Core Viewpoint - The company reported a decline in net profit for 2024, attributed to macroeconomic factors and a sluggish liquid market, despite a slight increase in revenue [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 13.716 billion yuan, a year-on-year increase of 3.06% - The net profit attributable to shareholders was 922 million yuan, a year-on-year decrease of 24.15% - The non-recurring net profit was 861 million yuan, a year-on-year decrease of 23.41% - In Q4 2024, the operating revenue was 3.364 billion yuan, a year-on-year decrease of 4.68% - The net profit attributable to shareholders in Q4 was 247 million yuan, a year-on-year decrease of 32.26% - The non-recurring net profit in Q4 was 235 million yuan, a year-on-year decrease of 26.52% [1]. Profitability Analysis - The company's gross margin and net margin for 2024 were 20.85% and 7.23%, respectively, down by 2.06 percentage points and 2.35 percentage points year-on-year - In Q4 2024, the gross margin was 22.22%, up by 3.06 percentage points, while the net margin was 7.57%, down by 3.12 percentage points - The goodwill impairment in 2024 amounted to 65 million yuan, negatively impacting the net margin [2]. Business Segment Performance - Gas sales revenue for 2024 was 8.1 billion yuan, a year-on-year decrease of 1.15%, with a gross margin of 16.17%, down by 2.52 percentage points - Revenue from air separation equipment was 4.525 billion yuan, a year-on-year increase of 6.77%, with a gross margin of 29.88%, down by 1.58 percentage points - Engineering contracting revenue was 186 million yuan, a year-on-year increase of 108.22% - Other business revenue was 366 million yuan, a year-on-year increase of 21.07% [2]. Business Expansion and Internationalization - The gas business saw an increase in installed capacity, with six new gas investment projects signed in 2024, adding a total oxygen production capacity of approximately 650,000 Nm³/h - The company sold 2.82 million tons of liquid gas in 2024 and is actively developing electronic gases, medical gases, new energy gases, and high-purity gases - The company plans to establish a joint venture to develop the semiconductor gas market, enhancing its special gas product matrix [3]. Order and Contract Performance - The order amount for air separation and petrochemical equipment in 2024 was 5.512 billion yuan, with 22 large and medium-sized air separation units signed - The foreign trade contract amount reached 933 million yuan, accounting for nearly 17% of total contracts - The petrochemical equipment contract amount reached a historical high of 841 million yuan [3]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.046 billion yuan, 1.176 billion yuan, and 1.335 billion yuan for 2025, 2026, and 2027, respectively - The estimated EPS for these years is 1.06 yuan, 1.20 yuan, and 1.36 yuan per share - A valuation range of 25.50 to 27.63 yuan per share is suggested for 2025, based on a PE ratio of 24-26 times [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][20] Core Views - The company reported a revenue of 13.716 billion yuan in 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [5][6] - The company's profitability is under pressure primarily due to macroeconomic factors and a sluggish liquid market, with a gross margin of 20.85% and a net margin of 7.23% in 2024 [6][12] - The gas sales revenue was 8.1 billion yuan, down 1.15% year-on-year, while the revenue from air separation equipment increased by 6.77% to 4.525 billion yuan [6][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [5][6] - The company expects a recovery in gas sales and profitability in the coming years, with projected revenues of 16.04 billion yuan in 2025 and 17.49 billion yuan in 2026 [8][23] Business Segments - The gas business continues to expand, with six new gas investment projects signed in 2024, increasing the total oxygen production capacity to 3.5 million Nm³/h [7][12] - The equipment business is accelerating its internationalization, with a record high order amount of 5.512 billion yuan for air separation equipment in 2024 [7][19] Market Outlook - The company is positioned as a leader in the industrial gas sector, with a strong cash flow and the ability to penetrate various downstream industries [20][22] - The projected earnings per share (EPS) for 2025 is 1.06 yuan, with a reasonable valuation range of 25.50 to 27.63 yuan per share based on a PE ratio of 24-26 times [10][20]

