HANGYANG LIMITED(SZ:002430) Huachuang Securities·2024-08-28 00:23Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Views - The company reported a revenue of 6.727 billion yuan for the first half of 2024, a year-on-year increase of 4.4%, while the net profit attributable to shareholders decreased by 16.76% to 437 million yuan [1]. - The decline in profitability is attributed to a sluggish downstream market, although the company is actively pushing for the commissioning of gas projects [1]. - The gas sales business generated revenue of 4.024 billion yuan, a slight increase of 0.17% year-on-year, while the equipment business saw a revenue increase of 19.4% to 2.317 billion yuan [1]. Financial Performance Summary - Total revenue for 2024 is projected to be 14.919 billion yuan, with a year-on-year growth rate of 12.1% [2]. - The net profit attributable to shareholders is expected to reach 1.298 billion yuan in 2024, reflecting a growth of 6.8% [2]. - Earnings per share (EPS) are forecasted to be 1.32 yuan for 2024, with a price-to-earnings (P/E) ratio of 13 [2]. Business Development Summary - The company is accelerating the commissioning of gas projects, having established new gas companies to enhance its market presence [1]. - The company has secured significant overseas orders, with the total order amount reaching 3.781 billion yuan in the first half of 2024, indicating a strong order acquisition capability [1]. - The company is focusing on expanding its retail gas and specialty gas markets, with notable advancements in the liquid helium market [1].