Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.75 CNY over the next six months, based on a current price of 18.51 CNY [1]. Core Insights - The company is a leader in LNG and air separation equipment, benefiting from a high industry boom. It is actively exploring hydrogen energy applications and expanding its gas operation business, which opens up growth opportunities [6][8]. Summary by Sections 1. Company Overview - The company, originally named Deep Cold Co., was established in 2001 and focuses on gas purification, separation, and low-temperature liquefaction technologies. It has shifted towards high-end equipment manufacturing and is expanding into gas investment and clean energy operations [14][17]. 2. Financial Performance - The company is expected to achieve revenues of 861.51 million CNY in 2024, with a growth rate of 28.9%. By 2027, revenues are projected to reach 1.31 billion CNY, with a compound annual growth rate of 16% for net profit [3][4][6]. - In 2024, the company is projected to achieve a net profit of 72.37 million CNY, reflecting a significant growth of 121.67% compared to the previous year [3][4]. 3. LNG and Air Separation Equipment - The company is a leading player in the LNG and air separation equipment market, with a projected market size of 533 billion CNY by 2025. The company has the capability to design and manufacture LNG processing plants with a daily capacity of 10 million cubic meters [6][35][56]. - In 2024, LNG equipment is expected to generate 6.1 billion CNY in revenue, accounting for over 70% of total revenue [24][26]. 4. Hydrogen Energy Business - The hydrogen energy sector is rapidly developing, with a projected production of 3.815 million tons in 2024, growing by 3.5%. The company has established a joint venture with Toyota to enter the hydrogen fuel cell market [71][88]. - The company is actively involved in the entire hydrogen energy value chain, including hydrogen production, storage, and application, leveraging resources from its parent group [83][87]. 5. Gas Operation Expansion - The company is expanding its gas operation business, with revenues from gas operations expected to grow significantly in the coming years. In 2023, revenues from gas operations were 2.76 million CNY, with projections of 12.46 million CNY in 2024 [6][19][26]. - The company is pursuing strategic acquisitions and investments in gas operation projects to enhance its operational scale [6][19].