股票代码：002430 股票简称：杭氧股份 公告编号：2025-031 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 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2025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 分配。本次权益分配实施后，"杭氧转债"转股价格调整为27.88元/股，调整后的 转股价格自2023年5月8日起生效。 年度中期利润分配。本次权益分配实施后，"杭氧转债"转股价格调整为27.68元/ 股，调整后的转股价格自2023年9月26日起生效。 （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 ...

| | | 转债代码：127064 转债简称：杭氧转债 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2025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 经深圳证券交易所（以下简称"深交所"）"深证上[2022]616号"文同意， 公司11.37亿元可转换公司债券于2022年7月5日起在深交所挂牌交易，转债简称 "杭氧转债"，转债代码"1270 ...

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Oxygen Plant Co., Ltd. (002430) with a target price of 26.88 CNY, down from the previous forecast of 34.25 CNY [2][12]. Core Insights - The company's 2024 performance meets expectations, with steady development in pipeline gas and a potential recovery in retail gas prices. Additionally, the proportion of overseas orders for equipment continues to rise, indicating a steady growth outlook [3][12]. Financial Summary - **Revenue**: The company reported a revenue of 13,716 million CNY for 2024, reflecting a year-on-year increase of 3.06%. The projected revenues for the following years are 15,763 million CNY in 2025, 17,753 million CNY in 2026, and 20,025 million CNY in 2027, with growth rates of 14.9%, 12.6%, and 12.8% respectively [5][14]. - **Net Profit**: The net profit attributable to shareholders for 2024 is 922 million CNY, a decrease of 24.15% year-on-year. The forecasted net profits for 2025, 2026, and 2027 are 1,106 million CNY, 1,301 million CNY, and 1,510 million CNY, showing a recovery trend [5][14]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.94 CNY, with estimates of 1.12 CNY for 2025, 1.32 CNY for 2026, and 1.53 CNY for 2027 [5][14]. - **Return on Equity (ROE)**: The ROE is expected to be 10.0% in 2024, with a gradual increase to 13.6% by 2027 [5][14]. Market Performance - The stock has a 52-week price range of 16.67 CNY to 31.18 CNY, with a total market capitalization of 20,948 million CNY [6][12]. - The stock's performance over the last 12 months shows a decline of 23% relative to the Shenzhen Composite Index [10]. Business Development - The company’s gas sales revenue for 2024 is 8,100 million CNY, down 1.15% year-on-year, primarily due to fluctuations in retail gas prices. The gross margin for gas sales is 16.17%, a decrease of 2.58 percentage points year-on-year [12]. - The pipeline gas business is expected to provide stable cash flow, with new projects adding approximately 650,000 Nm³/h of oxygen production capacity in 2024 [12]. - The company achieved a revenue of 4,525 million CNY from air separation equipment in 2024, marking a year-on-year increase of 6.77% [12]. Overseas Market Expansion - The company’s order intake for air separation and petrochemical equipment reached 5,512 million CNY in 2024, with overseas orders accounting for 17%, up from 14% in 2023. This growth in overseas orders is anticipated to enhance equipment gross margins [12].

Investment Rating - The report maintains a "Strong Buy" rating for Hangzhou Oxygen Plant Co., Ltd. [2][7] Core Views - The company is experiencing slight revenue growth in 2024, but profits are declining, and cash flow is under pressure. Despite the ongoing industry downturn, the company is expanding its operations, with a 44% year-on-year increase in new gas project contracts, enhancing future profit potential [6][7]. - The gas sales segment is under pressure, with revenue and gross margins declining, while the air separation equipment segment shows revenue growth despite a slight decrease in gross margin [6][7]. - The report anticipates revenue growth for the company, projecting revenues of 167.8 billion, 190.9 billion, and 209.8 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to be 11.0 billion, 13.6 billion, and 14.6 billion yuan for the same years [6][8]. Financial Performance Summary - In 2024, the company achieved operating revenue of 137.16 billion yuan, a year-on-year increase of 3.06%, while net profit attributable to shareholders was 9.22 billion yuan, a decline of 24.15% [6]. - The gas sales business generated revenue of 81.00 billion yuan, down 1.15% year-on-year, while the air separation equipment business saw revenue of 45.25 billion yuan, up 6.77% [6]. - The company’s gross margin for 2024 was 20.85%, down 2.06 percentage points year-on-year, and the net margin was 7.23%, down 2.35 percentage points [6][15]. Business Segment Analysis - The air separation equipment segment signed contracts for 22 large and medium-sized units, with a total order value of 55.12 billion yuan, a decrease of 14.8% year-on-year. However, overseas orders increased, accounting for 17% of total orders [6][7]. - The company signed six new gas projects in 2024, with an oxygen production capacity of 650,000 cubic meters, representing a 44.4% increase year-on-year [6][7]. Market Conditions - The report indicates that terminal gas prices are stabilizing, with liquid oxygen prices showing a slight increase. As of late March, the average price of liquid oxygen was 429 yuan per ton, up 0.47% year-on-year [6][7].

