气体运营持续加大布局，设备+运营同步出海。受成本上行及下游需求短暂承压等因素影响，燃气业务 在2024 年出现较大幅度调整，预计行业调整对燃气运营业务的影响逐步减弱，未来将保持稳定运营。 除燃气运营外，公司近年来陆续投资了工业气体、稀有气体业务，随着项目达产，气体销售料将逐步成 为公司新的收入增长来源。2024 年公司与韩国Posco Holdings（浦项制铁）成立合资公司，共同投资运 营项目，该项目为公司首次设备出海+运营出海的重要一步，为后续设备和运营的出海积累宝贵经验。 工业气体运营利润率水平相对较为优秀，预计随着公司工业气体业务逐步扩大，公司盈利能力有望持续 提升。 油价上升带动上游投资趋暖，技术变革经济性凸显带动需求长期向好。公司产品主要应用于能源化工领 域，有较高的技术壁垒和业绩门槛。能源化工行的发展速度一定程度上与其对比石油的经济性相关， 2020 年后，原油价格经历猛烈下跌后快速反弹并维持高位的走势，煤化工等行业的经济性明显提升， 带动了煤化工、合成气等领域的投资热情。2025 年前5 月国内石油、煤炭及其他燃料加工业固定资产投 资完成额累计同比增长18.8%。预计随着国家对能源安全的重视程 ...

华创证券研究所 证 券 研 究 报 告 中泰股份（300435）深度研究报告 强推（首次） 深冷技术专家，设备出海+气体运营打开成长 空间 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,717 | 3,228 | 3,863 | 4,720 | | 同比增速(%) | -10.9% | 18.8% | 19.7% | 22.2% | | 归母净利润(百万) | -78 | 403 | 506 | 628 | | 同比增速(%) | -122.3% | 616.3% | 25.8% | 24.0% | | 每股盈利(元) | -0.20 | 1.04 | 1.31 | 1.63 | | 市盈率(倍) | -74 | 14 | 11 | 9 | | 市净率(倍) | 1.9 | 1.8 | 1.4 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 7 月 4 日收盘价 公司研究 专用设备 2025 年 07 ...

Core Viewpoint - Hangyang Co., Ltd. is positioned as a leading supplier in the air separation and industrial gas industry, benefiting from strong government support and a strategic shift towards industrial gas services, particularly in the context of China's growing commercial aerospace sector [1][2][3]. Industry Overview - The aerospace industry is recognized as a strategic pillar for the nation, with policies driving robust growth. The commercial aerospace sector is expected to enter a golden development period from 2024 to 2029, with a projected market size of 6.6 trillion yuan by 2029, reflecting a compound annual growth rate of approximately 23% [1]. - The air separation equipment market in China is anticipated to reach 53.3 billion yuan by 2025, indicating significant growth potential [3]. Company Performance - In Q1 2025, the company reported revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit of 223 million yuan, up 13.81% year-on-year. The net cash flow from operating activities reached 424 million yuan, a 46.78% increase [2]. - The total assets of the company stood at 24.564 billion yuan at the end of the reporting period, reflecting a 2.05% year-on-year growth [2]. Technological Advancements - The company is leading the air separation equipment industry with a focus on modularization, intelligence, and low-carbon technology, transitioning towards high-tech and high-value-added sectors [3]. - Hangyang has established a comprehensive R&D system and has been recognized as a national-level "Science and Technology Reform Demonstration Enterprise," with R&D investment of 452 million yuan in 2024, accounting for 3.29% of revenue [5]. Market Position - Hangyang holds a significant market share in the air separation equipment sector, with a leading position in the production capacity and shipment of large equipment [3]. - The company has successfully transitioned from a single equipment manufacturer to a comprehensive service provider, enhancing its competitive edge in the industrial gas market [4][7]. Strategic Initiatives - The company aims to create a world-class gas industry enterprise, focusing on optimizing its engineering and equipment sectors while enhancing project profitability and expanding application scenarios [7]. - The company is also advancing its hydrogen energy, medical health, and electronic specialty gas business units, fostering a collaborative development model across multiple sectors [7].

