| | | 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 ...

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 ...

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].

Investment Rating - The report maintains a "Strong Buy" rating for Hangyang Co., Ltd. (002430) [1][3] Core Views - The company's equipment business shows a recovery in profitability, while the gas business is awaiting downstream recovery [1] - In 2023, the company achieved a revenue of 13.309 billion yuan, a year-on-year increase of 3.95%, and a net profit attributable to shareholders of 1.216 billion yuan, a year-on-year increase of 0.48% [1] - The company has a strong order acquisition capability and is expected to enter a peak operational phase for gas projects soon [1] Financial Performance Summary - **Revenue and Profit**: In 2023, total revenue was 13.309 billion yuan, with a growth rate of 4.0% expected to reach 15.595 billion yuan in 2024, representing a 17.2% increase [4][6] - **Net Profit**: The net profit attributable to shareholders was 1.216 billion yuan in 2023, with projections of 1.455 billion yuan in 2024, reflecting a growth of 19.7% [4][6] - **Earnings Per Share (EPS)**: EPS for 2023 was 1.24 yuan, expected to rise to 1.48 yuan in 2024 [4][6] Business Segment Analysis - **Equipment Business**: The company signed new equipment sales contracts worth 6.47 billion yuan in 2023, maintaining a strong order book with contract liabilities of 3.04 billion yuan [1] - **Gas Business**: The gas business generated revenue of 8.19 billion yuan, a year-on-year increase of 2.3%, with pipeline gas business providing stable cash flow [1] - **Retail Market**: The retail market saw a continuous increase in terminal sales, with liquid sales reaching 2.4 million tons [1] Future Outlook - The company is expected to benefit from a recovery in retail gas prices, which would enhance profit elasticity [1] - Revenue projections for 2024-2026 are 15.595 billion yuan, 17.680 billion yuan, and 20.203 billion yuan, respectively, with corresponding net profits of 1.455 billion yuan, 1.697 billion yuan, and 1.985 billion yuan [4][6]

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].

[Table_Page] 年报点评|专用设备 证券研究报告 [杭Table_氧Title] 股份（002430.SZ） [公Tab司le_I评nves级t] 买入 当前价格 27.42元 业绩稳健增长，逐步走向全球 合理价值 37.02元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-28 ⚫ 公司发布 23 年年度报告。2023 年度，公司实现营业收入 133.09 亿 [相Tab对le_P市icQ场uote表] 现 元，同比增长了 3.95%，归母净利润 12.16 亿元，同比增长 0.48%。 23Q4业绩同比环比皆明显增长。23Q4公司收入35.29亿元，同比增 30% 18% 长 16.19%；归母净利润3.65 亿元，22 年同期为亏损。23Q4 毛利率 5% 为19.16%，低于前三季度毛利率水平，我们认为这主要受气价影响较 -7%03/23 05/23 07/23 09/23 11/23 01/24 03/24 大。此外，23Q4应收账款坏账损失冲回1.06亿元。 -20% -32% ⚫ 设备收入订单保持稳定，毛利率高增。公司 23 年设备收入 ...

杭氧集团股份有限公司 2023 年度审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 F loors 5-8 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road. Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 否由具有执业许可的会计 您可使用手机"扫一扫"或进入 s 日 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-7 | | 二、财务报表 | 8-19 | | (一) 合并资产负债表 | 8-9 | | (二) 合并利润表 | 10 | | (三) 合并现金流量表 | 11 | | (四) 合并所有者权益变动表 | 12-13 | | (五) 母公司资产负债表 | 14-15 | | (六) 母公司利润表 | 16 | | (七) 母公司现金流量表 | 17 | | (八) 母公司所有者权益变动表 | 18-19 | 三、财务报表附注 20-161 中国杭州市钱江新城新业 ...

杭氧集团股份有限公司 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A. UDC Times Building. No. 8 Xinye Road. Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 88 年度募集资金存放与使用情况鉴证报告 中汇会鉴[2024]2697号 杭氧集团股份有限公司全体股东: 我们鉴证了后附的杭氧集团股份有限公司(以下简称杭氧股份公司)管理层编 制的《关于2023年度募集资金存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仪供杭氧股份公司年度报告披露时使用,不得用作任何其他目的。 我们同意将本鉴证报告作为杭氧股份公司年度报告的必备文件,随同其他文件一起 报送并对外披露。 二、管理层的责任 杭氧股份公司管理层的责任是提供真实、合法、完整的相关资料,按照《深圳 证券交易所上市公司自律监管指引第1号 -- 主板上市公司规范运作(2023 ...

股票代码：002430 股票简称：杭氧股份 公告编号：2024-029 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"）第八届监事会第三次 会议于 2024 年 3 月 26 日以现场会议方式召开，本次会议的通知及会议资料于 2024 年 3 月 15 日以传真、电子邮件等方式送达各位监事。应参加本次会议的监事 3 人， 实际参加会议的监事 3 人。会议由监事会主席董吉琴女士主持。会议的召集、召开符 合《公司法》、《公司章程》的规定。与会监事审议了本次会议的议案，并对审议事 项进行了表决。本次会议审议通过了以下议案： 一、审议通过了《关于<2023 年度总经理工作报告>的议案》。 审议批准《2023 年度总经理工作报告》。 表决结果：3 票同意，0 票反对，0 票弃权。同意票数占有表决权总票数的 100%。 二、审议通过了《关于<2023 年度监事会报告>的议案》；并同意提交 2023 年 度股东大会审议批准。 ...