Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The gas prices are at historical lows, with expectations for a turning point [3] - The industrial gas market in China is approximately 200 billion RMB, with a compound annual growth rate exceeding 10% over the past five years [3][61] - The report highlights the potential recovery of gas prices due to improved economic conditions and demand from sectors like real estate and steel [3][16] Summary by Sections Price Trends - As of November 28, 2024, the prices for liquid oxygen, nitrogen, and argon are 398 RMB/ton (down 1% month-on-month, up 5% year-on-year), 411 RMB/ton (down 1%, down 8%), and 648 RMB/ton (down 4%, down 45%) respectively [3][7][10] - The prices for oxygen and argon have improved, returning to the historical 10% percentile levels [3][27] Market Dynamics - Recent developments include PAG's sale of AIRPOWER's industrial gas business for an estimated 6.8 billion USD [3] - The report notes a significant increase in real estate sales, with top 100 real estate companies achieving sales of 435.5 billion RMB in October, a 73% month-on-month increase and a 7.1% year-on-year increase [3][16] Investment Recommendations - The report recommends investing in Hangzhou Oxygen, and continues to recommend companies such as He Yuan Gas, China Shipbuilding Special Gas, Guang Steel Gas, and others [3][61] - The electronic gas sector is expected to benefit from the recovery in the semiconductor industry, with global semiconductor sales increasing by 23.2% year-on-year in September [3][57] Company Valuation - The report provides a valuation table for key industrial gas companies, highlighting Lind Gas with a market value of 1.577 trillion RMB and Hangzhou Oxygen with a market value of 23.5 billion RMB [62]
工业气体跟踪（2024年11月）：【工业气体】空分综合气价同比跌幅改善
ZHESHANG SECURITIES·2024-12-05 08:23