Ge Long Hui A P P·2025-12-05 07:32Core Viewpoint - Dongwu Securities report highlights Hangyang Co., Ltd. as a leading domestic manufacturer of air separation equipment, with gas business contributing to new growth drivers [1] Group 1: Business Overview - The company's core business consists of air separation equipment and gas sales, collectively contributing nearly 90% of revenue in 2024 [1] - Hangyang Co., Ltd. started with air separation equipment and held a market share of 43% in 2020, establishing itself as the leading domestic producer [1] Group 2: Growth Drivers - The revenue contribution from gas sales has increased from 2% in 2007 to 59% in 2024, marking it as the company's second growth driver [1] - The industrial gas sector is characterized as a cyclical industry with trends towards localization, increased outsourcing of gas supply, and exploration of new fields [1] Group 3: Competitive Advantages - The company benefits from its manufacturing capabilities in equipment and continuously expanding channel capabilities as it transitions from equipment to gas sales [1] - Hangyang Co., Ltd. is also investing in emerging industries such as controlled nuclear fusion, providing high-quality low-temperature equipment [1] Group 4: Market Outlook - Given the growth potential across multiple business segments and the expectation that gas prices will rise with the macroeconomic recovery, the company has been assigned an "Accumulate" rating [1]