| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-100 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于杭氧特气对其子公司万达气体贷款提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 13 日分别召开了第八届董事会第十四次会议、第八届监事会第十三次会议，审议通过 了《关于杭氧特气对其子公司万达气体贷款提供担保的议案》，同意公司控股子公 司衢州杭氧特种气体有限公司（以下简称"杭氧特气"）为其全资子公司杭州万达 气体有限公司（以下简称"万达气体"）拟向杭州银行股份有限公司申请的不超过 人民币 1,500 万元的贷款提供担保。本次担保额度占公司最近一期经审计归属于上 市公司股东的净资产 889,742.93 万元的 0.17%。本次担保额度获批后，公司及控股 子公司累计已审批的对外担保额度为 247,600 万元，占公司最近一期经审计归属于 上市公 ...

杭氧集团股份有限公司 第八届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 13 日 以通讯方式召开了第八届监事会第十三次会议，本次会议的通知及会议资料于 2024 年 11 月 8 日以传真、电子邮件等方式送达各位监事。会议由公司监事会主席董吉琴 女士主持，应参加会议的监事 3 名，实际参加会议的监事 3 名。本次会议的召集和召 开符合《公司法》及《公司章程》的有关规定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会监事以书面表决方 式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于投资建设青岛物元电子大宗气项目暨设立气体子公司的议 案》 股票代码：002430 股票简称：杭氧股份 公告编号：2024-097 转债代码：127064 转债简称：杭氧转债 本项目预计总投资不超过 13,500 万元，气体公司注册资本金 3,300 万元，由公 司以自有资金出资，剩余资金通过外部融资解决。气体公司股权结构如下： 单位：万元 | ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-098 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于投资建设青岛物元电子大宗气项目暨设立气体子公司的公 告 1、公司名称：物元半导体技术(青岛)有限公司 2、住所：山东省青岛市城阳区棘洪滩街道锦盛二路金岭片区社区中心430室 3、法定代表人：陈为玉 4、注册资本：400,000万元人民币 5、类型：有限责任公司(非自然人投资或控股的法人独资) 6、经营范围：一般项目：工程和技术研究和试验发展；集成电路芯片设计及服 务；集成电路芯片及产品制造【分支机构经营】；集成电路芯片及产品销售；电子 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、对外投资概述 为进一步拓宽气体产业布局，杭氧集团股份有限公司（以下简称"公司"或 "本公司"）第八届董事会第十四次会议、第八届监事会第十三次会议分别审议通 过了《关于投资建设青岛物元电子大宗气项目暨设立气体子公司的议案》。公司拟 投资设立全资子公司——青岛杭氧经开电子 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-099 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于对全资子公司北京杭氧深冷技术有限公司增资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 为满足子公司日常经营活动需要，杭氧集团股份有限公司（以下简称"公司"或 "本公司"）第八届董事会第十四次会议、第八届监事会第十三次会议分别审议通过 了《关于对全资子公司北京杭氧深冷技术有限公司增资的议案》。公司拟以自有资金 对全资子公司北京杭氧深冷技术有限公司（以下简称"北京杭氧"）增资4,500万元。 增资完成后，北京杭氧注册资本由500万元增至5,000万元，北京杭氧仍为公司全资子 公司。 本次对外投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。根据《深圳证券交易所股票上市规则》《公司章程》的相关规定，该 事项属于公司董事会审批权限，无需提请股东大会审议。截至本公告披露日，北京杭 氧本次增资事项工商登记 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][11][19] Core Views - The company's Q1-Q3 2024 revenue reached 10.353 billion yuan, a year-on-year increase of 5.85%, while the net profit attributable to shareholders was 675 million yuan, a decrease of 20.68% year-on-year [5] - The company is expected to face short-term pressure on profitability, but there is anticipation for a recovery in downstream demand to bring about a profit turning point [5][7] - The company has a solid growth in contract liabilities, indicating a good order backlog, and the net cash flow from operating activities was 811 million yuan, up 31.08% year-on-year [7] Summary by Sections Financial Performance - For Q3 2024, the company reported a single-quarter revenue of 3.625 billion yuan, an increase of 8.66% year-on-year, with a net profit of 238 million yuan, down 26.99% year-on-year [5] - The gross margin and net margin for Q1-Q3 2024 were 20.41% and 7.12%, respectively, showing a decline of 3.86 percentage points and 2.06 percentage points year-on-year [6] Cost Management - The company maintained good control over expenses, with a total expense ratio of 11.14% for Q1-Q3 2024, down 0.90 percentage points year-on-year [6] - The breakdown of expense ratios for Q3 2024 showed sales, management, financial, and R&D expenses at 1.30%, 4.90%, 1.29%, and 3.12%, respectively [6] Market Conditions - The overall industrial demand remains weak, with a reported 3.5% year-on-year decline in profits for major industrial enterprises in China from January to September 2024 [7] - Liquid gas prices have started to rise, with the average price of liquid oxygen at 406 yuan/ton, up 2.01% month-on-month [7] Future Outlook - The company plans to maintain