Gelonghui, Feb. 21 | CICC's research report indicates that Hangzhou Oxygen Co., Ltd. (002430.SZ) is a leading domestic air separation equipment company, leading the industry in product technology and customer resources, and has obvious platform and scale advantages. It gives the company a 2024e 23x target P/E, corresponding to a target price of 35 yuan, with room for a 30% increase compared to the current stock price. The current stock price of Hangzhou Oxygen Co., Ltd.'s 2024/2025 price-earnings ratio is 17.7x/14.3x, which is the first time it has been covered and given a “outperforming industry” rating. Reviewing the growth trajectory of the international gas leader Linde Group, we believe that a strong platform to expand categories and continuous mergers and acquisitions is an important path for gas companies to grow bigger and stronger. Compared with foreign peers, the company has a stronger response speed and guarantee capacity in technical services; compared with domestic peers, the company has a higher share in the equipment market, rich project experience, and customer resource advantages for transformation gas services.
研报掘金丨中金：首予杭氧股份“跑赢行业”评级，目标价35元
Research Report Nuggets丨CICC: First to give Hangzhou Oxygen shares a “outperforming the industry” rating, with a target price of 35 yuan
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