HANGYANG LIMITED(SZ:002430)2023-11-16 01:04Group 1: Industry Comparison - The domestic gas industry is at a different development stage compared to foreign companies, with gaps in business scale, gas variety, and internationalization [2] - Foreign gas companies have more stable performance and profit margins due to a mature market and higher industry concentration [2] Group 2: Company Strengths - The company possesses strong R&D and manufacturing capabilities, with a complete engineering capacity and significant advantages across the entire industry chain [3] - Established strong customer relationships, particularly with previous equipment clients, contributing to a solid reputation and market competitiveness [3] Group 3: Market Dynamics - Retail gas prices for liquid oxygen, nitrogen, argon, and rare gases are currently at low levels [4] - Retail gas accounted for approximately 30% of the gas business last year, but this year has seen a decline due to lower prices of rare gases [4] Group 4: Future Plans - The company views the hydrogen industry as a key future development area, having already launched its first hydrogen refueling station in 2022 [4] - Plans for continued capital expenditure to accelerate gas investment business layout [4] - The majority of new gas project clients in the first three quarters of this year were from the chemical and steel industries, with the chemical sector having the highest proportion [4]