杭氧股份（002430）：2024年年报点评：空分设备收入持续增长，静待气体价格回暖

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company achieved a stable revenue growth of 3.06% year-on-year, reaching 13.716 billion yuan in 2024, while the net profit attributable to shareholders decreased by 24.15% to 922 million yuan [1][5] - The gas business faced pressure due to a sluggish retail gas market, resulting in a 1.15% decline in revenue to 8.1 billion yuan [2] - The equipment sales business saw a revenue increase of 7.22% to 5.065 billion yuan, with a total order amount of 5.512 billion yuan for air separation equipment [3] - The company is actively expanding its gas application fields, with significant increases in sales of electronic-grade hydrogen and helium, growing by 88.31% and 92.87% respectively [4] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 13.716 billion yuan, a 3.06% increase from the previous year, while the net profit attributable to shareholders was 922 million yuan, down 24.15% [1] - The gross margin was 20.85%, a decrease of 2.06 percentage points year-on-year, and the net margin was 7.23%, down 2.35 percentage points [1] Gas Business Performance - The gas segment generated revenue of 8.1 billion yuan, a decline of 1.15% year-on-year, with a gross margin of 16.17%, down 2.52 percentage points [2] - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h [2] Equipment Sales - The equipment sales segment achieved revenue of 5.065 billion yuan, a 7.22% increase year-on-year, with a gross margin of 27.71%, down 2.14 percentage points [3] - The total order amount for air separation equipment reached 5.512 billion yuan, with 22 sets of large and medium-sized equipment signed [3] Research and Development - The company invested 449 million yuan in R&D, representing a 3.27% R&D expense ratio [4] - The sales of medical oxygen reached 45,000 tons, and the first medical onsite gas production project was put into operation [4]