2023年报点评：气体业务稳步发展，设备订单持续饱满

Investment Rating - The report maintains a rating of "Buy" for Hangyang Co., Ltd. (002430) with a target price of 34.04 CNY, down from the previous target of 42.30 CNY [1][4]. Core Views - The gas business is steadily developing, with a continuous backlog of equipment orders. The company is expected to see stable growth in performance as downstream demand recovers, despite short-term pressure on gas prices [1][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 13.31 billion CNY, a year-on-year increase of 3.95%, and a net profit attributable to shareholders of 1.22 billion CNY, which is a slight increase of 0.48% year-on-year [1][5]. - The fourth quarter of 2023 saw a revenue of 3.65 billion CNY, representing a year-on-year increase of 16.19% and a quarter-on-quarter increase of 5.77% [1][5]. - The company’s gas sales revenue reached 8.19 billion CNY in 2023, up 2.33% year-on-year, with a total of 64.70 billion CNY in new equipment sales contracts signed [1][4]. Business Outlook - The company is actively expanding its overseas market presence, with equipment orders remaining robust. The gas business is expected to maintain steady growth as large gas prices are anticipated to gradually recover [1][4]. - The company has signed multiple gas investment projects, with a cumulative oxygen production capacity of 3.2 million Nm3/h by the end of 2023 [1][4]. Valuation Metrics - The report provides a valuation of 23 times for the company in 2024, with an expected EPS of 1.48 CNY for 2023 and projected EPS of 1.60 CNY for 2024 [1][4]. - The company’s net profit margin is projected to improve from 12.7% in 2023 to 13.8% in 2024, indicating a positive trend in profitability [1][5]. Market Position - Hangyang Co., Ltd. is recognized as a leading enterprise in the development, design, and manufacturing of air separation and petrochemical equipment, with its products widely used in metallurgy and chemical industries [4][6].