HANGYANG LIMITED(002430) 全景网·2025-03-27 13:56Core Viewpoint - Hangyang Co., Ltd. demonstrates resilience and growth potential in traditional gas sectors while strategically expanding into emerging fields such as electronic gases and hydrogen energy, as highlighted in their 2024 annual report [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 13.716 billion yuan, a year-on-year increase of 3.06% [2]. - The net profit attributable to shareholders was 922 million yuan, reflecting a decline of 24% year-on-year due to macroeconomic challenges and a sluggish liquid market [2]. Business Transformation - Hangyang is transitioning from a traditional equipment manufacturer to a comprehensive gas service provider, enhancing its product matrix [2]. - The gas business consistently accounts for about 60% of the company's revenue, driving overall growth [2]. Market Expansion - The company has successfully expanded its domestic and international markets, with equipment revenue increasing by 7% year-on-year [2]. - Notable projects include the operation of the largest air separation island project in Inner Mongolia and a significant contract win for a large-scale air separation project in Mexico [4]. Emerging Fields - In the electronic gas sector, the company has seen substantial growth, with sales of electronic-grade hydrogen and helium increasing by 88.31% and 92.87% respectively [2]. - The establishment of a hydrogen energy business unit aims to create a comprehensive hydrogen industry chain, with strategic partnerships formed to advance hydrogen energy projects [5]. Technological Innovation - The company invests heavily in R&D, with 449 million yuan allocated in 2024, representing 3.27% of operating revenue [7]. - Hangyang has established 16 technology innovation platforms and is involved in multiple national and provincial research projects, achieving breakthroughs in various technologies [7]. Industry Outlook - The industrial gas market in China is projected to grow from 196.6 billion yuan in 2022 to 284.2 billion yuan by 2026, with a compound annual growth rate of approximately 10% [3]. - The electronic specialty gas market is expected to grow significantly, providing substantial opportunities for companies like Hangyang with strong technical capabilities [3]. Corporate Responsibility - Hangyang emphasizes sustainable development and has integrated green practices into its operations, achieving a water reuse rate of 98.61% in 2024 [7]. - The company engages in social responsibility initiatives, including support for rural revitalization and employee development programs [8]. Future Prospects - The company is well-positioned to capitalize on domestic industrial upgrades and the growth of emerging industries, particularly in electronic specialty gases and hydrogen energy [9]. - Hangyang's dual-driven model of "equipment + service" is expected to enhance its market position, with a focus on achieving higher quality growth in the coming years [9].