Hangyang Co., Ltd. (002430) Annual Report 2018 Review: Air Separation Equipment Logic to Realize Expansion of Gas Sales Field is the Future Growth Direction

Hangyang Co., Ltd. (002430) Annual Report 2018 Review: Air Separation Equipment Logic to Realize Expansion of Gas Sales Field is the Future Growth Direction

Event Hangyang Co., Ltd. released its 2018 annual report and achieved operating income of 79 in 2018.

10,000 yuan, an increase of 22 per year.

47%; realized gross profit of 7.

410,000 yuan, an increase of 105 in ten years.

39%.

The significant increase in reviews revenue was mainly due to the increase in revenue from air separation equipment. The gas business continued to grow in 2018, and the company’s gas sales reached 44.

64 ppm, an increase of 14 in ten years.

12%, accounting for 56 of total revenue.

50%; sales of air separation equipment realized 28.

390,000 yuan, an increase of 52 in ten years.

53%, accounting for 35 of total revenue.

94%.

The company’s comprehensive gross profit margin is 23.

28%, up 2 every year.

06 averages.

Comprehensive gross profit margin of gas sales business 23.

50%, increase by 2 every year.

84 units; comprehensive gross profit margin of air separation equipment sales 24.

85%, falling by 1 every year.

14 units.

The gross profit margin of the company’s gas sales business expanded upward, mainly due to the growth rate of retail gas revenue higher than the growth rate of pipeline gas revenue. The gross profit margin of retail gas was much higher than that of industrial gas, which contributed to the increase in the proportion of total revenue.

The company’s pipeline gas supply customers are operating well, increasing production capacity and maintaining a high level have increased the gross profit level of pipeline gas, and multiple customers have begun to promote the second-phase gas supply project, and the pipeline gas supply will maintain a steady growth.

In 2018, the company’s gas business continued to 北京夜网 advance steadily. The company’s gas business is targeted at medical gas, semiconductor special gas and hydrogen energy. The company’s internal gas sales business is mainly based on traditional heavy industry customers. The company willActive exploration, the company’s main growth momentum in the future comes from the development of gas business.

Earnings forecast We expect the company to achieve operating income of 92% in 2019-2021.

73, 106.

32 and 121.

40,000 yuan, a compound growth of 15% in the next three years based on 2018; net profit attributable to the parent company8.

93, 10.

54 and 12.

610,000 yuan, a compound growth of 19% in the next three years based on 2018.

Total share capital 9.

6.5 billion shares, corresponding to EPS0.

93, 1.

09 and 1.

31 yuan, corresponding to PE 13, 11, and 9 times.南宁桑拿

Risk Warning: The policy implementation is less than expected, the market expansion of new products is expected, and the cost compression is higher than expected.