Core Insights - Zhejiang's capital market is driving the transformation of the real economy, with traditional industries accelerating their upgrade through "high-end, intelligent, and green" reforms [1] - The 268 listed companies in 17 key traditional manufacturing sectors are pivotal for regional industrial upgrades, contributing significantly to Zhejiang's economic growth [1] Group 1: Traditional Manufacturing Sector - In 2024, the 17 key traditional manufacturing companies in Zhejiang are projected to achieve a revenue of 1.77 trillion yuan, a year-on-year increase of 5.30%, and a total profit of 103.66 billion yuan, up 2.04% [1] - These companies have maintained an annual R&D investment of over 40 billion yuan, reaching a historical high of 45.44 billion yuan in 2024 [1] Group 2: Chemical Manufacturing - The chemical manufacturing sector, with the highest number of listed companies, is a key indicator of traditional industry upgrades, achieving a revenue of 260.9 billion yuan in 2024, a growth of 5.99%, and a net profit of 19.42 billion yuan, up 13.45% [2] - Leading companies like Zhejiang Longsheng and Hangyang Co. are diversifying their product offerings to strengthen their market positions [2] Group 3: Automotive Parts - The automotive parts sector reported a revenue of 111.76 billion yuan in 2024, growing by 8.20%, with a net profit of 6.89 billion yuan, an increase of 9.40% [4] - Companies like Shuanghuan Transmission and Yinlun Co. are leading the transition from traditional fuel vehicles to new energy and robotics [4][5] Group 4: Low Voltage Electrical Equipment - The low voltage electrical equipment sector achieved a revenue of 165.27 billion yuan in 2024, with a year-on-year growth of 9.62% [6] - Leading firms such as Chint Electric and Hengdian East Magnetic are innovating through digital transformation and expanding into renewable energy [6][7] Group 5: Textile and Apparel - The textile industry generated a revenue of 39.69 billion yuan in 2024, a growth of 15.38%, while the apparel sector reached 37.30 billion yuan, up 0.92% [8] - Companies like Semir and Baoxiniao are innovating through brand renewal and smart customization to capture new market opportunities [8] Group 6: Overall Transformation - The transformation of Zhejiang's traditional manufacturing has evolved from mere technical upgrades to a systematic change, characterized by "capital empowerment, technology-driven, and ecological collaboration" [9] - These listed companies are expected to provide valuable insights for the national transformation of traditional industries [9]

格隆汇12月5日｜东吴证券研报指出，杭氧股份为国产空分设备龙头，气体业务贡献新增长极。2024年 公司核心业务为空分设备与气体销售，合计贡献近90%营收。公司自空分设备业务起家，是国内生产空 分设备的龙头企业，2020年市占率为43%，依托领先的空分设备制造能力，公司切入气体销售业务领 域，营收占比从2007年的2%一路提升至2024年的59%，是公司第二增长极。工业气体为顺周期行业， 具备国产化趋势&外包供气占比提升&新领域开拓等属性；杭氧股份由设备转型气体，优势在于设备自 制&渠道能力不断拓展。此外，公司布局可控核聚变等新兴产业，提供高质量低温设备。考虑到公司多 块业务具备成长性且气体价格有望跟随宏观经济回暖，首次覆盖给予"增持"评级。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, Hangyang Co., Ltd., is a leading domestic manufacturer of air separation equipment, with its gas sales business emerging as a new growth driver. The core business segments are air separation equipment and gas sales, which together are expected to contribute nearly 90% of revenue by 2024 [7][13]. - The air separation equipment market is experiencing a trend towards larger-scale production, with significant demand from the petrochemical and coal chemical industries, which are expected to drive future growth [7][40]. - The industrial gas market is a cyclical industry with a current market size of over 200 billion yuan in China, and the company is positioned to benefit from the ongoing trend of domestic production and increasing outsourcing of gas supply [7][19]. Summary by Sections 1. Company Overview - Hangyang Co., Ltd. has a long history in air separation equipment, starting from the development of China's first oxygen generator in 1956. The company has since evolved into a leader in the domestic market, with a market share of 43% in 2020 [13][16]. - The gas sales business has grown significantly, increasing its revenue contribution from 2% in 2007 to 59% in 2024, indicating strong growth potential [16][19]. 2. Air Separation Equipment - The air separation equipment industry is characterized by a clear trend towards larger equipment, with average production capacity increasing from 0.5 million m³/h in 2011 to 2.4 million m³/h in 2020. The demand is concentrated in the steel, petrochemical, and coal chemical sectors [40][44]. - The company is expected to benefit from the increasing demand for large-scale air separation equipment, particularly from new projects in the coal chemical sector in Xinjiang, which are projected to require substantial investment [46][47]. 3. Industrial Gas Market - The industrial gas market is a vital component of modern industrial production, with major applications in steel, petrochemicals, and electronics. The market is expected to grow significantly, with the company poised to capture a larger share as domestic production increases [19][37]. - The report highlights the potential for the company to expand its market share in the industrial gas sector, where it currently holds about 6% of the market, compared to over 60% for leading foreign competitors [7][19]. 4. Financial Projections - The company is projected to achieve a net profit of 1.16 billion yuan in 2025, with a corresponding dynamic P/E ratio of 24 times. The expected growth in gas prices alongside macroeconomic recovery is anticipated to support profitability [1][7].

