工业气体龙头，静待下游需求回暖

Company Overview - Latest closing price: 30.06 RMB [1] - Total shares outstanding / tradable shares: 984 million / 964 million [1] - Total market cap / tradable market cap: 29.6 billion RMB / 29.0 billion RMB [1] - 52-week high/low: 42.58 RMB / 22.74 RMB [1] - Debt-to-asset ratio: 55.4% [1] - P/E ratio: 24.24 [1] - Largest shareholder: Hangzhou Hangyang Holding Co Ltd [1] Investment Rating - The report gives the company a "Buy" rating [5] Core Views - The company is a leading industrial gas player, waiting for downstream demand recovery [4] - Gas sales and air separation equipment, the two main businesses, achieved steady growth [4] - Gas sales revenue was 8.194 billion RMB, up 2.33% YoY [4] - Air separation equipment revenue was 4.239 billion RMB, up 5.67% YoY [4] - Overall gross margin decreased by 2.58 pct to 22.91% due to gas price decline [4] - Air separation equipment gross margin increased by 4.77 pct to 31.52% [4] - Gas sales gross margin decreased by 6.54 pct to 18.75% [4] - The company accelerated gas investment layout and enriched gas product categories [4] - Newly signed equipment sales contracts reached 6.47 billion RMB [4] Financial Forecasts - Expected 2024-2026 revenue: 15.246, 17.035, 18.831 billion RMB [5] - Expected 2024-2026 YoY revenue growth: 14.56%, 11.73%, 10.55% [5] - Expected 2024-2026 net profit: 1.376, 1.563, 1.757 billion RMB [5] - Expected 2024-2026 YoY net profit growth: 13.16%, 13.59%, 12.41% [5] - Expected 2024-2026 EPS: 1.40, 1.59, 1.79 RMB [5] - Expected 2024-2026 P/E ratio: 21.49, 18.92, 16.83 [5] Financial Ratios - 2023A gross margin: 22.9% [7] - 2023A net margin: 9.1% [7] - 2023A ROE: 13.7% [7] - 2023A ROIC: 8.0% [7] - 2023A asset-liability ratio: 55.4% [7] - 2023A current ratio: 1.34 [7] - 2023A accounts receivable turnover: 8.36 [7] - 2023A inventory turnover: 5.83 [7] - 2023A total asset turnover: 0.64 [7]