Ge Long Hui A P P·2025-12-03 06:53Core Viewpoint - Hangyang Co., Ltd. is identified as a leading player in China's industrial gas sector, characterized by both cyclical and growth potential, with a promising outlook for performance recovery as the industry is at the cyclical bottom [1] Industry Summary - The gas industry is currently at a cyclical low, indicating potential for upward performance recovery in the future [1] - The company is accelerating its layout in the controllable nuclear fusion field, which is expected to open a second growth curve [1] Company Summary - In the event of macroeconomic recovery, the retail gas segment shows significant potential for performance elasticity [1] - Even without considering economic recovery, the company can maintain steady performance growth through pipeline gas (volume delivery) and equipment business (Xinjiang coal chemical and overseas demand) [1] - The total signed oxygen production capacity for 2024 is projected to reach 3.5 million Nm³/h, representing an 8.6% year-on-year increase (300,000 Nm³/h), which supports steady growth in pipeline gas volume [1] - The potential performance elasticity from retail gas is expected to be substantial [1] - The company is also cultivating new growth points such as electronic special gases and aims to achieve integrated production and storage applications for neon, helium, krypton, and xenon, thereby expanding its growth space [1] - The investment rating is maintained at "Buy" [1]