Kemate Gas (002549) Technical and Fundamental Analysis

【Answer 1】 Order Surge: New orders in the first half of 2025 totaled approximately RMB 150 million; backlog stood at RMB 400 million as of end-June, with a full-year target of RMB 500 million (a doubling from last year). Capacity Expansion: The Phase II project for electronic specialty gases in Yueyang is scheduled to commence operations in 2026, doubling photolithography gas capacity to 12,000 cubic meters per year. Business Contribution: Revenue share has risen from 3% in 2021 to 18% currently, and is projected to exceed 30% by 2027. 3. Hydrogen & New-Energy Gases The Hainan hydrogen filling station, with an annual production capacity of 20,000 tons, benefits from the policy granting toll-free highway access for hydrogen-powered vehicles; revenue is expected to grow 50% in 2025, reaching RMB 280 million. The Fujian project for 300,000 tons/year of electronic-grade hydrogen peroxide commenced operations in July, further strengthening the industrial chain. III. In-Depth Analysis of Recent Pullback Causes 1. Earnings Volatility Triggering Concerns Gross margin dipped slightly to 35.75% in Q3 (down 0.36 percentage points from the first half); cost growth outpaced revenue growth, resulting in a quarterly profit decline. Inventory write-downs amounted to RMB 13.24 million, reflecting short-term operational pressure. 2. Valuation Bubble Compression Current P/E ratio stands at ~150x—far above the industry average. Even with earnings growth, this valuation is difficult to justify; several institutions have downgraded the stock, citing excessive pricing that already reflects 2–3 years of future growth expectations. 3. Funding Pressure A major shareholder’s planned reduction of ~3% of shares (raising nearly RMB 500 million) triggered market panic. On November 3, major institutional funds massively exited the stock (net outflow of RMB 560 million), while Northbound funds sold RMB 145 million net. Shareholder count surged significantly in Q3, indicating dispersed holdings and declining institutional ownership. IV. Investment Strategy Recommendations Short Term (1–3 months): ・ Adopt a wait-and-see stance, awaiting confirmation of stabilization; closely monitor the validity of the RMB 21 support level. ・ If volume surges and price breaks below RMB 20.50, consider further position reduction for risk mitigation. ・ For tactical trading, consider buying on dips and selling on rallies within the RMB 23–24 range upon rebound. Medium Term (3–6 months): ・ Entry window: Gradually accumulate positions if the stock pulls back to the RMB 18–20 range (a ~30% decline from the peak); set stop-loss at RMB 16.50. ・ Monitor order execution in electronic specialty gases; a Q4 earnings recovery could catalyze valuation re-rating. Long Term (6–12 months): ・ Value thesis: Dual drivers—domestic substitution in electronic specialty gases and expansion into new-energy gases—will accelerate performance starting in 2026 with new capacity coming online. ・ Target price: Following 2026 earnings realization, a fair valuation range is RMB 25–30, corresponding to a P/E of ~30–40x.

Oppenheimer: Sector-Based Buy/Sell Recommendations

【Answer 2】 Oppenheimer analysts state they are awaiting confirmation from over 70% of relevant data before confirming a breakout. Below are sector-based paired recommendations—one buy and one sell per sector: ・ Energy: Buy Mayville Engineering Co. (MEC); Sell Chevron Corporation (CVX). ・ Materials: Buy Steel Dynamics Inc. (STLD); Sell Air Products and Chemicals Inc. (APD). ・ Industrials: Buy AMETEK Inc. (AME); Sell Lockheed Martin Corp. (LMT). ・ Consumer Discretionary: Buy Tesla, Inc. (TSLA); Sell Trip.com Group Ltd. (TCOM). ・ Consumer Staples: Buy Albertsons Companies, Inc. (ACI); Sell The Coca-Cola Co. (KO). ・ Health Care: Buy Molina Healthcare, Inc. (MOH); Sell Edwards Lifesciences Corp. (EW). ・ Financials: Buy Apollo Global Management, Inc. (APO); Sell Aon plc (AON). ・ Real Estate: Buy Iron Mountain Inc. (IRM); Sell UDR, Inc. (UDR). ・ Technology: Buy Cloudflare, Inc. (NET); Sell Cisco Systems, Inc. (CSCO). ・ Communication Services: Buy Live Nation Entertainment, Inc. (LYV); Sell AT&T Inc. (T). ・ Utilities: Buy Constellation Energy Corp. (CEG); Sell Eversource Energy (ES).

Air Products & Chemicals Stock Trades After-Hours at EUR 258.20

Oct 13, 2026

Air Products & Chemicals Inc traded after-hours at EUR 258.20 on October 13, 2026, with a bid-ask spread of EUR 1.20 on Lang & Schwarz following the S&P 500 close.

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