Investment Rating - Buy rating for the first coverage [1] Core Views - The company is transitioning from equipment manufacturing to operations, leading the domestic air separation industry [1] - The company has shown resilience in adverse market conditions, with 2023 revenue reaching 13.31 billion yuan, a 4.0% YoY increase, and net profit attributable to the parent company of 1.22 billion yuan, a 0.5% YoY increase [1] - The industrial gas industry has a high ceiling, with domestic manufacturers having significant potential [1] - The company is expanding its pipeline gas business, retail gas business, and regional presence, with cumulative oxygen production capacity reaching 3.2 million Nm³/h by the end of 2023 [1] - The company is a leader in air separation equipment, with a market share of 43.21% in 2020, and is actively expanding overseas markets [1] Financial Performance - Revenue for 2023 was 13.31 billion yuan, a 4.0% YoY increase, with net profit attributable to the parent company of 1.22 billion yuan, a 0.5% YoY increase [1] - Revenue for the first half of 2024 was 6.73 billion yuan, a 4.4% YoY increase, with net profit attributable to the parent company of 437 million yuan, a 16.76% YoY decrease [1] - The company's revenue CAGR from 2010 to 2023 was 12%, and net profit CAGR was 10% [1] - Gross margin in 2023 was 22.9%, a 2.6 percentage point decrease YoY, and net profit margin was 9.6%, a 0.4 percentage point decrease YoY [1] Industry Overview - The global industrial gas market size grew from 720.2 billion yuan in 2017 to 943.2 billion yuan in 2021, with a CAGR of 7% [23] - The domestic industrial gas market size grew from 1.211 trillion yuan in 2017 to 1.798 trillion yuan in 2021, with a CAGR of 10% [23] - The domestic industrial gas market is expected to reach 2.842 trillion yuan by 2026 [1] - The outsourcing ratio of the domestic industrial gas market is expected to increase, with the retail gas business expected to grow from 59.1 billion yuan in 2021 to 103.4 billion yuan in 2026, with a CAGR of 11.9% [28] Business Expansion - The company has established eight major regions nationwide, with a focus on East China and Central China, and has expanded into South China, North China, and the Sichuan-Chongqing region [40] - The company signed a gas project in Indonesia in 2023, marking the first step in the internationalization of its gas business [1] - The company is continuously enriching its retail gas business, with the potential to bring performance elasticity when market conditions improve [1] - The company is focusing on the localization of special gases, with products including rare gases, high-purity gases, and electronic bulk gases [43] Air Separation Equipment - The company's air separation equipment market share has been increasing, with a market share of 43.21% in 2020 [1] - The company is actively expanding its overseas market, with foreign trade contract value reaching 908 million yuan in 2023, accounting for 14.03% of total equipment sales contracts [1] - The company's air separation equipment has been exported to more than 40 countries, with foreign trade orders exceeding the total for 2023 by July 2024 [1] Hydrogen Energy - The company is actively developing hydrogen energy-related businesses, including hydrogen production, purification, storage, and refueling [48] - In 2022, the company invested in a 4000 Nm³/h hydrogen purification device and a 6000 kg/d hydrogen refueling station project [48] - In 2023, the company participated in the EPC general contracting project of the largest hydrogen-electricity integrated energy island in China [48]

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：20240902 | --- | --- | --- | |-----------------------------|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 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 电话会议 | | 参与单位名称及人 | | 海通证券、中金公 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Views - The company reported a revenue of 6.727 billion yuan for the first half of 2024, a year-on-year increase of 4.4%, while the net profit attributable to shareholders decreased by 16.76% to 437 million yuan [1]. - The decline in profitability is attributed to a sluggish downstream market, although the company is actively pushing for the commissioning of gas projects [1]. - The gas sales business generated revenue of 4.024 billion yuan, a slight increase of 0.17% year-on-year, while the equipment business saw a revenue increase of 19.4% to 2.317 billion yuan [1]. Financial Performance Summary - Total revenue for 2024 is projected to be 14.919 billion yuan, with a year-on-year growth rate of 12.1% [2]. - The net profit attributable to shareholders is expected to reach 1.298 billion yuan in 2024, reflecting a growth of 6.8% [2]. - Earnings per share (EPS) are forecasted to be 1.32 yuan for 2024, with a price-to-earnings (P/E) ratio of 13 [2]. Business Development Summary - The company is accelerating the commissioning of gas projects, having established new gas companies to enhance its market presence [1]. - The company has secured significant overseas orders, with the total order amount reaching 3.781 billion yuan in the first half of 2024, indicating a strong order acquisition capability [1]. - The company is focusing on expanding its retail gas and specialty gas markets, with notable advancements in the liquid helium market [1].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -40% -29% -17% -6% 5% 17% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 杭氧股份 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 16.88 空分设备稳健增长，工业气体有望复苏 杭氧股份(002430) [Table_Industry] 资本货物/工业 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 20.40 | | | 上次预测: | 33.03 | | --- | --- | --- | |----------| ...

