Hangzhou Oxygen Co., Ltd. (002430): Performance continues to grow rapidly and gas scale expands rapidly

Hangzhou Oxygen Co., Ltd. (002430): Performance continues to grow rapidly and gas scale expands rapidly

The event company released its 2018 annual report on March 29, and its operating income was $ 7.9 billion, which increased by 22.

47%; net profit attributable to mother 7.

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

39%; Revised return on equity 14.

93%, an increase of 5 per year.

8 points.

  Investment performance continued to grow at a high rate, and cash flow continued to set a historical record. The company’s operating income in 2018 was $ 7.9 billion, an increase of 22 per year.

47%; net profit attributable to mother 7.

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


2018Q4 single quarter revenue 19.

33 ppm, a ten-year increase of 7.

32%; net profit attributable to mother 2.

10,000 yuan, an increase of 31 in ten years.


Benefiting from the boom of the equipment and gas business, the company realized a net cash flow from operating activities in 2018.

8.2 billion, an annual increase of 50.

61%, constantly refreshing historical records.

  The report summary, the company’s operating quality is further optimized: 1) Comprehensive gross profit margin23.

28%, an increase of 2 per year.

06 points; Revised return on net assets 14.

93%, an increase of 5 per year.

8 points.

2) Considering R & D expenses, the period expense ratio is 11.

12%, a decline of 0 per year.

8pct; of which the selling expense ratio is 1.

56% (YoY.

28 points), management and R & D expense ratio 8.

36% (0% YoY.

26 points), financial expense ratio 1.

20% (Yo-Y.

78 points); 3) Accounts received in advance 19.

58 ppm, an annual increase of 10%, indicating that the company’s orders are increasing rapidly every year.

4) Accounts receivable and notes 28.

At the same time, with the rapid growth in revenue, the accounts receivable were basically the same as last year, which indicates that the company is in a good operating condition and the payment is recovered in a timely manner.

  The gas business revenue and gross profit margin continued to grow. The company’s rapid expansion of the gas business has become the company’s strategic pillar industry. The gas business scale has continued to expand. At the same time, the retail market has strong demand and gas sales and operating income have increased significantly.

Reported intermediates, gas business achieved operating income44.

64 ppm, an increase of 14 in ten years.12% (we expect the company’s gas business to achieve a net profit of 4%.

400 million), accounting for 56% of operating income.


Thanks to the rebound in retail gas prices and the gradual release of depreciation expenses, the gross profit margin of the gas business in 201823.

5%, an increase of 2 per year.

84pct. The investment gas of the past few years is in a period of rapid depreciation expense release, and the gross profit margin of the gas business is expected to continue to increase.

  The current industrial gas market is about 130 billion, and it still needs a growth rate of about 10% every year, and the industry has huge space.

Relying on the absolute advantages of equipment technology, the company has become a leading enterprise in gas reduction after years of investment and accumulation.

With the launch of new projects in Shanxi Hangyang, Pingsteel Hangyang, Guangxi Hangyang, Jiangxi Hangyang, etc., the gas scale is expected to 杭州桑拿 grow by another 40 +% in the coming year, and the gas business will continue to grow.

  The manufacturing business grew rapidly, the equipment newly achieved a single record report merger, and the company’s manufacturing industry realized operating income29.

78 ppm, an increase of 41 in ten years.

75% (of which the main air separation equipment revenue is 28.

40,000 yuan, an increase of 52 in ten years.


As the absolute leader of air separation equipment, the company has benefited from the improvement of the prosperity of the capital expansion of iron and steel, coal refining and chemical industry, and the equipment business has continued to grow rapidly.

In 2018, the company won a total of 45 orders for air separation equipment and petrochemical equipment.

470,000 yuan, an increase of 19 in ten years.

12%, set a historical record, redundant orders in hand guarantee rapid growth of manufacturing business this year, driven by economies of scale, has greater profit flexibility.

  Profitability forecast and estimation We expect the company’s net profit for 2019-2021 to be 9 respectively.

48, 11.

78, 13.

3 billion yuan, corresponding to PE of 12.

25, 9.

86, 8.

73 times, maintain “Buy” rating.

  Risk warning: order confirmation fails to meet expectations; gas business expands