Hangyang (002430): Signed an industrial gas supply contract with Qingdao Xinen to achieve a major breakthrough in gas business

Hangyang (002430): Signed an industrial gas supply contract with Qingdao Xinen to achieve a major breakthrough in gas business

Event: The company issued an announcement and signed an “Industrial Gas Supply Contract” with Qingdao Xinen. The company plans to invest and establish a holding subsidiary, Qingdao Hangyang, as an investment, construction and operation unit of a 20,000m3 / h pure nitrogen air separation 杭州夜网 unit.

Signed an industrial gas supply contract with Qingdao Xinen, intending to set up Qingdao Hangyang to implement the project: Qingdao Xinen is China’s first collaborative integrated circuit manufacturing (CIDM) project founded by Dr. Zhang Rujing. It was established in April 2018.It can realize the mass production of 8-inch chips, 12-inch chips, photomasks and other integrated circuit products.

The company signed an “Industrial Gas Supply Contract” with Qingdao Xinen. As an investment, construction and operation unit of 20,000m3 / h pure nitrogen air separation unit, the company will provide Qingdao Xinen IC project in phases starting from the gas supply date agreed by both parties.High purity nitrogen, general nitrogen, high purity oxygen, high purity nitrogen, high purity nitrogen, high purity nitrogen, high-pressure compressed dry air, compressed dry air, instrument air and other gas products.

The total investment of the project is 21.54 million yuan. The registered capital of the implementation entity, Qingdao Hangyang, is 65 million yuan, of which the company invested 45.5 million yuan, accounting for 70% of the equity.

For the company ‘s first gas supply project serving the electronics industry, a major breakthrough was made in the gas business: This project is the company ‘s first gas supply project serving the electronics industry, and it is a major breakthrough for the company ‘s gas business into the semiconductor industry, marking the company ‘s industrialThe gas business is moving in a vertical and high-end direction.

The semiconductor industry, as an emerging industry, is in a period of rapid development. The gas demand will continue to expand, and the type and purity of gas will be higher. The cooperation between the company and Xinen will enhance the company’s gas supply organization capabilities in this field.

The company’s gas business continues to expand and is expected to grow into a domestic gas giant: the domestic industrial gas industry has a space of 130 billion yuan and is growing steadily.

From 2010 to 2018, the company’s compound annual growth rate of industrial gases was 42.

67% of gas revenue in 2018 was 44.

6.4 billion, the city accounted for 3 veins.

4%, in the long run, the company’s gas business will continue to grow, and its share will continue to increase.

At the same time, the depreciation expenses of gas projects invested in the past are gradually released, and the gross profit margin of gas business is expected to gradually increase.

Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 9 respectively.

2.7 billion, 10.

7.4 billion and 12.

2.3 billion, corresponding to PE, 12 times, 11 times and 9 times, maintaining the “buy” level.

Risk Warning: New Projects Put Into Production Less Than Expected, Equipment Orders Than Expected