HANGYANG LIMITED(SZ:002430) Huachuang Securities·2025-05-04 07:20Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 27.3 yuan [2][8]. Core Views - The company reported a total revenue of 3.56 billion yuan in Q1 2025, representing a year-on-year growth of 7.85%, and a net profit attributable to shareholders of 230 million yuan, up 10.82% year-on-year [2][4]. - The company is expected to benefit from the recovery in gas prices and has a strong order acquisition capability, with numerous gas projects under construction set to enter a peak operational phase [2][8]. - The company has shown improvements in operational quality and cost control, with a net cash flow from operating activities reaching 420 million yuan, a year-on-year increase of 46.78% [2][8]. Financial Summary - The company’s projected total revenue for 2025 is 15.1 billion yuan, with a year-on-year growth rate of 10.1%. The net profit attributable to shareholders is expected to be 1.08 billion yuan, reflecting a growth rate of 16.7% [4][9]. - Key financial metrics include an expected EPS of 1.09 yuan for 2025, with a PE ratio of 18 times [4][9]. - The company’s total assets are projected to reach 26.8 billion yuan by 2025, with a debt-to-equity ratio of 73.3% [9].