Core 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].

Core Viewpoint - Fosda's stock price has experienced a significant increase of 71.45% year-to-date, but has recently seen declines in the short term, with a drop of 2.37% over the last five trading days and 17.32% over the last twenty days [1][2] Company Overview - Fosda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment, providing comprehensive solutions for deep cooling systems [1] - The company's main revenue sources are: air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), other (5.46%), and leasing income (0.01%) [1] Financial Performance - For the period from January to September 2025, Fosda achieved a revenue of 2.141 billion yuan, representing a year-on-year growth of 29.45%, and a net profit attributable to shareholders of 345 million yuan, reflecting a year-on-year increase of 66.11% [2] - Since its A-share listing, Fosda has distributed a total of 161 million yuan in dividends [3] Shareholder Information - As of September 30, 2025, Fosda had 12,800 shareholders, an increase of 34.71% from the previous period, with an average of 3,860 circulating shares per shareholder, a decrease of 25.76% [2] - The top ten circulating shareholders include notable funds, with changes in holdings observed among several institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - 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%, with a net profit attributable to shareholders of 757 million yuan, up 12.14% year-on-year. In Q3 2025, the revenue reached 4.101 billion yuan, a 13.12% increase year-on-year, and the net profit was 278 million yuan, reflecting a 16.79% year-on-year growth [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 20.5%, a slight increase of 0.44 percentage points from Q2 and a year-on-year increase of 0.63 percentage points. The net profit margin for Q3 was 7.70%, with a 0.12 percentage point increase from Q2 and a 0.48 percentage point increase year-on-year. The overall expense ratio was well-controlled at 10.30%, down 0.30 percentage points year-on-year [12]. Market Expansion - The company has been expanding its overseas market, with a 78.89% year-on-year growth in overseas sales in H1 2025. It achieved a breakthrough in large air separation equipment sales in Africa and has established subsidiaries in Southeast Asia to enhance service and support for equipment exports [12]. Future Outlook - The company expects continued growth in equipment sales, particularly in the coal chemical sector, and anticipates that retail gas prices will stabilize, contributing positively to performance. The average price of liquid oxygen in October was 412 yuan per ton, up 7.74% year-on-year, indicating a trend of price recovery [12]. The company is also leveraging its technology in the nuclear fusion industry, having joined the Anhui Province Fusion Industry Association [12]. Profit Forecast - The company is projected to achieve net profits of 1.055 billion yuan, 1.250 billion yuan, and 1.476 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-earnings ratios of 26, 22, and 19 times [12].

Core Viewpoint - Foxda's stock price has shown significant volatility, with a year-to-date increase of 77.52%, but a recent decline of 20.46% over the past 20 trading days [1][2]. Company Overview - Foxda, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment [1]. - The company's main revenue sources are: air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), and other sources (5.46%) [1]. Financial Performance - For the period from January to September 2025, Foxda reported a revenue of 2.141 billion yuan, representing a year-on-year growth of 29.45%, and a net profit attributable to shareholders of 345 million yuan, reflecting a growth of 66.11% [2]. - Since its A-share listing, Foxda has distributed a total of 161 million yuan in dividends [3]. Shareholder and Market Activity - As of September 30, 2025, Foxda had 12,800 shareholders, an increase of 34.71% from the previous period, with an average of 3,860 circulating shares per shareholder, down by 25.76% [2]. - The stock has seen significant trading activity, with a net inflow of 9.2587 million yuan from main funds and notable buying from large orders [1].

