2025 年 11 月 24 日 公司研究 业绩稳步增长，中标核聚变领域订单打开新成长空间 ——杭氧股份（002430.SZ）动态跟踪点评 要点 业绩稳步增长，盈利能力企稳回升 杭氧股份 2025Q1-Q3 实现营业收入 114.3 亿元，同比增长 10.4%；归母净 利润 7.6 亿元，同比增长 12.1%。毛利率为 20.6%，同比上升 0.2 个百分点；净 利率为 7.4%，同比上升 0.3 个百分点。 公司 2025Q3 实现营业收入 41.0 亿元，同比增长 13.1%；归母净利润 2.8 亿元，同比增长 16.8%。毛利率为 20.5%，同比上升 0.6 个百分点；净利率为 7.7%，同比上升 0.5 个百分点。 逐步拓展海外业务，有望为公司打开成长空间 2025H1 公司实现海外营收 2.9 亿元，同比增长 78.9%。2025H1 公司成功 签订 1 套海外 2.2 万空分项目，实现了非洲地区大型空分设备的零突破；江西杭 氧获得海外客户单次签订 100 台大容积低温罐箱订单；低温容器承接欧洲水浴 气化器项目，进一步打开欧洲市场空间；杭氧泵阀公司承接了 13 个项目的海外 产品配套业务。2025 ...

Group 1 - The core point of the news is that Hangyang Co., Ltd. experienced a significant block trade on November 3, with a transaction volume of 5.0261 million shares and a transaction value of 138 million yuan, at a price of 27.39 yuan, which is a 0.26% premium over the closing price of the day [2][3] - The buyer of the block trade was CITIC Securities Co., Ltd. Beijing Business Center Institutional Special Securities Trading Department, while the seller was CITIC Securities Co., Ltd. Beijing Headquarters Securities Trading Department [2][3] - In the last three months, Hangyang Co., Ltd. has had a total of two block trades, with a cumulative transaction value of 502 million yuan [2] Group 2 - The latest margin financing balance for Hangyang Co., Ltd. is 472 million yuan, with an increase of 10.0793 million yuan over the past five days, representing a growth rate of 2.18% [3] - In terms of institutional ratings, two institutions have provided ratings for the stock in the past five days, with the highest target price estimated by Guotai Junan Securities at 30.99 yuan, as reported on October 30 [3] - On November 3, the closing price of Hangyang Co., Ltd. was 27.32 yuan, down 1.19%, with a daily turnover rate of 2.34% and a total trading volume of 628 million yuan, while the net outflow of main funds for the day was 12.7891 million yuan [2][3]

Core Viewpoint - Hangyang Co., Ltd. experienced a significant increase in stock price, reaching the daily limit with a trading volume of 1.43 billion yuan and a turnover rate of 5.06% [2] Group 1: Trading Activity - The stock's price increased by 11.28%, leading to its listing on the Shenzhen Stock Exchange's watch list for price deviation [2] - Institutional investors net bought 49.49 million yuan, while the Shenzhen Stock Connect recorded a net purchase of 37.05 million yuan [2] - The top five trading departments accounted for a total transaction volume of 455 million yuan, with a net purchase of 98.36 million yuan [2] Group 2: Institutional Involvement - Three institutional special seats were involved in trading, with a total net purchase of 49.49 million yuan [2] - The largest buying and selling department was the Shenzhen Stock Connect, with a net purchase of 37.05 million yuan [2] Group 3: Fund Flow - The stock saw a net inflow of 199 million yuan from major funds, with a significant inflow of 164 million yuan from large orders [2] - Over the past five days, the net inflow of major funds totaled 251 million yuan [2] Group 4: Margin Trading Data - As of October 29, the margin trading balance for the stock was 440 million yuan, with a financing balance of 433 million yuan and a securities lending balance of 6.72 million yuan [3] - The financing balance decreased by 5.27 million yuan over the past five days, a decline of 1.20%, while the securities lending balance increased by 4.16 million yuan, an increase of 162.04% [3] Group 5: Analyst Ratings - In the past five days, one institution rated the stock as a buy, with the highest target price set at 30.00 yuan by China International Capital Corporation [3]

Group 1: Order and Market Overview - The number of new domestic projects is generally low, primarily focused on coal chemical projects in the western region, which partially compensates for the decline in traditional sector orders. Overall, the total order volume has decreased compared to previous years [3] - In the third quarter, there were new overseas contracts signed, and the foreign trade business has shown overall progress, with personnel configuration strengthened and business conditions gradually improving [3] - The company plans to establish new overseas subsidiaries in Singapore and Malaysia, aiming for a broader international market expansion beyond just equipment exports [3] Group 2: Strategic Focus and Product Development - The company focuses on deep low-temperature technology, with rich experience in low-temperature separation, purification, and gas supply throughout the entire cycle, providing comprehensive solutions including nitrogen and helium cooling systems [3] - Controlled nuclear fusion is a key strategic direction for the company, with plans to enhance product research and development to offer complete low-temperature system solutions [3] Group 3: Financial Performance and Cost Management - The gross profit margin for new orders is expected to improve due to enhanced project management and cost control measures implemented since the Siemens management consulting reform [4] - The third quarter saw a stabilization and recovery in liquid prices, with liquid oxygen and liquid argon prices increasing quarter-on-quarter, although year-on-year prices still show a decline [4] - The recovery of gross profit margins is primarily dependent on the rebound of liquid prices, which are closely related to economic recovery and growth [4]

