HANGYANG LIMITED(SZ:002430) ZHESHANG SECURITIES·2025-12-12 14:28Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has successfully won a bid for the low-temperature distribution valve box project from Fusion Energy (Anhui), which includes 7 sets of low-temperature distribution valve boxes, indicating accelerated growth potential in the controllable nuclear fusion sector [1]. - The company is positioned as a leader in the industrial gas sector in China, benefiting from both cyclical and growth aspects, with expectations for performance to turn upward as the gas industry is at a cyclical low [1][2]. - The company is actively expanding into controllable nuclear fusion, quantum computing, and commercial aerospace, which are expected to open new growth avenues [2]. Summary by Relevant Sections Company Overview - The company has a strong technical capability in deep low-temperature technology, evidenced by multiple successful bids for projects related to the BEST low-temperature system [1][2]. - The company is expected to significantly increase its market share in the third-party stock market, potentially reaching 30-40% by 2025, contributing to long-term performance growth [2]. Financial Forecast - The projected net profit for the company from 2025 to 2027 is estimated to be 1.07 billion, 1.30 billion, and 1.51 billion yuan, respectively, with year-on-year growth rates of 16%, 22%, and 17% [3][4]. - The company's earnings per share (EPS) is expected to increase from 0.94 yuan in 2024 to 1.55 yuan in 2027 [4]. Market Position - The company is expected to leverage its existing capabilities in gas equipment to penetrate the controllable nuclear fusion low-temperature system market, which has significant domestic replacement potential [1][2]. - The company has established partnerships with leading firms like Anhui Fusion Energy, enhancing its competitive position in the market [1][2].