股票代码：002430 股票简称：杭氧股份 公告编号：2025-032 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 关于控股股东增持公司股份计划的公告 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。 2、本次增持计划可能存在因资本市场发生变化或目前尚无法预判的其他因素， 导致本次增持计划实施无法达到预期的风险。 公司于 2025 年 4 月 9 日收到公司控股股东杭氧控股出具的《关于增持上市公司 杭氧股份股票的函》，现将相关情况公告如下： 一、计划增持主体的基本情况 1、本次增持主体为杭氧控股，截至本次增持计划实施前，杭氧控股持有公司股 份 524,754,485 股，占公司当前总股本的比例为 53.33%。 2、杭氧控股在本次公告前 12 个月内未披露增持公司股份的计划；在本次公告前 6 个月内不存在减持公司股份的情况。 二、本次增持计划的主要内容 1、本次拟增持股份的目的：基于对公司长期投资价值的认可及未来发展前景的 信心，维护广大投资者利益，支持公司持续、稳定、健康发展。 2、本次拟增持股份的种类和方式：A 股，通过二级市场增持，包 ...

因主营业务稳健发展及海外市场拓展成效显著，杭氧股份（002430.SZ）近期相继受到了15家券商关注 及发布点评研报，显示出市场对其业务表现和发展前景的高度关注。其中，光大证券在点评公司2024年 年报时指出，尽管面临挑战，杭氧股份在大空分设备和海外市场拓展方面持续取得进展，并继续开拓新 的气体业务领域。 研报指出，公司设备营收增长明显，2024年公司空分设备业务收入达到45.25亿元，同比增长6.77%，订 单量充足，合同负债上升至31.76亿元，显示出公司在大型项目和海外市场的积极拓展成果。其中公司 空分石化设备全年累计订货额55.12亿元。 此外，乙烯冷箱、液氮洗冷箱等领域继续保持国内领先地位，石化装备全年合同额达历史最高的8.41亿 元，创历史新高。在大空分项目和海外市场，公司拓展取得成效，全年签订大中型空分设备22套，其中 6万以上特大型空分12套，全年外贸合同额达9.33亿元，占比近17%，自主研发的先进技术在墨西哥5万 Nm3/h空分项目中应用。 券商研报中指出，公司产品结构的变化对设备制造业务的毛利率构成压力，降至27.71%，同比下降2.19 个百分点。特别是在零售气价格低迷的情况下，气体业 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company achieved a stable revenue growth of 3.06% year-on-year, reaching 13.716 billion yuan in 2024, while the net profit attributable to shareholders decreased by 24.15% to 922 million yuan [1][5] - The gas business faced pressure due to a sluggish retail gas market, resulting in a 1.15% decline in revenue to 8.1 billion yuan [2] - The equipment sales business saw a revenue increase of 7.22% to 5.065 billion yuan, with a total order amount of 5.512 billion yuan for air separation equipment [3] - The company is actively expanding its gas application fields, with significant increases in sales of electronic-grade hydrogen and helium, growing by 88.31% and 92.87% respectively [4] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 13.716 billion yuan, a 3.06% increase from the previous year, while the net profit attributable to shareholders was 922 million yuan, down 24.15% [1] - The gross margin was 20.85%, a decrease of 2.06 percentage points year-on-year, and the net margin was 7.23%, down 2.35 percentage points [1] Gas Business Performance - The gas segment generated revenue of 8.1 billion yuan, a decline of 1.15% year-on-year, with a gross margin of 16.17%, down 2.52 percentage points [2] - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h [2] Equipment Sales - The equipment sales segment achieved revenue of 5.065 billion yuan, a 7.22% increase year-on-year, with a gross margin of 27.71%, down 2.14 percentage points [3] - The total order amount for air separation equipment reached 5.512 billion yuan, with 22 sets of large and medium-sized equipment signed [3] Research and Development - The company invested 449 million yuan in R&D, representing a 3.27% R&D expense ratio [4] - The sales of medical oxygen reached 45,000 tons, and the first medical onsite gas production project was put into operation [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved an annual revenue of 13.716 billion yuan in 2024, representing a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [2][4] - In Q4 2024, the company reported a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [2][4] - The company continues to expand its large air separation and overseas markets, achieving significant results in new gas business areas [10] Summary by Sections Financial Performance - The company’s total revenue for 2024 was 13.716 billion yuan, with a gross profit of 2.860 billion yuan, resulting in a gross margin of 21% [14] - The gas business revenue was 8.100 billion yuan, a decline of 1.15% year-on-year, with a gross margin of 16.17%, down 2.52 percentage points [10] - The equipment manufacturing business generated revenue of 4.525 billion yuan, an increase of 6.77% year-on-year, but the gross margin decreased to 27.71%, down 2.14 percentage points [10] Business Development - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h [10] - The company’s liquid sales reached 2.82 million tons, exceeding the previous year's 2.40 million tons [10] - The company is actively developing new gas applications, including electronic gases, medical gases, and high-purity gases, with significant sales growth in pipeline electronic-grade hydrogen and helium [10] Future Outlook - For 2025, the company expects gas prices to stabilize, with ongoing project implementations and anticipated steady growth in gas sales [10] - The company forecasts net profits attributable to shareholders of 1.08 billion yuan, 1.30 billion yuan, and 1.50 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 19, 16, and 14 times [10]

