清洁能源越两岸，“氢舟”已过万重山

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is a leader in clean energy, chemicals, and food equipment industries, with continuous improvement in performance. The company has established a solid platform through stock incentives and spin-off listings, entering a harvest period with improving profitability [3][5]. - The LNG industry is experiencing significant expansion and structural resonance, with a projected 1-1.5 times growth in natural gas demand over the next 10-15 years. The global low-cost natural gas production capacity is expected to expand significantly in the next 2-3 years, driving high growth in related storage, liquefaction, and receiving equipment [3][5]. - The company has a comprehensive equipment layout in the LNG sector and is seeing high growth in new orders. The hydrogen energy market has vast development potential, with a 56% year-on-year increase in hydrogen energy orders as of Q3 2023 [3][5]. - The chemical environment and liquid food sectors are stable cash cows, with a strong market share in chemical tanks and sufficient orders in the liquid food business, indicating steady growth [3][5]. - The company is expected to achieve net profits of 1.114 billion, 1.317 billion, and 1.672 billion RMB for 2023-2025, respectively. Based on comparable company valuations, a PE ratio of 15x for 2024 is suggested, leading to a reasonable value of 8.57 HKD per share [3][5]. Summary by Sections Company Overview - The company has become a leader in clean energy, chemicals, and liquid food equipment after 20 years of steady development. It ranks first in China for low-temperature and high-pressure gas transportation equipment and has a leading position in the global small and medium-sized liquefied gas ship market [13][15]. - The management team is experienced, with a stable shareholding structure and effective incentive systems in place, including stock options for key personnel [17][19]. LNG Industry - The natural gas sector is poised for significant growth, with structural changes in supply and a surge in maritime LNG demand due to geopolitical factors [3][5]. - The company is well-positioned to benefit from the expansion of LNG production capacity and the increasing demand for related equipment [3][5]. Clean Energy - The company has a comprehensive layout in LNG and is actively developing hydrogen energy solutions, with a notable increase in orders for hydrogen-related products [3][5]. - The company is a leader in the LNG refueling ship segment and is seeing robust growth in land-based equipment [3][5]. Chemical Environment & Liquid Food - The chemical environment and liquid food sectors are expected to maintain stable growth, with the company holding a significant market share in chemical tanks and a strong order book in the liquid food sector [3][5]. Profit Forecast and Investment Recommendations - The company is projected to see a steady increase in net profits over the next few years, supported by its strong market position and growth in key sectors [3][5].