投资机构 | 自营、浙银汇智、浙江省国有资本运营、淡水泉、永赢基 | | 员姓名 | | 时基金、恒越基金、晨燕资产、银华基金、域秀资本、华泰 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-094 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于债券持有人可转债持有比例变动达10%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、可转债基本情况及配售情况 经中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开 发行可转换公司债券的批复》（证监许可[2022]408号）核准，杭氧集团股份有 限公司（以下简称"公司"）于2022年5月19日完成公开发行可转换公司债券 （以下简称"杭氧转债"或"可转债"）1,137万张，每张面值100元，发行总 金额113,700万元。其中，控股股东杭州杭氧控股有限公司（以下简称"杭氧控 股"）配售6,066,162张，占此次可转债发行总量的53.35%。具体内容详见公司 于2022年7月1日在巨潮资讯网披露的公司《公开发行可转换公司债券上市公告 书》。 公司于2024年10月14日收到杭氧控股的函告，杭氧控股于2024年10月9日至 2024 ...

| | | 2024年第三季度可转换公司债券转股情况公告 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。 特别提示： "杭氧转债"（转债代码：127064）转股期为2022年11月25日至2028年5月18 日，目前转股价格为人民币26.89元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，杭氧集团股份有限公司（以下简 称"公司"）将2024年第三季度可转换公司债券（以下简称"可转债"）转股及公司 股份变动的情况公告如下： 一、 可转债发行上市概况 （一）可转换公司债券发行情况 中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]408号文）核准，并经深圳证券交易 所同意，杭氧股份于2022年5月19日公开发行了1,137万张可转换公司债券，每张 面值100元，按面值发行，发行总额为11.37亿元，期限6年。 （二）可转换公司债券上市情况 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 经深圳证券交易所（以下简称 ...

关于债券持有人可转债持有比例变动达10%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、可转债基本情况及配售情况 经中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开 发行可转换公司债券的批复》（证监许可[2022]408号）核准，杭氧集团股份有 限公司（以下简称"公司"）于2022年5月19日完成公开发行可转换公司债券 （以下简称"杭氧转债"或"可转债"）1,137万张，每张面值100元，发行总 金额113,700万元。其中，控股股东杭州杭氧控股有限公司（以下简称"杭氧控 股"）配售6,066,162张，占此次可转债发行总量的53.35%。具体内容详见公司 于2022年7月1日在巨潮资讯网披露的公司《公开发行可转换公司债券上市公告 书》。 | 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 杭氧集团股份有限公司董事会 2024 年 10 月 9 日 二、可转债持有比例变动情况 公 ...