HANGYANG LIMITED(002430) 国泰君安·2024-11-15 02:31Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company plans to invest in the Qingdao Electronic Bulk Gas Project, with a total investment not exceeding 135 million yuan, accelerating its layout in the electronic gas business, which is expected to bring new growth [3][4]. - The company's electronic bulk gas business is developing rapidly, and retail gas prices are expected to recover with the resurgence of downstream demand, leading to an improvement in profitability [4]. - The target price has been raised to 34.25 yuan, based on a 25x PE for 2025, reflecting an adjustment in the company's EPS forecasts for 2024-2026 to 1.05, 1.37, and 1.67 yuan respectively [4]. Financial Summary - The company's revenue for 2022 was 12.803 billion yuan, with projections of 13.309 billion yuan for 2023, 14.328 billion yuan for 2024, 16.793 billion yuan for 2025, and 19.218 billion yuan for 2026, indicating a growth rate of 7.8%, 4.0%, 7.7%, 17.2%, and 14.4% respectively [5]. - The net profit attributable to the parent company for 2022 was 1.210 billion yuan, with projections of 1.216 billion yuan for 2023, 1.031 billion yuan for 2024, 1.348 billion yuan for 2025, and 1.641 billion yuan for 2026, showing a growth rate of 1.4%, 0.5%, -15.3%, 30.8%, and 21.7% respectively [5]. - The company's net asset return rate is projected to be 14.8% for 2022, decreasing to 13.7% in 2023, and then recovering to 16.4% by 2026 [5]. Market Data - The current price of the stock is 26.30 yuan, with a target price of 34.25 yuan, indicating a potential upside [2][6]. - The total market capitalization of the company is 25.876 billion yuan, with a total share capital of 984 million shares [6]. Project Overview - The Qingdao Electronic Bulk Gas Project is expected to supply industrial gas products and services to the semiconductor technology sector, with a market size projected to reach 12.2 billion yuan by 2025 [4]. - The electronic bulk gas market in China is expected to reach 10.3 billion yuan in 2023, with a year-on-year growth of 8.42% [4].