Group 1 - 2024 performance shows a revenue of 13.7 billion, a year-on-year increase of 3%, but a net profit of 0.92 billion, down 24% year-on-year, with a gross margin of 20.9% and a net margin of 7.2% [1] - In Q4 2024, revenue was 3.36 billion, a year-on-year decline of 4.7%, and net profit was 0.25 billion, down 32.3% year-on-year, with a gross margin of 22.2% [1] - The equipment business saw new orders of 5.51 billion, a year-on-year decline of 14.8%, with foreign trade orders at 0.93 billion, accounting for nearly 17% [1] - The gas business added new projects with a total oxygen production capacity of approximately 650,000 Nm3/h, with liquid sales of 2.82 million tons, an 18% year-on-year increase [1] Group 2 - The industrial gas market demand is nearly 200 billion, with the third-party outsourcing market expected to grow, increasing from 41% in 2021 to 45% by 2025 [2] - In 2021, the company held a 9% share in the third-party gas supply market, with an expected future share of 30-40% [2] - The company is upgrading its product structure, with gas business revenue share increasing and retail gas business profitability higher than pipeline gas [2] Group 3 - Forecasted net profits for 2025-2027 are 1.07 billion, 1.30 billion, and 1.51 billion, with year-on-year growth rates of 16%, 22%, and 17%, corresponding to PE ratios of 20, 16, and 14 [3]

Core Viewpoint - The company reported a revenue of 13.716 billion yuan for 2024, a year-on-year increase of 3.06%, but the net profit attributable to shareholders was 922 million yuan, a year-on-year decrease of 24.15% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, with a year-on-year and quarter-on-quarter decrease of 4.68% and 7.21% respectively [1] - The gross profit margin for the entire year was 20.85%, down 2.06 percentage points year-on-year, primarily due to the low prices in the industrial gas and liquid markets [1] - The company maintained good control over operating expenses, with a total expense ratio of 11.06%, down 0.52 percentage points year-on-year [1] Cash Flow and Contracts - As of Q4 2024, the company's inventory was 2.321 billion yuan, and contract liabilities were 3.176 billion yuan, reflecting a 13.78% increase from the previous quarter [2] - The net cash flow from operating activities for Q4 2024 was 1.435 billion yuan, showing a significant improvement with a 628% increase quarter-on-quarter [2] New Business Development - The company has made significant progress in emerging fields, with sales of electronic-grade hydrogen and helium increasing by 88.31% and 92.87% year-on-year respectively [3] - The traditional business remains resilient, with a record high contract amount of 841 million yuan for petrochemical equipment in 2024 [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 4.28% and 6.31% to 1.283 billion yuan and 1.508 billion yuan respectively [4] - The target price has been raised to 31.20 yuan, corresponding to a PE ratio of 24 times for 2025 [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.20 [8][9]. Core Views - The company reported a revenue of RMB 13.716 billion for 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was RMB 922 million, a decrease of 24.15% year-on-year. The fourth quarter revenue was RMB 3.364 billion, down 4.68% year-on-year and 7.21% quarter-on-quarter [1]. - The company has a robust order backlog and has signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h. The cumulative order amount for air separation petrochemical equipment reached RMB 5.512 billion [3]. - The company has made significant progress in emerging fields, with sales of electronic-grade hydrogen and helium increasing by 88.31% and 92.87% year-on-year, respectively. The traditional business remains resilient, with a record high contract amount for petrochemical equipment in 2024 at RMB 841 million [4]. Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 20.85%, a decrease of 2.06 percentage points year-on-year, primarily due to the low prices in the industrial gas and liquid markets. The total expense ratio was 11.06%, down 0.52 percentage points year-on-year, indicating good control over expenses [2]. - The net cash flow from operating activities in Q4 2024 was RMB 1.435 billion, showing a significant improvement of 628% quarter-on-quarter, mainly due to customer payments [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted downwards by 4.28% and 6.31% to RMB 1.283 billion and RMB 1.508 billion, respectively. The estimated net profit for 2027 is RMB 1.752 billion, with corresponding EPS of RMB 1.30, RMB 1.53, and RMB 1.78 for 2025, 2026, and 2027 [5].

