Group 1 - The core viewpoint of the news is that Kefa Investment has conducted research on Hangyang Co., which is expected to have significant production capacity and strategic developments in the helium market by 2025 [1] - Hangyang Co. plans to produce 500,000 cubic meters of air separation units by 2025, involving multiple projects [1] - The company has made progress in the helium sector, achieving domestic substitution for liquid helium tanks and establishing a joint venture for helium sales [1] Group 2 - In 2024, Hangyang Co. will reduce its dividends to maintain financial stability [1] - The company is focusing on expanding its retail gas terminal rate and increasing the number of bottled gas filling stations [1] - The overseas equipment orders are expected to have a higher gross margin due to price advantages and tax rebate policies [1] Group 3 - The company is actively exploring opportunities in emerging markets such as the Belt and Road Initiative, Southeast Asia, Africa, and India [1] - Retail gas prices were low in the first quarter, but the company maintains stable earnings due to the cost advantages of liquid sales from pipeline gas [1] - The future price recovery of argon gas in 2024 will depend on economic recovery, the development of the photovoltaic industry, and market supply-demand conditions [1]

Group 1: New Projects and Production - In 2025, several new air separation projects are expected to be launched, including Xuzhou Hangyang (50,600 m³), Shandong Hangyang (105,000 m³), Yunfu Hangyang (40,000 m³), and Zezhou Hangyang (80,000 m³) [1] - The company aims to maintain financial stability and may adjust its dividend policy to ensure a stable capital structure and sustainable future development [1] Group 2: Market and Pricing Insights - The first quarter liquid gas prices are at a relative low point, but the company benefits from cost advantages in liquid sales due to pipeline gas configuration, leading to stable earnings [2] - The company has established a helium sales joint venture to enhance market supply and meet electronic gas demand [2] Group 3: Equipment Orders and Overseas Expansion - The company anticipates increased investment in overseas business units and expansion opportunities in equipment exports, particularly in the western coal chemical sector [2] - Key overseas export regions for 2024 include the Belt and Road area, Southeast Asia, and emerging markets like Africa and India [2] Group 4: Retail Gas and Bottled Gas Development - The company expects fluctuations in terminal rates as liquid gas volumes increase, with terminal rate improvement being a long-term process [2] - In 2024, the company sold a total of 320,000 bottled gas units and plans to continue expanding its filling station network [3] Group 5: Profitability and Risk Management - The gross margin for overseas orders is generally higher due to competitive pricing and export tax rebate policies, although actual margins may vary by contract [3] - The company collaborates primarily with leading private enterprises, maintaining controllable risk and stable profitability [3] Group 6: Future Outlook - The company is focused on acquiring existing projects rather than new capital expenditures for air separation capacity, given the limited market growth [2] - Future pricing trends for retail gases, particularly argon, will depend on economic recovery, photovoltaic industry developments, and market supply-demand dynamics [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.5% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [5] - The company plans to fully privatize its subsidiary, New Energy, with a total transaction value of approximately 599.24 billion HKD [5][7] - The company’s platform trading gas sales volume reached 5.568 billion m³ in 2024, an increase of 10.3% year-on-year, while retail gas volume was 26.2 billion m³, with industrial and commercial gas maintaining a growth rate of 5.1% [7] Financial Data and Profit Forecast - The company’s total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 58.76 billion yuan and 73.84 billion yuan respectively, with a new forecast for 2027 at 86.41 billion yuan [6][7] - The earnings per share (EPS) is projected to increase from 1.46 yuan to 1.56 yuan post-privatization, representing a 6.8% increase [7] - The company’s dividend policy stipulates that from 2026 to 2028, the cash dividend ratio will be no less than 50% of the core profit attributable to shareholders [7] Market Data - As of March 26, 2025, the closing price was 19.65 yuan, with a price-to-earnings (PE) ratio of 9 [2][6] - The company’s market capitalization is approximately 55.808 billion yuan [2]