Core Viewpoint - The company reported a decline in net profit for 2024, attributed to macroeconomic factors and a sluggish liquid market, despite a slight increase in revenue [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 13.716 billion yuan, a year-on-year increase of 3.06% - The net profit attributable to shareholders was 922 million yuan, a year-on-year decrease of 24.15% - The non-recurring net profit was 861 million yuan, a year-on-year decrease of 23.41% - In Q4 2024, the operating revenue was 3.364 billion yuan, a year-on-year decrease of 4.68% - The net profit attributable to shareholders in Q4 was 247 million yuan, a year-on-year decrease of 32.26% - The non-recurring net profit in Q4 was 235 million yuan, a year-on-year decrease of 26.52% [1]. Profitability Analysis - The company's gross margin and net margin for 2024 were 20.85% and 7.23%, respectively, down by 2.06 percentage points and 2.35 percentage points year-on-year - In Q4 2024, the gross margin was 22.22%, up by 3.06 percentage points, while the net margin was 7.57%, down by 3.12 percentage points - The goodwill impairment in 2024 amounted to 65 million yuan, negatively impacting the net margin [2]. Business Segment Performance - Gas sales revenue for 2024 was 8.1 billion yuan, a year-on-year decrease of 1.15%, with a gross margin of 16.17%, down by 2.52 percentage points - Revenue from air separation equipment was 4.525 billion yuan, a year-on-year increase of 6.77%, with a gross margin of 29.88%, down by 1.58 percentage points - Engineering contracting revenue was 186 million yuan, a year-on-year increase of 108.22% - Other business revenue was 366 million yuan, a year-on-year increase of 21.07% [2]. Business Expansion and Internationalization - The gas business saw an increase in installed capacity, with six new gas investment projects signed in 2024, adding a total oxygen production capacity of approximately 650,000 Nm³/h - The company sold 2.82 million tons of liquid gas in 2024 and is actively developing electronic gases, medical gases, new energy gases, and high-purity gases - The company plans to establish a joint venture to develop the semiconductor gas market, enhancing its special gas product matrix [3]. Order and Contract Performance - The order amount for air separation and petrochemical equipment in 2024 was 5.512 billion yuan, with 22 large and medium-sized air separation units signed - The foreign trade contract amount reached 933 million yuan, accounting for nearly 17% of total contracts - The petrochemical equipment contract amount reached a historical high of 841 million yuan [3]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.046 billion yuan, 1.176 billion yuan, and 1.335 billion yuan for 2025, 2026, and 2027, respectively - The estimated EPS for these years is 1.06 yuan, 1.20 yuan, and 1.36 yuan per share - A valuation range of 25.50 to 27.63 yuan per share is suggested for 2025, based on a PE ratio of 24-26 times [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][20] Core Views - The company reported a revenue of 13.716 billion yuan in 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [5][6] - The company's profitability is under pressure primarily due to macroeconomic factors and a sluggish liquid market, with a gross margin of 20.85% and a net margin of 7.23% in 2024 [6][12] - The gas sales revenue was 8.1 billion yuan, down 1.15% year-on-year, while the revenue from air separation equipment increased by 6.77% to 4.525 billion yuan [6][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [5][6] - The company expects a recovery in gas sales and profitability in the coming years, with projected revenues of 16.04 billion yuan in 2025 and 17.49 billion yuan in 2026 [8][23] Business Segments - The gas business continues to expand, with six new gas investment projects signed in 2024, increasing the total oxygen production capacity to 3.5 million Nm³/h [7][12] - The equipment business is accelerating its internationalization, with a record high order amount of 5.512 billion yuan for air separation equipment in 2024 [7][19] Market Outlook - The company is positioned as a leader in the industrial gas sector, with a strong cash flow and the ability to penetrate various downstream industries [20][22] - The projected earnings per share (EPS) for 2025 is 1.06 yuan, with a reasonable valuation range of 25.50 to 27.63 yuan per share based on a PE ratio of 24-26 times [10][20]

股票代码：002430 股票简称：杭氧股份 公告编号：2025-031 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 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。 特别提示： "杭氧转债"（转债代码：127064）转股期为2022年11月25日至2028年5月18 日，目前转股价格为人民币26.89元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，杭氧集团股份有限公司（以下简 称"公司"）将2025年第一季度可转换公司债券（以下简称"可转债"）转股及公司 股份变动的情况公告如下： 一、 可转债发行上市概况 分配。本次权益分配实施后，"杭氧转债"转股价格调整为27.88元/股，调整后的 转股价格自2023年5月8日起生效。 年度中期利润分配。本次权益分配实施后，"杭氧转债"转股价格调整为27.68元/ 股，调整后的转股价格自2023年9月26日起生效。 （一）可转换公司债券发行情况 中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发行 可转换公司债券的批复 ...

