HANGYANG LIMITED(002430) 长江证券·2025-04-03 01:48Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved an annual revenue of 13.716 billion yuan in 2024, representing a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [2][4] - In Q4 2024, the company reported a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [2][4] - The company continues to expand its large air separation and overseas markets, achieving significant results in new gas business areas [10] Summary by Sections Financial Performance - The company’s total revenue for 2024 was 13.716 billion yuan, with a gross profit of 2.860 billion yuan, resulting in a gross margin of 21% [14] - The gas business revenue was 8.100 billion yuan, a decline of 1.15% year-on-year, with a gross margin of 16.17%, down 2.52 percentage points [10] - The equipment manufacturing business generated revenue of 4.525 billion yuan, an increase of 6.77% year-on-year, but the gross margin decreased to 27.71%, down 2.14 percentage points [10] Business Development - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h [10] - The company’s liquid sales reached 2.82 million tons, exceeding the previous year's 2.40 million tons [10] - The company is actively developing new gas applications, including electronic gases, medical gases, and high-purity gases, with significant sales growth in pipeline electronic-grade hydrogen and helium [10] Future Outlook - For 2025, the company expects gas prices to stabilize, with ongoing project implementations and anticipated steady growth in gas sales [10] - The company forecasts net profits attributable to shareholders of 1.08 billion yuan, 1.30 billion yuan, and 1.50 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 19, 16, and 14 times [10]