“他山之石”系列六：后起之秀大阳日酸如何走向全球

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - Taiyo Nippon Sanso, Japan's first industrial gas company, has grown into a global industrial gas giant, achieving revenue of 1,186.58 billion JPY in 2023, with industrial gas accounting for 75% of total revenue and a net profit of 73.08 billion JPY [2][16] - The company transitioned from imitation to innovation, developing new technologies in electronic specialty gases, which has positioned it as a leader in this segment [2][14] - The industrial gas sector has experienced rapid growth twice, driven by transformations in downstream industries, particularly in steel and semiconductor sectors [2][30] - The company has expanded internationally through strategic acquisitions, including Matheson in the U.S. and parts of Praxair's business in Europe, solidifying its global market presence [2][14] Summary by Sections Section 1: Company Overview - Taiyo Nippon Sanso was established in 1910 and has become Japan's largest gas supplier, holding approximately 40% of the domestic market share [11][20] - The company has a significant presence in Japan, the U.S., Europe, and Asia/Oceania, with a diversified product range including oxygen, nitrogen, argon, and electronic gases [11][20] Section 2: Technological Development - The company successfully built Japan's first air separation unit in 1935, marking the beginning of domestic production capabilities [13][28] - In the 1970s, it capitalized on the semiconductor boom, developing high-purity electronic gases and establishing a strong foothold in this market [13][36] Section 3: Market Dynamics - The industrial gas market in Japan has evolved from a fragmented structure to a concentrated oligopoly, with major players controlling significant market shares [28][30] - The demand for industrial gases is closely linked to the performance of the steel and semiconductor industries, with oxygen consumption in steel production peaking during the 1960s [30][33] Section 4: Investment Opportunities - The report suggests focusing on Hangyang Co., which is expected to complete a merger with Yingde Gas, potentially reshaping the domestic industrial gas market [3][64] - Hangyang has been actively expanding its specialty gas segment through acquisitions and is well-positioned to benefit from the growing demand for electronic specialty gases in China [3][49]