Group 1 - The Beijing Stock Exchange (BSE) is accelerating the launch of the North Exchange 50 ETF and is researching the introduction of fixed-price trading after hours [4] - The China Securities Regulatory Commission (CSRC) and other departments have jointly issued implementation opinions to promote long-term capital entering the market [5] - The implementation opinions focus on optimizing the market ecosystem, developing equity public funds, and encouraging banks and trust funds to participate in the capital market [6] Group 2 - Huahong Technology reported a third-quarter net profit of 117 million yuan, a year-on-year increase of 23,211.89%, and a net profit of 197 million yuan for the first three quarters, up 7,110.70% year-on-year [8] - New Yisheng achieved a third-quarter revenue of 6.068 billion yuan, a year-on-year increase of 152.53%, and a net profit of 2.385 billion yuan, up 205.38% year-on-year [9] - Industrial Fulian reported a third-quarter revenue of 243.172 billion yuan, a year-on-year increase of 42.81%, and a net profit of 10.373 billion yuan, up 62.04% year-on-year, driven by the expansion of the AI server market [10]

Core Insights - CITIC Financial Assets increased its stake in Hangyang Co., Ltd. by acquiring 13.97 million shares, bringing its total ownership to 5% of the company [1] Summary by Categories Shareholding Changes - CITIC Financial Assets purchased 13.97 million shares through block trading, which represents 1.43% of Hangyang's total share capital [1] - After the acquisition, CITIC Financial Assets holds a total of 48.92 million shares in Hangyang, equating to 5% of the total share capital [1] Company Outlook - The increase in shareholding reflects CITIC Financial Assets' confidence in Hangyang's development prospects and recognition of its value [1] Control Structure - The change in shareholding will not alter the company's controlling shareholder or actual controller [1]

Core Viewpoint - The announcement indicates that China CITIC Financial Asset Management Co., Ltd. has increased its stake in Hangyang Co., Ltd. through a block trade, reflecting confidence in the company's future prospects and value [1] Summary by Sections - **Shareholding Increase** China CITIC Financial Asset Management Co., Ltd. acquired an additional 13,968,400 shares of Hangyang Co., Ltd., representing 1.43% of the total share capital [1] - **Post-Transaction Holdings** After this transaction, China CITIC Financial Asset Management holds a total of 48,917,667 shares, which constitutes 5.00% of the company's total share capital [1]

Core Viewpoint - The company reported a revenue of 11.428 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.39%, and a net profit attributable to shareholders of 757 million yuan, corresponding to an earnings per share of 0.26 yuan, up 12.14% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 4.101 billion yuan, which is a year-on-year increase of 13.12% and a quarter-on-quarter increase of 8.99% [1] - The net profit for Q3 2025 was 278 million yuan, reflecting a year-on-year growth of 16.79% and a quarter-on-quarter growth of 9.88% [1] - The gross margin for the first three quarters of 2025 was 20.6%, an increase of 0.2 percentage points year-on-year, attributed to effective cost reduction measures [1] - The company maintained good control over expenses, with a sales expense ratio of 1.2% (down 0.1 percentage points), a management expense ratio of 5.5% (down 0.2 percentage points), a research and development expense ratio of 2.6% (down 0.7 percentage points), and a financial expense ratio of 0.8% (unchanged) [1] Industry Trends - The pricing fundamentals for gas in Q3 are well-supported, with liquid oxygen prices showing a recovery trend, averaging 474 yuan/ton, up 15.7% year-on-year [2] - The company joined the Anhui Nuclear Fusion Industry Alliance in September, providing comprehensive solutions covering the entire industrial chain from gas extraction to storage, transportation, refrigeration, and recovery [2] - A green circular fuel cell-grade hydrogen comprehensive utilization project commenced in October, focusing on the production and sales of high-purity hydrogen and hydrogen for fuel cell vehicles [2] Profit Forecast and Valuation - The company maintains a net profit forecast of 1.13 billion yuan for 2025 and 1.33 billion yuan for 2026 [3] - The current stock price corresponds to a price-to-earnings ratio of 22.7 times for 2025 and 19.3 times for 2026 [3] - The company maintains an outperform rating with a target price of 30.00 yuan, which corresponds to a price-to-earnings ratio of 26.1 times for 2025 and 22.1 times for 2026, indicating a potential upside of 14.8% from the current stock price [3]

Group 1 - The core viewpoint of the news is that Hangyang Co., Ltd. reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance [1] - For the first three quarters of 2025, the company's revenue was approximately 11.428 billion yuan, representing a year-on-year increase of 10.39% [1] - The net profit attributable to shareholders was about 757 million yuan, showing a year-on-year increase of 12.14% [1] - The basic earnings per share were 0.7697 yuan, which is a year-on-year increase of 12.17% [1] Group 2 - As of the report, Hangyang Co., Ltd. has a market capitalization of 25.6 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [2]

Core Viewpoint - Hangyang Co., Ltd. reported a net profit growth of 12.14% year-on-year for the first three quarters of 2025, indicating a positive financial performance in the industrial sector [1] Financial Performance - In Q3 2025, the company's revenue reached 4.101 billion yuan, reflecting a year-on-year increase of 13.12% [1] - The net profit attributable to shareholders in Q3 2025 was 278 million yuan, showing a year-on-year growth of 16.79% [1] - For the first three quarters of 2025, the total revenue amounted to 11.428 billion yuan, which is a 10.39% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 757 million yuan, marking a year-on-year increase of 12.14% [1]