%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨杭氧股份（ ） 002430.SZ [杭Ta氧b股le_份Ti2tl3e]年报点评：业绩稳健，设备业务盈 利改善，气体龙头迈向全球 报告要点 [公Ta司bleQ_4S业um绩m转ar正y]并有较大幅度修复，23Q4实现营收35.29亿元，同比+16.19%；归母净利润 3.65 亿，同比+758.28%；扣非归母净利润 3.19 亿元，同比+464.40%。全年来看，公司设备 业务毛利率改善明显，其中空分设备业务毛利率达 31.5%，同比提升 4.77pct。从近期气体市 场来看，氛围有向好趋势，工业气价格多有上调，预计随着经济预期好转，下游相关行业逐步 ...

| 证券代码：002430 | 证券简称：杭氧股份 | 公告编号：2024-040债 | | --- | --- | --- | | 券代码：127064 | 债券简称：杭氧转债 | | 关于可转债转股价格调整的公告 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。 特别提示： 债券代码：127064，债券简称：杭氧转债 调整前转股价格：27.68元/股 调整后转股价格：27.69元/股 本次转股价格调整生效日期：2024年4月9日 一、关于可转换公司债券转股价格调整的相关规定 杭氧集团股份有限公司（以下简称"公司"）于 2022 年 5 月 19 日公开发行 了 1,137 万张可转换公司债券（债券简称：杭氧转债，债券代码：127064），根 据《杭氧集团股份有限公司公开发行可转换公司债券募集说明书》的相关条款， 以及中国证券监督管理委员会关于公开发行可转换公司债券的有关规定，"杭氧 转债"发行之后，若公司发生送红股、转增股本、增发新股（不包括因本次发行 的可转债转股而增加的股本）、配股以及派发现金股利等情况时，公司将按上述 条件出现的先后顺序，依次对转股价格 ...

证券代码：002430 证券简称：杭氧股份 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 2022 年公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 （浙江省杭州市五星路 201 号） 二〇二四年四月 1 重要声明 浙商证券股份有限公司（以下简称"浙商证券"）编制本报告的内容及信息 来源于杭氧集团股份有限公司（以下简称"杭氧股份"、"公司"或"发行人"） 对外公布的公开信息披露文件及发行人向浙商证券提供的资料。 浙商证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》《可转换公司债券管理办法》等相关规定及与杭氧股份签订的《受托 管理协议》的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 浙商证券提请投资者及时关注发行人的信息披露文件，并已督促发行人及时 履行信息披露义务。 2 一、核准文件及核准规模 杭氧股份于 2022 年 2 月 28 日取得中国证券监 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-039 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于部分限制性股票回购注销完成的公告 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。 特别提示： 1、公司本次回购注销的限制性股票数量为 348,300 股，占回购注销前公司 总股本的 0.0354%，其中，首次授予的限制性股票共 341,800 股，占注销前总 股本的 0.0347%；预留部分第一次授予的限制性股票共 6,500 股，占注销前总 股本的 0.0007%。本次回购注销限制性股票涉及 24 名激励对象。本次回购注销 完成后，公司股份总数为 983,956,200 股。 2、截至 2024 年 4 月 3 日，上述限制性股票已在中国证券登记结算有限责 任公司深圳分公司办理完成注销手续。 一、2021 年限制性股票激励计划已履行的决策程序和审批情况 1、2021 年 11 月 30 日，公司第七届董事会第十七次会议审议通过了 《2021 年限制 ...

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 杭氧股份（002430）公司年报点评 2024年04月02日 [Table_InvestInfo] 投资评级 优于大市 维持 具强发展韧性，看好领域拓展、海外突破 股票数据 [Table_Summary] 0[4Ta月b0le1_日S收to盘ck价（In元fo）] 30.56 投资要点： 52周股价波动（元） 22.02-42.58 总股本/流通A股（百万股） 984/971 总市值/流通市值（百万元） 30081/29686  事件：公司披露 2023 年年报。2023 年公司实现营业收入 133.09 亿元，同 相关研究 比+3.95%，归母净利润12.16亿元，同比+0.48%，扣非归母净利润为11.24 [《Ta 23b Qle 3_经R营ep环o比rtI好nf转o，] 气投项目加速投产； 亿元，同比-0.17%。2023Q4 单季度，公司实现营业收入 35.29 亿元，同比 +16.19%，环比+5.77%，归母净利润3.65亿元，同比扭亏，环比+11.84%， 期待气体价格企稳》2023.11.04 《稀有气价格承 ...

| | | 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 2024年第一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"（债券代码：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27.68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年第一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 （四）历次可转债转股价格调 ...

