受益于天然气和海外业务 厚普股份预计2025年净利润同比扭亏

Core Viewpoint - The company, Houp Clean Energy (Group) Co., Ltd., forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders between 6.8 million and 10.1 million yuan, with a non-recurring net profit projected between 43.3 million and 46.7 million yuan, marking a significant recovery from previous losses [1] Group 1: Business Performance - The company's main business focuses on clean energy, particularly in natural gas and hydrogen, with a diversified structure comprising core equipment manufacturing and engineering contracting, supported by smart instruments and fluid technology [1] - Factors contributing to the expected growth in 2025 include a rebound in demand for traditional natural gas refueling stations due to falling LNG prices and increased sales of LNG vehicles, alongside stable development in the hydrogen sector [1] - The company anticipates a significant increase in international business revenue, driven by enhanced marketing efforts and international expansion, although this has led to higher market development costs [1] Group 2: International Expansion - A key highlight for the company in 2025 is its breakthrough in overseas markets, with successful promotion of international projects and establishment of a sales network in countries involved in the Belt and Road Initiative [2] - The company has achieved comprehensive output in its international endeavors, including the first entry of solid-state hydrogen products into the South American market and bulk exports of LNG products to Russia [2] - The company has developed a full-chain service capability in the hydrogen industry since its strategic entry in 2013, achieving breakthroughs in various hydrogen-related fields, including equipment for water electrolysis and high-pressure hydrogen refueling stations [2] Group 3: Industry Outlook - The hydrogen industry is transitioning from being driven by policy subsidies to cost parity, with expectations of explosive growth between 2026 and 2028, driven by demand in transportation and industrial markets [3] - The company is well-positioned to benefit from this growth due to its capabilities in manufacturing hydrogen stations and core components, as well as its proactive overseas market strategy [3] - Investors are advised to monitor the speed of order conversion and the improvement in profit margins within the hydrogen business [3]