| | | 转债代码：127064 转债简称：杭氧转债 特别提示： "杭氧转债"（转债代码：127064）转股期为2022年11月25日至2028年5月18 日，目前转股价格为人民币26.89元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，杭氧集团股份有限公司（以下简 称"公司"）将2025年第一季度可转换公司债券（以下简称"可转债"）转股及公司 股份变动的情况公告如下： 一、 可转债发行上市概况 （一）可转换公司债券发行情况 中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]408号文）核准，并经深圳证券交易 所同意，杭氧股份于2022年5月19日公开发行了1,137万张可转换公司债券，每张 面值100元，按面值发行，发行总额为11.37亿元，期限6年。 （二）可转换公司债券上市情况 经深圳证券交易所（以下简称"深交所"）"深证上[2022]616号"文同意， 公司11.37亿元可转换公司债券于2022年7月5日起在深交所挂牌交易，转债简称 "杭氧转债"，转债代码"1270 ...

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Oxygen Plant Co., Ltd. (002430) with a target price of 26.88 CNY, down from the previous forecast of 34.25 CNY [2][12]. Core Insights - The company's 2024 performance meets expectations, with steady development in pipeline gas and a potential recovery in retail gas prices. Additionally, the proportion of overseas orders for equipment continues to rise, indicating a steady growth outlook [3][12]. Financial Summary - **Revenue**: The company reported a revenue of 13,716 million CNY for 2024, reflecting a year-on-year increase of 3.06%. The projected revenues for the following years are 15,763 million CNY in 2025, 17,753 million CNY in 2026, and 20,025 million CNY in 2027, with growth rates of 14.9%, 12.6%, and 12.8% respectively [5][14]. - **Net Profit**: The net profit attributable to shareholders for 2024 is 922 million CNY, a decrease of 24.15% year-on-year. The forecasted net profits for 2025, 2026, and 2027 are 1,106 million CNY, 1,301 million CNY, and 1,510 million CNY, showing a recovery trend [5][14]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.94 CNY, with estimates of 1.12 CNY for 2025, 1.32 CNY for 2026, and 1.53 CNY for 2027 [5][14]. - **Return on Equity (ROE)**: The ROE is expected to be 10.0% in 2024, with a gradual increase to 13.6% by 2027 [5][14]. Market Performance - The stock has a 52-week price range of 16.67 CNY to 31.18 CNY, with a total market capitalization of 20,948 million CNY [6][12]. - The stock's performance over the last 12 months shows a decline of 23% relative to the Shenzhen Composite Index [10]. Business Development - The company’s gas sales revenue for 2024 is 8,100 million CNY, down 1.15% year-on-year, primarily due to fluctuations in retail gas prices. The gross margin for gas sales is 16.17%, a decrease of 2.58 percentage points year-on-year [12]. - The pipeline gas business is expected to provide stable cash flow, with new projects adding approximately 650,000 Nm³/h of oxygen production capacity in 2024 [12]. - The company achieved a revenue of 4,525 million CNY from air separation equipment in 2024, marking a year-on-year increase of 6.77% [12]. Overseas Market Expansion - The company’s order intake for air separation and petrochemical equipment reached 5,512 million CNY in 2024, with overseas orders accounting for 17%, up from 14% in 2023. This growth in overseas orders is anticipated to enhance equipment gross margins [12].

Investment Rating - The report maintains a "Strong Buy" rating for Hangzhou Oxygen Plant Co., Ltd. [2][7] Core Views - The company is experiencing slight revenue growth in 2024, but profits are declining, and cash flow is under pressure. Despite the ongoing industry downturn, the company is expanding its operations, with a 44% year-on-year increase in new gas project contracts, enhancing future profit potential [6][7]. - The gas sales segment is under pressure, with revenue and gross margins declining, while the air separation equipment segment shows revenue growth despite a slight decrease in gross margin [6][7]. - The report anticipates revenue growth for the company, projecting revenues of 167.8 billion, 190.9 billion, and 209.8 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to be 11.0 billion, 13.6 billion, and 14.6 billion yuan for the same years [6][8]. Financial Performance Summary - In 2024, the company achieved operating revenue of 137.16 billion yuan, a year-on-year increase of 3.06%, while net profit attributable to shareholders was 9.22 billion yuan, a decline of 24.15% [6]. - The gas sales business generated revenue of 81.00 billion yuan, down 1.15% year-on-year, while the air separation equipment business saw revenue of 45.25 billion yuan, up 6.77% [6]. - The company’s gross margin for 2024 was 20.85%, down 2.06 percentage points year-on-year, and the net margin was 7.23%, down 2.35 percentage points [6][15]. Business Segment Analysis - The air separation equipment segment signed contracts for 22 large and medium-sized units, with a total order value of 55.12 billion yuan, a decrease of 14.8% year-on-year. However, overseas orders increased, accounting for 17% of total orders [6][7]. - The company signed six new gas projects in 2024, with an oxygen production capacity of 650,000 cubic meters, representing a 44.4% increase year-on-year [6][7]. Market Conditions - The report indicates that terminal gas prices are stabilizing, with liquid oxygen prices showing a slight increase. As of late March, the average price of liquid oxygen was 429 yuan per ton, up 0.47% year-on-year [6][7].