Core Viewpoint - Hangyang Co., Ltd. has demonstrated strong financial performance in the first three quarters of 2025, with revenue and net profit growth, while also expanding its market presence in the industrial gas sector, particularly in Xinjiang [1][2][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 11.428 billion yuan, a year-on-year increase of 10.39% [1] - The net profit attributable to shareholders, excluding non-recurring items, was 728 million yuan, up 16.27% year-on-year [1] - The net cash flow from operating activities reached 1.947 billion yuan, reflecting a significant increase of 140.03% year-on-year [1] - In Q3 2025, revenue was 4.101 billion yuan, representing a 13.12% year-on-year growth, while the net profit was 267 million yuan, up 21.60% year-on-year [1] Market Position and Strategy - Hangyang Co., Ltd. is a pioneer and leader in China's air separation equipment manufacturing industry, maintaining the largest market share domestically [1] - The company has successfully transitioned from a single equipment supplier to a comprehensive service provider by expanding its gas business, adopting a "equipment + gas" dual-driven development model [1][2] - The company has established a strong competitive position in the Xinjiang region, signing contracts with multiple local companies and achieving a total oxygen production capacity exceeding one million cubic meters [2] Industry Trends - The industrial gas sector is experiencing increased demand due to the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, leading to a surge in the need for high-value-added industrial gases [3] - The electronic specialty gas market in China is projected to exceed 45 billion yuan in 2024, with a compound annual growth rate of 12.3% [3] - Global high-purity gas markets are expected to grow at a rate of over 6% from 2024 to 2029, with the Asia-Pacific region being the fastest-growing market [3] Technological Advancements - The company has established a comprehensive industrial chain capability covering helium sales, equipment manufacturing, and application scenarios, ensuring stable supply for the helium market [4] - Hangyang Co., Ltd. has strengthened its gas industry layout through acquisitions, enhancing its product matrix and accelerating the localization of key electronic specialty gases [3][4] - The company has implemented a four-in-one R&D system to enhance technological innovation and collaboration with research institutions, resulting in significant patent achievements [5][6] Future Outlook - With the ongoing expansion of its air separation equipment business and the high-end development of its gas business, Hangyang Co., Ltd. is expected to further solidify its leading position in the industry and drive sustainable growth [6]

Core Viewpoint - CITIC Financial Asset has increased its stake in Hangyang Co., Ltd. to 5.00%, indicating confidence in the company's future prospects and value [1][2] Group 1: Stake Increase Details - On October 28, CITIC Financial Asset acquired 13.9684 million shares of Hangyang, representing 1.43% of the total share capital [1] - The transaction price was 26.06 CNY per share, slightly lower than the closing price of 26.14 CNY, with a total transaction value of 364 million CNY [1] - The acquisition aims to enhance CITIC Financial Asset's influence and support Hangyang's growth and business expansion [1] Group 2: Company Background - Hangyang Co., Ltd. was established in 1950 and is currently managed by the Hangzhou State-owned Assets Supervision and Administration Commission [2] - The company specializes in gas, equipment and engineering, and high-end manufacturing, with a focus on energy-saving and green low-carbon industries [2] Group 3: Financial Performance - Hangyang's revenue for 2022, 2023, and 2024 was 12.803 billion CNY, 13.309 billion CNY, and 13.716 billion CNY, respectively, with net profits of 1.210 billion CNY, 1.216 billion CNY, and 922 million CNY [3] - In 2024, the company experienced a decline in profit despite revenue growth, primarily due to a decrease in gas sales gross margin [3] - In the first three quarters of 2025, Hangyang reported revenue of 11.428 billion CNY, a year-on-year increase of 10.39%, and a net profit of 757 million CNY, up 12.14% [3]

Core Viewpoint - The stock of Fostar has experienced a significant increase of 86.70% year-to-date, but has recently seen a decline of 8.50% over the past five trading days and 15.91% over the past twenty days [1][2]. Company Overview - Fostar, established on July 4, 2000, is located in Hangzhou, Zhejiang Province, and specializes in the development, design, manufacturing, and sales of deep cooling technology and equipment [1]. - The company was listed on January 30, 2023, and its main business revenue composition includes: air separation equipment (71.40%), natural gas processing and liquefaction devices (23.13%), and others (5.46%) [1]. Financial Performance - For the period from January to September 2025, Fostar achieved a revenue of 2.141 billion yuan, representing a year-on-year growth of 29.45%, and a net profit attributable to shareholders of 345 million yuan, reflecting a growth of 66.11% [2]. - Since its A-share listing, Fostar has distributed a total of 161 million yuan in dividends [3]. Shareholder Information - As of September 30, 2025, Fostar had 12,800 shareholders, an increase of 34.71% from the previous period, with an average of 3,860 circulating shares per shareholder, a decrease of 25.76% [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as a decrease in shares held by some funds and the entry of new shareholders [3].