The Zheshang Securities Research Report pointed out that the 2026Q3 performance of Hangzhou Oxygen Co., Ltd. exceeded expectations; the price of liquid argon rose sharply, opening up space for electronic gas. The traditional main business “has both offense and defense”. The price of liquid argon has risen sharply, and orders for air separation equipment have increased. In terms of pipeline gas, the company's “defensive” attributes are affected by low macroeconomic fluctuations and steady growth. In the future, under the trend of domestic substitution, we expect that the share of future companies in the third-party stock market will be 3-4 times that of 2021, contributing to long-term performance growth. The company actively lays out electronic specialty gas and electronic bulk gas to open up a second growth curve. It is estimated that in 2026-2028, the company's net profit to mother will be 1.21 billion yuan, 1.47 billion yuan, and 1.78 billion yuan, respectively. The year-on-year growth rates are 28%, 22%, and 21%, respectively, and the corresponding PE is 21, 18, and 15 times, respectively. Maintain a “buy” rating.

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