每经AI快讯，和远气体（SZ 002971，收盘价：31.47元）9月10日晚间发布公告称，湖北和远气体股份 有限公司董事会于2025年9月10日收到公司董事周宇先生提交的书面辞职报告。周宇先生因工作变动原 因申请辞去公司第五届董事会董事职务，周宇先生的原定任期至公司第五届董事会届满之日止。周宇先 生辞去公司董事职务后，将不在公司及公司控股子公司担任任何职务。 2025年1至6月份，和远气体的营业收入构成为：气体销售占比95.53%，其他业务收入（委托加工和租 赁等）占比4.47%。 每经头条（nbdtoutiao）——"史上最丑"与"丑上最薄"：iPhone 17系列背后的新战事 （记者 张明双） 截至发稿，和远气体市值为66亿元。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 7.327 billion yuan for the first half of 2025, representing a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 479 million yuan, up 9.61% year-on-year [2][6] - The gas sales business is recovering, with a 14.12% year-on-year increase in gas sales revenue, while the petrochemical product revenue grew by 50.28% [12] - The company is actively expanding into overseas markets, achieving a 78.89% year-on-year growth in overseas sales [12] - The gross profit margin for Q2 2025 was 20.05%, a decrease of 1.44 percentage points year-on-year, but is expected to recover in the second half of 2025 [12] - Operating cash flow improved significantly, reaching 1.215 billion yuan in H1 2025, an increase of 97.84% year-on-year [12] Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 73.27 billion yuan, with Q2 revenue at 37.63 billion yuan, both showing positive year-on-year growth [2][6] - The net profit for H1 2025 was 4.79 billion yuan, with Q2 net profit at 2.53 billion yuan, indicating consistent profitability [2][6] Business Segments - The gas sales business showed a year-on-year increase of 14.12%, while the engineering contracting business saw a decline of 44.05% [12] - The company maintained a leading position in the domestic market for petrochemical equipment, with a record contract amount of 8.41 billion yuan in H1 2025 [12] Market Expansion - The company has made significant strides in overseas markets, with a notable increase in sales and the establishment of subsidiaries in Southeast Asia [12] - The gross margin for overseas sales improved by 5.34 percentage points, benefiting from competitive pricing and tax rebate policies [12] Future Outlook - The company anticipates a steady increase in gas sales volume and the successful development of new business areas such as standard gases and medical gases in H2 2025 [12] - Projected net profits for 2025-2027 are estimated at 1.055 billion, 1.230 billion, and 1.453 billion yuan, respectively, with corresponding PE ratios of 23, 20, and 17 times [12]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q2 2025 met expectations, driven by an unexpected improvement in the gas business's gross margin, which offset the decline in profitability from the equipment business [3] - The gas sales business achieved revenue of 4.59 billion RMB in the first half of 2025, with a year-on-year growth of 14.1% and a gross margin of 21.2%, up 2.8 percentage points year-on-year [2] - The air separation equipment business reported revenue of 2.32 billion RMB, flat year-on-year, with a gross margin of 20.4%, down 5.0 percentage points year-on-year [2] - The report anticipates a rebound in physical consumption, leading to an increase in gas prices and higher load factors for air separation [3] Summary by Sections Performance Review - In Q2 2025, the company achieved revenue of 3.76 billion RMB, a year-on-year increase of 9.9% and a quarter-on-quarter increase of 5.6% [2] - The net profit attributable to the parent company was 250 million RMB, reflecting a year-on-year increase of 8.6% and a quarter-on-quarter increase of 12.0% [2] Business Analysis - The gas business's gross margin improvement is attributed to concentrated capacity release in regions with strong demand, successful diversification of gas business, and a continuous increase in direct sales proportion [3] - The air separation equipment business faces margin pressure due to a decline in chemical product prices, with the chemical product price index down 9.7% year-on-year and the Shanghai rebar price down 12.6% year-on-year in the first half of 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is 1.09 billion RMB for 2025, 1.25 billion RMB for 2026, and 1.45 billion RMB for 2027, representing year-on-year growth rates of 17.8%, 15.0%, and 15.8% respectively [4] - The corresponding price-to-earnings ratios are projected to be 22x for 2025, 19x for 2026, and 16x for 2027 [4]

Group 1 - The revenue composition of Hefei Gas for the year 2024 is 96.03% from gas sales and 3.97% from other business income such as processing and leasing [1] Group 2 - On August 6, 2025, Hefei Gas announced the resignation of board member Chen Ming due to work changes, effective immediately, and he will not hold any position in the company or its subsidiaries thereafter [3]

杭氧股份的主营业务包括主要从事大中型成套空分设备、石化设备及低温相关设备的设计制造，工业气体投资及运营，以及工程设计、总承包业务。其核心 产品主要分为气体销售和空分设备等，从产品收入结构来看，气体销售占比最高，达到59.05%，其次是空分设备，占比32.99%。 杭氧股份上市的2010年，当年实现归母净利润3.55亿元，截至最新完整财年的2024年，公司实现9.22亿元的归母净利润，累计利润增长了159.99%。这15个 年间，杭氧股份有1年出现亏损，归母净利润增长的年份达到9年，占比高达60.0%。从最近年份的杭氧股份财报来看，盈利能力呈现波动态势。 杭氧股份自2010年6月10日上市至今，已迎来15周年。从上市首日收盘价为24.26元、市值97.28亿元，到如今市值达到190.58亿元，杭氧股份的成长不仅仅是 业务规模的扩张，更是从传统设备制造向气体运营服务转型的探索，但从最近几年公司经营表现来看，增长动能有所放缓。 营收角度分析，杭氧股份2020年实现营收100.21亿元，2024年达到137.16亿元。营收保持稳步增长态势，但增速逐年放缓。 2022年10月27日，杭氧股份的市值巅峰达到445.03亿 ...