杭氧股份：拟发行可转债，推进在手项目投产-20250304

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to issue convertible bonds not exceeding 1.63 billion RMB to support various projects, including expansion and upgrades in gas production [1] - The company has significantly increased its capital expenditures in gas projects over the past two years, which is expected to improve its asset structure and alleviate financial pressure [2] - The retail gas prices have started to rise seasonally, indicating a recovery in manufacturing demand and a positive economic outlook [3] Summary by Sections Event - On March 3, the company announced plans to issue up to 1.63 billion RMB in convertible bonds for various projects, including expansions and upgrades in gas production facilities [1] Operational Analysis - The company has made substantial investments in gas projects, with cash payments for fixed assets reaching 10.9 billion, 20.2 billion, 30.8 billion, and 17.4 billion RMB from 2021 to 2024 [2] - As of the end of Q3 2024, the company's cash and bank borrowings were 2.97 billion and 3.43 billion RMB, respectively, with a debt-to-asset ratio of 57.6% [2] - The company has a robust pipeline of gas projects, with new contracts signed for 2024 expected to contribute to revenue growth [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 960 million, 1.25 billion, and 1.55 billion RMB for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21, 16, and 13 times [4] - Revenue is expected to grow from 13.31 billion RMB in 2023 to 19.33 billion RMB in 2026, reflecting a compound annual growth rate [7]