杭氧股份(002430)：“周期+成长”兼备 可控核聚变+量子计算+商业航天齐发力

Core Logic - The company is accelerating its growth attributes through controllable nuclear fusion, quantum computing, and commercial aerospace. It has established partnerships with leading firms like Anhui Fusion New Energy and is continuously winning orders in controllable nuclear fusion, indicating a significant growth potential [1] - In quantum computing, the company has signed a cooperation agreement with Zhejiang University to focus on advanced fields such as "deep low temperature + advanced computing" and "industrial gases + AI models" [1] - In commercial aerospace, the company has won a bid for a large liquid oxygen tank construction project at a launch site, following its previous provision of liquid hydrogen storage tanks, showcasing its capabilities in high-precision low-temperature storage equipment [1] Industry Outlook - The company is positioned as a leading player in the industrial gas sector, benefiting from both cyclical and growth attributes. The industry is currently at the bottom of the cycle, with expectations for a performance turnaround in the future. The company is accelerating its layout in controllable nuclear fusion and other fields, opening up a second growth curve [1][2] Market Segments - Pipeline gas is characterized by its defensive attributes, showing stable growth with minimal impact from macroeconomic fluctuations. The company is expected to increase its market share in the third-party stock market to 30-40% by 2021, contributing to long-term performance growth [2] - Retail gas represents the company's offensive attributes, with potential for significant performance elasticity as gas prices are currently at historical lows. Economic recovery could drive gas price increases, enhancing the performance of retail gas [2] - The controllable nuclear fusion equipment, quantum computing, and commercial aerospace sectors present substantial future market opportunities, creating a second growth engine for the company [2] Profit Forecast and Valuation - The company's projected net profit attributable to shareholders for 2025-2027 is estimated at 1.07 billion, 1.30 billion, and 1.51 billion yuan, with year-on-year growth rates of 16%, 22%, and 17% respectively. The corresponding price-to-earnings ratios are 26, 21, and 18 times [3]