杭氧股份(002430)：在手订单饱满 新兴业务驱动韧性

Core Viewpoint - The company reported a revenue of 13.716 billion yuan for 2024, a year-on-year increase of 3.06%, but the net profit attributable to shareholders was 922 million yuan, a year-on-year decrease of 24.15% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, with a year-on-year and quarter-on-quarter decrease of 4.68% and 7.21% respectively [1] - The gross profit margin for the entire year was 20.85%, down 2.06 percentage points year-on-year, primarily due to the low prices in the industrial gas and liquid markets [1] - The company maintained good control over operating expenses, with a total expense ratio of 11.06%, down 0.52 percentage points year-on-year [1] Cash Flow and Contracts - As of Q4 2024, the company's inventory was 2.321 billion yuan, and contract liabilities were 3.176 billion yuan, reflecting a 13.78% increase from the previous quarter [2] - The net cash flow from operating activities for Q4 2024 was 1.435 billion yuan, showing a significant improvement with a 628% increase quarter-on-quarter [2] New Business Development - The company has made significant progress in emerging fields, with sales of electronic-grade hydrogen and helium increasing by 88.31% and 92.87% year-on-year respectively [3] - The traditional business remains resilient, with a record high contract amount of 841 million yuan for petrochemical equipment in 2024 [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 4.28% and 6.31% to 1.283 billion yuan and 1.508 billion yuan respectively [4] - The target price has been raised to 31.20 yuan, corresponding to a PE ratio of 24 times for 2025 [4]