杭氧股份：并表杭州新世纪，加码下游应用场景

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The acquisition of a 51% stake in Hangzhou New Century Mixed Gas Co., Ltd. for 134 million RMB is expected to enhance the company's product offerings and market reach [1][2] - The acquisition aligns with industry practices among leading overseas industrial gas companies, aiming to provide comprehensive solutions and increase product value [2] - The performance commitment from the seller indicates confidence in achieving synergies and future growth [3] Financial Performance Summary - Projected revenues for the company are expected to grow from 13.3 billion RMB in 2023 to 19.4 billion RMB in 2026, with a compound annual growth rate (CAGR) of approximately 13.24% [7] - The net profit is forecasted to decline to 960 million RMB in 2024, followed by a recovery to 1.55 billion RMB by 2026, reflecting a growth rate of 24.5% [4][7] - The price-to-earnings (P/E) ratio is projected to decrease from 21x in 2024 to 13x in 2026, indicating an improving valuation over time [4]