杭氧股份(002430)：业绩符合预期 战略性布局新能源产业

Core Viewpoint - The company reported a revenue of 11.428 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.39%, and a net profit attributable to shareholders of 757 million yuan, corresponding to an earnings per share of 0.26 yuan, up 12.14% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 4.101 billion yuan, which is a year-on-year increase of 13.12% and a quarter-on-quarter increase of 8.99% [1] - The net profit for Q3 2025 was 278 million yuan, reflecting a year-on-year growth of 16.79% and a quarter-on-quarter growth of 9.88% [1] - The gross margin for the first three quarters of 2025 was 20.6%, an increase of 0.2 percentage points year-on-year, attributed to effective cost reduction measures [1] - The company maintained good control over expenses, with a sales expense ratio of 1.2% (down 0.1 percentage points), a management expense ratio of 5.5% (down 0.2 percentage points), a research and development expense ratio of 2.6% (down 0.7 percentage points), and a financial expense ratio of 0.8% (unchanged) [1] Industry Trends - The pricing fundamentals for gas in Q3 are well-supported, with liquid oxygen prices showing a recovery trend, averaging 474 yuan/ton, up 15.7% year-on-year [2] - The company joined the Anhui Nuclear Fusion Industry Alliance in September, providing comprehensive solutions covering the entire industrial chain from gas extraction to storage, transportation, refrigeration, and recovery [2] - A green circular fuel cell-grade hydrogen comprehensive utilization project commenced in October, focusing on the production and sales of high-purity hydrogen and hydrogen for fuel cell vehicles [2] Profit Forecast and Valuation - The company maintains a net profit forecast of 1.13 billion yuan for 2025 and 1.33 billion yuan for 2026 [3] - The current stock price corresponds to a price-to-earnings ratio of 22.7 times for 2025 and 19.3 times for 2026 [3] - The company maintains an outperform rating with a target price of 30.00 yuan, which corresponds to a price-to-earnings ratio of 26.1 times for 2025 and 22.1 times for 2026, indicating a potential upside of 14.8% from the current stock price [3]