2024年3月29日 公司研究 公司业绩稳步增长，设备业务盈利能力改善明显 ——杭氧股份（002430.SZ）2023 年年报点评 要点 买入（维持） 当 前价：28.96元 公司全年业绩符合预期，其中23Q4营收、利润均实现较快增长。1）23年营收 133.09亿元，同比增长3.95%；归母净利润12.16亿元，同比增长0.48%；毛 利率 22.91%，同比下降 2.58pct，净利率 9.58%，同比下降 0.45pct，盈利能 作者 力下滑主要受稀有气体价格下降导致气体业务毛利率下降影响。2）23Q4 实现 分析师：黄帅斌 营收 35.29 亿元，同比增长 16.19%，归母净利润 3.65 亿元，较上年同期扭亏 执业证书编号：S0930520080005 0755-23915357 为盈；毛利率19.16%，同比上升5.47pct，净利率10.68%，22年同期为-1.47%。 huangshuaibin@ebscn.com 气体业务收入稳中有增，毛利率受多重因素影响有所下滑。2023 年公司气体业 分析师：陈佳宁 务实现营业收入 81.94 亿元，同比增长 2.33%。受稀有气体价格大幅下滑及液 ...

Investment Rating - The report maintains a rating of "Buy" for Hangyang Co., Ltd. (002430) with a target price of 34.04 CNY, down from the previous target of 42.30 CNY [1][4]. Core Views - The gas business is steadily developing, with a continuous backlog of equipment orders. The company is expected to see stable growth in performance as downstream demand recovers, despite short-term pressure on gas prices [1][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 13.31 billion CNY, a year-on-year increase of 3.95%, and a net profit attributable to shareholders of 1.22 billion CNY, which is a slight increase of 0.48% year-on-year [1][5]. - The fourth quarter of 2023 saw a revenue of 3.65 billion CNY, representing a year-on-year increase of 16.19% and a quarter-on-quarter increase of 5.77% [1][5]. - The company’s gas sales revenue reached 8.19 billion CNY in 2023, up 2.33% year-on-year, with a total of 64.70 billion CNY in new equipment sales contracts signed [1][4]. Business Outlook - The company is actively expanding its overseas market presence, with equipment orders remaining robust. The gas business is expected to maintain steady growth as large gas prices are anticipated to gradually recover [1][4]. - The company has signed multiple gas investment projects, with a cumulative oxygen production capacity of 3.2 million Nm3/h by the end of 2023 [1][4]. Valuation Metrics - The report provides a valuation of 23 times for the company in 2024, with an expected EPS of 1.48 CNY for 2023 and projected EPS of 1.60 CNY for 2024 [1][4]. - The company’s net profit margin is projected to improve from 12.7% in 2023 to 13.8% in 2024, indicating a positive trend in profitability [1][5]. Market Position - Hangyang Co., Ltd. is recognized as a leading enterprise in the development, design, and manufacturing of air separation and petrochemical equipment, with its products widely used in metallurgy and chemical industries [4][6].

