HANGYANG LIMITED(002430) 天风证券·2025-05-06 09:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][8]. Core Views - The company is expected to achieve a revenue of 13.716 billion yuan in 2024, reflecting a year-on-year growth of 3.06%. However, the net profit attributable to the parent company is projected to decline by 24.15% to 922 million yuan [5][6]. - The gas business is steadily expanding, with a total revenue of 8.1 billion yuan in 2024, a slight decrease of 1.15% year-on-year, while the equipment business shows growth with a revenue of 4.525 billion yuan, up 6.77% [4][5]. - The report highlights a recovery in profits starting from Q1 2025, with a projected revenue of 3.565 billion yuan, representing a year-on-year increase of 7.85% [3][5]. Financial Performance Summary - For 2024, the company is expected to have a gross margin of 20.85%, down 2.06 percentage points year-on-year, and a net profit margin of 6.72%, down 2.41 percentage points [5][6]. - In Q4 2024, the company reported a revenue of 3.364 billion yuan, a decrease of 4.68% year-on-year, with a net profit of 247 million yuan, down 32.26% [2][5]. - The company’s operating expenses ratio for 2024 is projected to be 11.06%, a slight decrease of 0.52 percentage points compared to the previous year [5][6]. Business Segment Insights - The gas segment has signed six new gas investment projects in 2024, with a total new production capacity of approximately 650,000 Nm³/h [4][5]. - The equipment segment has achieved significant breakthroughs in overseas orders, with a total order amount of 5.512 billion yuan for air separation equipment in 2024 [4][5]. - The company has accelerated its retail gas business, selling 2.82 million tons of liquid gas throughout the year [4][5].