10 3 L 2 THE PAGE Value of the NEWS 13.7 Holly r 255 pl 1750 re 115 17 8 the 这是天津东疆综合保税区第1000艘签约落地的租赁船舶，是一艘由新加坡建造的浮式天然气液化装置船（资料照片）。新华社发 新华社天津6月11日电（记者梁姊、杨文）中国内地最大船舶融资租赁中心——天津东疆综合保税区第1000艘租赁船舶11日签约落地，从而正式加入世界千 艘船舶租赁俱乐部。 此次签约落地的是一艘由新加坡建造的浮式天然气液化装置船，总投资近18亿美元，其中租赁融资金额约12亿美元。 出租方为国银金融租赁公司牵头、共6家中国内地金融租赁公司组成的联合体，承租方为国际能源巨头戈拉尔液化天然气集团。 天津东疆综合保税区融资租赁促进局局长时金凤说，这是东疆船舶离岸租赁的又一次创新，也是目前为止中国内地融资金额最大、参与成员最多的跨境联合 租赁项目。 在天津东疆综合保税区落地的1000艘租赁船舶，包括散装货船、集装箱船、液化气船、油轮等世界主流贸易运输船型。天津东疆的船舶、海洋工程装备跨境 租赁业务量占中国内地同类业务总额的九成以上。 天津东疆综保区以融资租赁产 ...

Core Insights - The signing of the 1000th leased vessel in Tianjin Dongjiang Comprehensive Bonded Zone marks a significant milestone in the region's leasing industry [1] - The vessel, a floating liquefied natural gas (LNG) production and storage unit, represents a total investment of nearly $1.8 billion, with approximately $1.2 billion financed through leasing [1] - The leased vessels include various mainstream trade transport types, such as bulk carriers, container ships, and oil tankers, which play a crucial role in ensuring food and energy security [1] Investment and Financing - The total investment for the newly signed vessel is close to $1.8 billion [1] - The leasing financing amount for this vessel is around $1.2 billion [1] Industry Impact - The 1000 leased vessels in the Dongjiang Comprehensive Bonded Zone contribute significantly to global trade and logistics, particularly in the context of food and energy security [1] - The types of vessels leased include bulk carriers, container ships, and oil tankers, indicating a diverse portfolio that supports various sectors [1]

投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 参与单位名称 及人员姓名 机构：中信证券、保银投资、瀛赐基金、中略投资、天风证券 时间 2025年5月29日 上午 2025年5月29日 下午 地点 上海浦东新区富城路33号 上市公司接待 人员姓名 副总经理、董事会秘书马继刚 投资者关系 活动主要内容 介绍 一、公司情况介绍 公司简要介绍了公司发展历程、竞争优势及四大业务板块业态布局 加快推进实施战略转型升级等内容。 二、其他交流内容 1、请问公司发展战略是怎样的？ 回复：公司将持续按照"聚焦转型、创新驱动、内增外延、协同发 展"的总体思路，充分依托蜀道集团资源协同优势和公司科技创新优 势，深入贯彻"碳达峰、碳中和""交通强国""成渝地区双城经济圈 建设""一带一路"建设等国家重大发展战略，通过内生发展和外延并 购发展深冷技术装备制造、气体投资运营、清洁能源投资运营、交通服 务装备制造四大业务板块。 2、请问公司海外订单主要分布区域？ | | 回复:公司海外业务主要集中在"一带一路"沿线的重点区域，包 | | --- | --- | ...

Core Viewpoint - The company is establishing a joint venture with China Chemical Engineering Sixth Construction Co., Ltd. to create a large modular cryogenic equipment manufacturing base in Ningbo, with a total investment of 557 million yuan [1][3] Group 1: Investment and Project Details - The new subsidiary will have a registered capital of 170 million yuan, with the company holding 65% and China Chemical holding 35% [1] - The project includes a fixed asset investment of 420 million yuan and working capital of 137 million yuan, with a construction period of 24 months [1] Group 2: Business Performance and Strategy - In 2024, the company achieved a revenue of 13.716 billion yuan, a year-on-year increase of 3.06%, with equipment sales contributing 5.065 billion yuan (up 7.22%) and gas business revenue at 8.1 billion yuan (down 1.15%) [2] - The company is transitioning from a pure equipment manufacturer to a comprehensive service provider in the industrial gas sector, leveraging its manufacturing strengths to expand into gas services [2] Group 3: Internationalization and Market Position - The investment will support the company's global business framework, enhancing its international market presence and integrating into major international project supply chains [3] - The company is recognized as a pioneer in China's air separation equipment manufacturing industry, driving technological innovation and expanding its product applications beyond air separation [2]