公司报告 | 年报点评报告 杭氧股份（002430） 证券研究报告 2024年03月 29日 投资评级 利润超预期，行业相对底部，工业气体龙头值得关注 行业 机械设备/专用设备 6个月评级 买入（维持评级） 当前价格 28.55元 2023年全年：1）实现营收133.09亿元，同比+3.95%；实现归母净利润12.16亿元， 目标价格 元 同比+0.48%；实现扣非归母净利润11.24亿元，同比-0.17%。2）全年毛利率22.91%， 同比-2.58pct；归母净利润率 9.14%，同比-0.32pct；扣非归母净利润率 8.45%，同 基本数据 比-0.35pct。3）期间费用率为11.58%，同比+0.32pct，销售/管理/研发/财务费用率 A股总股本(百万股) 984.31 分别为1.41%、5.99%、3.4%、0.77%，同比分别变动+0.27、+0.12、-0.21、+0.15pct。 流通A股股本(百万股) 971.56 2023Q4单季度：1）实现营收 35.29亿元，同比+16.19%，环比+5.77%；实现归母 A股总市值(百万元) 28,102.07 净利润3.65亿元，同比扭亏为盈 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 20%[9]. - The company's operating revenue for 2023 was ¥13,308,999,754.89, representing a 3.95% increase from ¥12,803,210,775.58 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥1,216,096,388.55, a slight increase of 0.48% compared to ¥1,210,304,385.11 in 2022[16]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management[9]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan for the fiscal year, representing a year-over-year growth of 15%[120]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the fiscal year, representing a 20% year-over-year growth[125]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 8 yuan per 10 shares (including tax) to all shareholders based on the total share capital as of the equity registration date for the 2023 annual profit distribution plan[3]. - The board of directors has approved a dividend payout of 0.5 RMB per share, reflecting a commitment to returning value to shareholders[9]. - The cash dividend proposal for the reporting period is to distribute RMB 8.00 per 10 shares (including tax), with a total distributable profit of RMB 2,222,358,112.18[149]. - The cash dividend amount accounts for 100% of the total profit distribution[149]. Operational Efficiency and Strategy - The company aims to enhance its operational efficiency by implementing new digital solutions, targeting a 15% reduction in operational costs[9]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% driven by new product launches and market expansion[9]. - A new strategic initiative aims to improve operational efficiency by 15% over the next two years[99]. - The company plans to invest 200 million CNY in R&D for innovative gas solutions over the next three years[125]. - The company has implemented new operational strategies that are projected to reduce operational costs by 10% over the next year[120]. Research and Development - The company is investing 200 million RMB in research and development to innovate new technologies in gas separation[9]. - Research and development investments increased by 30% in 2023, focusing on innovative technologies[98]. - The company has a robust R&D system with 577 authorized patents, focusing on continuous innovation in air separation technology and gas supply chains[30]. - The company is focusing on hydrogen technology research and development, aiming for successful industrialization of key technologies like hydrogen liquefaction[135]. Market Expansion - The company plans to expand its market presence in the South China region, targeting a 10% market share increase within the next two years[9]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[97]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the market[99]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's production capacity by 40%[9]. Risk Management and Challenges - Future operational risks and challenges are outlined in the management discussion section, highlighting potential impacts on business performance[3]. - The company is closely monitoring macroeconomic and policy changes to mitigate risks associated with the steel, coal chemical, and refining industries, which are significantly influenced by national policies[88]. - The retail gas business is subject to market supply and demand fluctuations, which can directly impact the company's performance; strategies are being implemented to optimize resource allocation and enhance retail market penetration[90]. Governance and Compliance - The report emphasizes the importance of accurate financial reporting, with the management team affirming the authenticity and completeness of the financial statements[2]. - The company has strengthened its governance structure, ensuring compliance with regulatory requirements[99]. - The company has established an effective performance evaluation and assessment system for its directors and senior management[105]. - The company has maintained compliance with all major environmental protection laws and regulations, ensuring 100% normal operation of pollution prevention facilities[162]. Employee and Training Initiatives - The company has conducted 196 training sessions throughout the year to enhance employee skills and capabilities[41]. - The total number of employees at the end of the reporting period is 5,616, with 1,723 in the parent company and 3,893 in major subsidiaries[142]. - The company has implemented four training systems to enhance employee skills and management capabilities, ensuring a systematic approach to talent development[145]. Environmental Commitment - The company has received the national "Green Factory" title in 2023, reflecting its commitment to low-carbon and green development[165]. - The company has achieved a total environmental protection investment of CNY 4.6598 million and paid environmental protection taxes amounting to CNY 3,636.26 during the reporting period[164]. - The company has installed 2 sets of wastewater treatment facilities and 6 sets of exhaust gas treatment facilities, ensuring all treatment equipment operates effectively[164]. Shareholder Engagement - The company held 3 shareholder meetings during the reporting period, ensuring compliance with relevant regulations and allowing for fair voting procedures[100]. - The annual shareholder meeting on April 21, 2023, had a participation rate of 61.88%[108]. - The first extraordinary shareholder meeting in 2023 on June 5 had a participation rate of 64.82%[108]. - The second extraordinary shareholder meeting in 2023 on September 12 had a participation rate of 61.40%[108].