GUOTAI HAITONG SECURITIES·2026-03-02 02:40Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The overall performance of industrial gases is weak post-Spring Festival, with liquid gas prices showing a year-on-year decline [3][5] - Key events include Hangyang's gas project in Xinjiang, Guanggang Gas winning a helium procurement project for the Hainan commercial aerospace launch site, and Jinhong Gas signing a long-term cooperation agreement with France's Air Flow [3][5] - Recommended stocks are Hangyang Co. and Shaan Gu Power, with related stocks including Guanggang Gas, Fostar, and Zhongtai Co. [5] Summary by Sections Price Trends - Liquid gas prices have decreased year-on-year, with specific prices as of February 26, 2026: - Liquid oxygen: average price 297 RMB/ton, down 2% month-on-month, down 22% year-on-year - Liquid nitrogen: average price 339 RMB/ton, down 2% month-on-month, down 16% year-on-year - Liquid argon: average price 598 RMB/ton, down 8.56% month-on-month, up 30.52% year-on-year [5][8] - Rare gases also show price declines, with high-purity helium gas at 76.07 RMB/cubic meter, down 2.02% month-on-month, down 23.16% year-on-year [5][9] Production Capacity - The average weekly operating load rate for China's industrial gases is 66.73% as of December 31, 2025, down 1.88 percentage points month-on-month [7][9] Company Performance Forecast - Hangyang Co. (002430.SZ) has an EPS forecast of 0.94 RMB for 2024, increasing to 1.38 RMB by 2027, with a PE ratio decreasing from 34.71 in 2024 to 23.50 in 2027 [6] - Shaan Gu Power (601369.SH) has an EPS forecast of 0.60 RMB for 2024, increasing to 0.78 RMB by 2027, with a PE ratio decreasing from 19.85 in 2024 to 15.36 in 2027 [6]