杭氧股份：2024Q3业绩符合预期，韧性展现，静待气价回升

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]