HANGYANG LIMITED(002430) 新浪财经·2025-04-01 12:45Core 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].