HANGYANG LIMITED(SZ:002430) ZHESHANG SECURITIES·2025-12-02 07:25Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the Chinese industrial gas sector, characterized by both "cyclical and growth" attributes, with a potential upward inflection in performance as the gas industry is at the bottom of the cycle. The acceleration into controllable nuclear fusion opens a second growth curve [1] - The market perceives uncertainty in the company's performance growth due to macroeconomic pressures, but the report anticipates a recovery in gas prices by 2025, with significant potential for performance elasticity if the macro economy rebounds [1][2] - The company is expected to benefit from stable growth in pipeline gas, which is less affected by macroeconomic fluctuations, and has a solid foundation for future growth with a projected cumulative signing volume of 3.5 million Nm³/h in 2024, an increase of 8.6% year-on-year [2] - Retail gas is viewed as an offensive attribute, with current gas prices at historical lows, and potential for significant performance elasticity if the economy recovers. The company is also developing new growth points in electronic specialty gases [3] - The controllable nuclear fusion equipment market presents a large future market space, with the company already winning bids for low-temperature nitrogen systems, showcasing its technical strength [3] Summary by Relevant Sections Pipeline Gas - The company's pipeline gas segment is characterized by its defensive nature, showing stable growth with minimal impact from macroeconomic fluctuations. The projected signing volume for 2024 is 3.5 million Nm³/h, reflecting an 8.6% year-on-year increase, ensuring steady growth in pipeline gas volume [2] Retail Gas - The retail gas segment is seen as an aggressive growth area, with current gas prices at 469 RMB/ton, a 1.5% year-on-year increase, but down 76% from the peak in 2021. If the macro economy recovers, retail gas could provide substantial performance elasticity [3] Controllable Nuclear Fusion Equipment - The controllable nuclear fusion equipment sector is expected to open a second growth avenue for the company, with significant market potential. The company has already secured contracts for low-temperature nitrogen systems, indicating strong technical capabilities [3][17] Financial Forecasts - The company is projected to achieve net profits of 1.067 billion RMB, 1.298 billion RMB, and 1.513 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 22%, and 17% [10][12]