HANGYANG LIMITED(SZ:002430) 光大证券研究·2025-11-24 23:03Core Viewpoint - The company has shown steady growth in performance and profitability, with significant expansion in overseas business and strategic moves into the nuclear fusion sector [4][5][6]. Group 1: Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 11.43 billion, a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 760 million, up 12.1% [4]. - In Q3 2025, the company reported operating revenue of 4.1 billion, reflecting a 13.1% year-on-year growth, with a net profit of 280 million, increasing by 16.8% [4]. - The gross margin stood at 20.6%, up 0.2 percentage points year-on-year, while the net margin was 7.4%, an increase of 0.3 percentage points [4]. Group 2: Overseas Business Expansion - In H1 2025, the company generated overseas revenue of 290 million, marking a substantial growth of 78.9% [5]. - The company successfully signed a contract for a 22,000 air separation project in Africa, marking a significant breakthrough in the region [5]. - The establishment of new subsidiaries in Singapore and Malaysia is underway, with plans to expand beyond equipment exports to include gas investments [5]. Group 3: Nuclear Fusion Sector Engagement - The company’s subsidiary won a bid for the low-temperature nitrogen system project for the nuclear fusion company, which is crucial for maintaining superconducting magnetic field stability [6]. - This project is part of the BEST (Compact Fusion Energy Experimental Device) low-temperature system, indicating the company's growing recognition and capability in the nuclear fusion field [6]. - The recent acceleration in bidding for the BEST project suggests ongoing opportunities for the company in this sector [6].