HANGYANG LIMITED(002430) 新浪财经·2025-03-28 10:44Group 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]