a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% during mature development stages without major capital expenditure [10] - The projected net profit for 2024 is estimated at 1.010 billion yuan, a decrease of 17.0% year-on-year, with an expected recovery in subsequent years [11][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience in its Q3 2024 performance, with revenue slightly increasing by 5.85% year-on-year to 10.353 billion yuan, while net profit decreased by 20.86% to 675 million yuan due to gas price impacts [2][4] - The company is awaiting a rebound in gas prices, with retail prices for oxygen, nitrogen, and argon showing signs of improvement, which is expected to enhance profitability [3][4] - The company is actively expanding its international operations, having established an overseas business unit to enhance its global market presence [3] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.63 billion yuan, an increase of 8.66% year-on-year and 5.94% quarter-on-quarter, while net profit was 240 million yuan, down 26.99% year-on-year but up 2.13% quarter-on-quarter [2] - The gross margin for Q3 2024 was 19.85%, a decrease of 4.54 percentage points year-on-year, and the net profit margin was 6.57%, down 3.21 percentage points year-on-year [2] - As of Q3 2024, the company's inventory was 2.04 billion yuan, down 7.57% from the previous quarter, while contract liabilities increased by 9.11% to 3.209 billion yuan [3] Earnings Forecast - The company's revenue forecasts for 2024-2026 are adjusted to 14.866 billion yuan, 18.066 billion yuan, and 21.112 billion yuan, respectively [4] - The net profit forecasts for the same period are adjusted to 1.045 billion yuan, 1.340 billion yuan, and 1.511 billion yuan, respectively [4] - The diluted EPS for 2024-2026 is projected to be 1.1 yuan, 1.4 yuan, and 1.5 yuan, with corresponding P/E ratios of 25, 19, and 17 times [4][6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][14]. Core Insights - The company is expected to experience a performance turnaround due to the recovery in gas prices, with a projected revenue increase of 5.85% year-on-year for the first three quarters of 2024 [1]. - The company holds a significant market share in the industrial gas sector, exceeding 50% in air separation equipment and nearly 50% in gas supply, indicating a strong competitive position [3]. - The integration of two major players in the industry, Yingde and Hangyang, is anticipated to enhance market dynamics and scale advantages within three years [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 10.353 billion yuan, with a year-on-year growth of 5.85%. However, the net profit attributable to shareholders decreased by 20.68% to 675 million yuan [1]. - In Q3 2024, the company reported a revenue of 3.625 billion yuan, reflecting an 8.6% increase year-on-year and a 5.94% increase quarter-on-quarter. The net profit for the same period was 238 million yuan, down 26.99% year-on-year [2]. - The gross profit margin for Q3 2024 was 19.85%, a decline of 4.54 percentage points year-on-year, while the net profit margin was 6.57%, down 3.21 percentage points year-on-year [2]. Industry Position and Growth Potential - The industrial gas market in China is valued at approximately 200 billion yuan, with domestic manufacturers gaining a competitive edge as foreign companies gradually exit the market [3]. - The report highlights the long-term growth logic of the company, driven by domestic substitution, product structure upgrades, and an optimized industry landscape [4]. - The company's earnings forecast for 2024-2026 has been slightly adjusted downwards, with projected net profits of 997.61 million yuan, 1.340 billion yuan, and 1.558 billion yuan respectively [4][7].