Summary of the Conference Call for Hangzhou Oxygen Plant Co., Ltd. (杭氧股份) Company Overview - **Company**: Hangzhou Oxygen Plant Co., Ltd. (杭氧股份) - **Industry**: Gas and Equipment Manufacturing Key Financial Performance - **2024 Revenue**: CNY 13.716 billion, up 3.6% year-on-year [3] - **Net Profit**: CNY 922 million, down 24% year-on-year [4] - **Equipment Business Revenue**: CNY 5.06 billion, up 7% year-on-year [4] - **Gas Business Revenue**: CNY 8 billion, down CNY 1 billion year-on-year [3] - **Gross Margin**: - Equipment Manufacturing: 27.7%, down 2.14 percentage points [4] - Gas Business: 16.17%, down 5.22 percentage points [4] - **R&D Investment**: CNY 449 million, stable year-on-year [3] - **Operating Cash Flow**: CNY 2.246 billion, down 88.82% year-on-year [3] - **Total Assets**: CNY 24.07 billion [3] - **Total Liabilities**: CNY 13.68 billion [3] - **Debt Ratio**: 56.84% [3] Business Segment Performance - **Manufacturing Segment**: 36.92% of total revenue [5] - **Gas Segment**: 59.05% of total revenue [5] - **Liquid Sales Volume**: 2.82 million tons, including 2.44 million tons of oxygen, nitrogen, and argon [7] Project Investments and Future Outlook - **New Pipeline Gas Projects**: Investment of CNY 2.1 billion for 310,000 cubic meters [6] - **New Equipment Contracts**: CNY 5.512 billion, with air separation contracts accounting for CNY 4.6 billion [8] - **Expected New Projects in 2025**: Approximately 500,000 cubic meters of gas, mainly in the second half of the year [9] - **Focus on Semiconductor Projects**: Ongoing arrangements for new semiconductor projects [10] Dividend and Debt Management - **Dividend Policy**: Future dividends will consider financial safety, aiming to keep the debt ratio below 46% [11][12] Market Dynamics - **Liquid Gas Prices**: Significant price drops observed, with liquid oxygen, nitrogen, and argon prices decreasing by three digits [4][7] - **Import Volume**: 2024 import volume fell short of expectations; a joint venture was established to increase helium supply [13] - **Retail Gas Direct Sales Target**: Aiming for 70%-80% direct sales ratio [22] Competitive Landscape - **Overseas Orders**: Mainly from India, Mexico, Middle East, and Africa, with a focus on steel and chemical industries [23] - **Market Position**: Company maintains a competitive edge through technology and cost advantages [36] Challenges and Risks - **Profitability Concerns**: Declining margins in the gas business due to market conditions and increased competition [27] - **Economic Impact**: Future gas prices and demand are closely tied to economic recovery [39] Conclusion - The company is navigating a challenging market environment with declining profits and margins while focusing on strategic investments and maintaining a strong market position through technology and operational efficiency. Future growth will depend on successful project execution and market recovery.