杭氧股份(002430) - 2023年9月21日投资者关系活动记录表

Group 1: Investment Evaluation and Challenges - The primary consideration for investing in gas projects is the sustainable operational capability of user enterprises, as gas projects involve long-term contracts of 15-20 years [2] - The main difficulty for clients in changing gas suppliers after the expiration of pipeline gas projects is the need for significant land reorganization for new suppliers, making contract renewals with original suppliers more likely [2] Group 2: Customer Structure and Financing - In the first half of the year, the downstream customer structure was primarily in the chemical and steel industries, with a higher proportion of customers from the chemical sector [3] - The main financing channel for the company is bank loans, with consideration for capital market financing only when there is a significant investment need or high debt ratio [3] Group 3: Business Impact and Risk Management - The impact of downstream cyclical fluctuations on the gas business is smaller compared to the equipment manufacturing sector, as the gas business is less affected by these cycles [3] - The greatest risk in gas operations comes from the ongoing operational risks of pipeline gas customers [3] Group 4: Future Outlook and Expansion - The company aims to accelerate its gas investment business layout and expects continued capital expenditures in the future [3] - The company has established an electronic gas division this year to expand its presence in the electronic gas market [4] - The company plans to enhance its overseas business expansion, including both equipment and gas investments, having already initiated its first overseas gas investment project this year [4] Group 5: Rare Gas Business - The price of rare gases has significantly decreased compared to last year, while the production of rare gases has increased [5] - The company will reasonably plan the production capacity of rare gases in conjunction with market conditions as part of its gas development strategy [6] - Approximately 30% of the new equipment orders signed in the first half of the year were related to sales to its own gas company [6]