Investment Rating - The report maintains a "Buy" rating for China Xuyang Group, considering the potential recovery in the coking coal business and the strategic acquisition of Yihuatong [10]. Core Viewpoints - The company plans to acquire a controlling stake in Yihuatong, aiming to enhance its hydrogen energy industry ecosystem. This acquisition is expected to lower the overall cost of fuel cell vehicles and accelerate the commercialization of hydrogen energy [10]. - China Xuyang Group is the largest supplier of high-purity hydrogen in the Beijing-Tianjin-Hebei region, with a production capacity of 34 tons per day and several hydrogen refueling stations, positioning itself for future profit growth in the hydrogen sector [10]. - The coking business, which has faced challenges since 2022, is anticipated to reach a bottom in profitability in the first half of 2024, with potential improvements in the second half due to falling coking coal prices and supportive fiscal policies [10]. Financial Summary - Revenue is projected to grow from 46,066 million RMB in 2023 to 53,353 million RMB by 2026, reflecting a compound annual growth rate [8]. - Net profit is expected to decline significantly in 2024 to 429 million RMB, before recovering to 1,113 million RMB by 2026 [8]. - The price-to-earnings (PE) ratio is forecasted to improve from 23.6 in 2024 to 9.1 by 2026, indicating a potential increase in market valuation [8].
中国旭阳集团（01907）：氢能产业持续发展，焦炭有望触底回暖