杭氧股份 (002430.SZ) 买入（首次评级） 投资逻辑 空分设备专家向工业气体拓展，现金流佳。根据公司 24 年半年报 和招股书，公司 24H1 气体收入占比达 60%，2010 上市当年仅 9%。 根据公司 24 年三季报，24 年前三季度归母净利润受气价下跌与设 备订单结构影响下滑 21%，25 年有望随制造业需求恢复而改善。 零售气价有望随制造业需求恢复而触底反弹。根据卓创资讯工业 气体，截至 10 月 31 日全国液氧、液氮市场吨均价分别为 406/451 元，较最低点今年 2 月 8 日分别回升 20%/14%。历史上公司气体销 售毛利率与产成品存货变动正相关。近期国家相继出台稳增长与 制造业发展政策，看好公司受益于制造业复苏带来的气价回升。 第三方现场制气渗透率有望提升，公司有望持续投产现场制气项 目。（1）2020 年中国第三方现场制气在现场制气中占比为 57%，距 离发达国家 80%的比例还有较大提升空间；（2）公司自 2019 年以 来签约的现场制气项目数量和制氧量均显著增长，根据公司年报 及我们测算，截至 2023 年末气体投资累计制氧量 320 万 Nm 3 /h， 是 2018 ...

2024 年 11 月 3 日 公司研究 营收稳步增长，静待下游需求回暖 ——杭氧股份（002430.SZ）2024 年三季报点评 要点 营收稳步增长，利润短期承压 杭氧股份 2024Q1-Q3 实现营业收入 103.53 亿元，同比增长 5.85%；归母 净利润 6.75 亿元，同比下降 20.68%；毛利率 20.41%，同比下降 3.86 个百分 点；净利率 7.12%，同比下降 2.06 个百分点。 公司 2024Q3 实现营业收入 36.25 亿元，同比增长 8.66%；归母净利润 2.38 亿元，同比下降 26.99%；毛利率 19.85%，同比下降 4.55 个百分点；净利率 7.21%，同比下降 2.85 个百分点。 气体价格下滑使公司零售气业务短期承压 公司利润端承压主要受今年以来气体价格下滑影响。截至 2024 年 10 月 29 日，液氧、液氮、液氩 10 月均价分别为 380/435/647 元/吨，同比分别下滑 14.8%/16.7%/42.7%；环比分别上涨 3.0%/2.4%/3.9%。公司气体业务主要包 括管道气与零售气，其中零售气业务的业绩受气体价格直接影响，今年以来零售 气 ...

证 券 研 究 报 告 杭氧股份（002430）2024 年三季报点评 强推（维持） Q3 业绩符合预期，静待需求复苏 目标价：30.4 元 当前价：25.16 元 事项： ❖ 公司发布 2024 年第三季度报告，2024 年前三季度实现营收 103.5 亿元，同比 增长 5.9%，归母净利润 6.8 亿元，同比下降 20.7%，扣非归母净利润 6.3 亿元， 同比下降 22.2%。单三季度实现营收 36.3 亿元，同比增长 8.7%，归母净利润 2.4 亿元，同比下降 27.0%，扣非归母净利润 2.2 亿元，同比下降 27.3%。 评论： ❖ Q3 国内气体需求较弱，管理加强费用率小幅下降。2024 年三季度，国内经济 处于弱复苏阶段，地产基建下行、制造业景气度偏弱导致对钢铁需求相对较弱， 作为"工业血液"的工业气体板块持续承压，据 Wind 数据测算，三季度全国 液氧、液氮、液氩零售均价分别同比下降 23.8%、20.4%、35.6%，较二季度降 幅提升。受气价下降拖累，公司盈利能力所有下降，三季度毛利率、净利率分 别为 19.9%、7.2%，分别同比-4.6pct、-2.9pct。公司管理持续加强，费 ...