股票代码：002430 股票简称：杭氧股份 公告编号：2024-080 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第十次会议决议公告 计为 11,578 万元，新建空分装置的总投资为 36,722 万元，流动资金 1,000 万元。气 体公司的注册资本金为 11,400 万元，由公司以自有资金出资，其余资金考虑融资解 决。气体公司股权结构如下： 单位：万元 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 8 月 26 日 以通讯方式召开了第八届董事会第十次会议，本次会议的通知及会议资料于 2024 年 8 月 21 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<2024 年 ...

杭氧集团股份有限公司 2024 年半年度报告全文 杭氧集团股份有限公司 2024 年半年度报告 2024 年 8 月 1 杭氧集团股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人郑伟、主管会计工作负责人葛前进及会计机构负责人(会计主 管人员)王辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分描述了公司未来经营中可能面临的风险，请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 杭氧集团股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |---------------------- ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-082 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于收购空分资产并投资新建两套30000Nm³/h空分装置项目暨 设立南昌杭氧气体有限公司的公告 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 为加快气体产业布局，杭氧集团股份有限公司（以下简称"公司"或"本公 司"）拟投资设立全资子公司——南昌杭氧气体有限公司（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"）。以气体公司为主体实施 受让方大特钢科技股份有限公司（以下简称"方大特钢"）持有的 16300Nm³/h、 10000Nm³/h、4500Nm³/h 三套空分装置、4 套 6000/85 型 VPSA 装置、附属设施资产 （以下简称"空分装置资产组合"）及相关合同，并由气体公司投资新建两套 30000Nm³/h 空分装置为方大特钢提供其所需的工业气体产品及服务。公司已与方大 特钢签订供气合同，本次项目合同 ...

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 8 月 26 日 以通讯方式召开了第八届监事会第九次会议，本次会议的通知及会议资料于 2024 年 8 月 21 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<2024 年半年度报告及其摘要>的议案》； 股票代码：002430 股票简称：杭氧股份 公告编号：2024-081 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 第八届监事会第九次会议决议公告 经审核，监事会认为董事会编制和审核公司 2024 年半年度报告的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实 际情况，不存在任何虚假记载、误导性陈述 ...

杭氧集团股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来 情况汇总表 | 湖口杭氧气体有限公 司 | 子公司 | 应收账款 | | 200.00 | 170.00 | 30.00 | 货款等 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 杭州杭氧填料有限公 司 | 子公司 | 应收账款 | 3.13 | 306.86 | 244.72 | 65.27 | 货款等 | 经营性往来 | | 滕州杭氧气体有限公 司 | 子公司 | 应收账款 | | 41.89 | 4.39 | 37.50 | 货款等 | 经营性往来 | | 杭州杭氧合金封头有 限公司 | 子公司 | 应收账款 | 9.71 | 378.62 | 357.75 | 30.58 | 货款等 | 经营性往来 | | 山东裕龙杭氧气体有 限公司 | 子公司 | 应收账款 | 91.74 | 66,886.25 | 66,977.99 | - | 货款等 | 经营性往来 | | 杭州杭氧工装泵阀有 限公司 | 子公司 | 应收账款 | | 165.2 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-077 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于控股子公司部分股权转让暨放弃优先受让权的公告 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、事项概述 杭氧集团股份有限公司（以下简称"公司"或"本公司"）控股子公司杭州富 阳杭氧气体有限公司（以下简称"富阳杭氧"）的股东杭州贝斯特气体有限公司 （以下简称"贝斯特气体"）拟将其持有的富阳杭氧 10%的股权转让给杭州贝斯特实 业有限公司（以下简称"贝斯特实业"）。根据《公司法》等相关规定，公司享有 其他股东股权转让的优先受让权。基于对公司长期发展战略及实际经营情况的整体 考虑，在保持对富阳杭氧持股比例不变的情况下，公司拟放弃本次优先受让权。 公司第八届董事会第九次会议审议通过了《关于控股子公司部分股权转让暨放 弃优先受让权的议案》。根据《深圳证券交易所股票上市规则》、《公司章程》等 相关规定，本次事项不构成关联交易，不构成《上市公司重大资产重组管理 ...