Investment Rating - The report maintains a positive investment rating for the industrial gas sector, specifically recommending stocks such as Hangyang Co., Ltd. and suggesting attention to companies like Jinhong Gas, Guanggang Gas, and others [4]. Core Insights - The report highlights a decline in the average prices of liquid oxygen, nitrogen, and argon in September, with liquid oxygen averaging 369 RMB/ton, down 14.71% month-on-month and 24.19% year-on-year [3]. - The industrial gas sector is experiencing new project contracts, with Hangyang and Air Liquide securing significant contracts for gas supply, indicating growth opportunities in the sector [4]. Summary by Sections Price Trends - Liquid oxygen: Average price of 369 RMB/ton, down 14.71% month-on-month and 24.19% year-on-year [3]. - Liquid nitrogen: Average price of 426 RMB/ton, down 11.3% month-on-month and 20% year-on-year [3]. - Liquid argon: Average price of 621 RMB/ton, down 5.97% month-on-month and 39.74% year-on-year [3]. - Helium: Average price for bulk 40L high-purity helium is 675 RMB/bottle, down 18.1 RMB/bottle month-on-month and 494.23 RMB/bottle year-on-year [3]. Production Capacity and Contracts - Hangyang signed a 20-year industrial gas supply contract with Lianhong Chemical for a new air separation unit with a capacity of 76,700 Nm³/h [4]. - Air Liquide signed a long-term gas supply agreement with Wanhua Chemical, investing nearly 60 million euros to operate an air separation unit in Yantai, set to start operations by the end of 2024 [4]. - Yingde Gas has launched its first large-scale pipeline gas supply project in the Hangzhou Bay area, with an investment exceeding 600 million RMB [4]. Industry Operating Rates - The weekly operating load rate for China's industrial gas sector was reported at 66.35% as of September 25, 2024, reflecting a slight decrease [4].
工业气体月度跟踪：液态气9月均价低位运行；杭氧、液化空气获取新项目合同
Haitong Securities·2024-10-08 05:09