查特工业公司（GTLS US）：买入：宣布与美国福斯公司进行全股票合并

Issuer of report:HSBC Securities (USA) Inc.View HSBC Global Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsMAINTAIN BUYTARGET PRICE(USD)215.00SHARE PRICE(USD)161.59(as of03 Jun 2025)MARKET DATAMarket cap(USDm)Market cap (USDm)3m ADTV (USDm)FINANCIALS AND RATIOS(USD)Year to12/2024aHSBC EPSHSBC EPS (prev)Change (%)Consensus EPSPE (x)Dividend yield (%)EV/EBITDA (x)ROE (%)52-WEEK PRICE(USD)Source:LSEGIBES, HSBC estimatesSamantha Hoh, CFASenior Analyst, Clean TechHSBC Securities (USA) Inc.samantha.hoh@us.hsbc.com+1 212 525 8783EquitiesMachineryUnited States06/24Target price: 215.00High: 218.35 Low: 106.83 Current: 161.59 ◆◆◆ PREVIOUS TARGET(USD)215.00UPSIDE/DOWNSIDE+33.1%7,261Free float7,261BBG106RIC12/2025e8.5115.988.5115.980.09.0111.6519.00.010.57.512/24 2Financial statementsYear to12/2024a12/2025e12/2026e12/2027eProfit & loss summary(USDm)Revenue4,1604,6845,2145,772EBITDA1,0141,2091,3841,572Depreciation & amortisation270262247218Operating profit/EBIT6488871,0831,300Net interest-329-307-265-222PBT3195778151,075HSBC PBT3015748151,075Taxation-79-127-179-236Net profit219445636838HSBC net profit222447636838Cash flow summary(USDm)Cash flow from operations503697609601Capex-121-110-122-136Cash flow from investment-141-110-122-136Dividends-27-27-27-27Change in net debt-301-471-460-439FCF equity372587487466Balance sheet summary(USDm)Intangible fixed assets5,4415,5005,5005,500Tangible fixed assets864774650568Current assets2,4653,4784,5465,791Cash & others3098671,3271,765Total assets9,12410,10811,05212,214Operating liabilities1,9422,3402,6773,058Gross debt3,6423,7293,7293,729Net debt3,3332,8622,4021,964Shareholders' funds2,9953,5214,1014,882Invested capital6,5196,5466,6927,035Ratio, growth and pershare analysisYear to12/2024a12/2025e12/2026e12/2027eY-o-y % changeRevenue24.112.611.310.7EBITDA37.419.314.513.6Operating profit65.137.122.120.0PBT434.481.141.331.8HSBC EPS39.787.842.531.8Ratios (%)Revenue/IC (x)0.60.70.80.8ROIC14.517.619.220.3ROE7.513.716.718.7ROA2.64.76.07.2EBITDA margin24.425.826.627.2Operating profit margin15.618.920.822.5EBITDA/net interest (x)3.13.95.27.1Net debt/equity111.381.358.640.2Net debt/EBITDA (x)3.32.41.71.2CF from operations/net debt15.124.325.430.6Per share data(USD)EPS Rep (diluted)4.179.2913.4617.94HSBC EPS (diluted)8.5115.9822.7830.03DPS0.000.000.000.00Book value60.5166.4177.3392.08Financials & valuation:Chart Industries Inc Valuation and risksChartIndustries IncGTLS USCurrent price:USD161.59Target price:USD215.00Up/downside:+33.1BuyPriced at close of3 June2025Source: HSBC estimates Risks to our viewDownside risks◆Chart has acquirednumerous companies in recent yearsand carries goodwill and intangible assets on its balancesheet, which may be subject to impairment charges thatimpact the stock price.◆Chart has minority stakes in several companies that are notreflected in our DCF analysis. A SOTP approach may bemore appropriate when these investments mature.◆Final guidelines for the IRA’s new 45V clean hydrogenproduction tax credit can impact growth of a hydrogeneconomy. Overall, a change in government incentives canimpact demand for Chart’s services.◆Rising input and logistics costs can adversely impactChart's profitability and cash flow.2026e2027e1,2611,5691,1361,273Recent HSBC US Clean Tech researchUS Clean Tech: Support for natural gas in wind deal and new bill, 22 May 2025US Clean Tech: HouseRepublicans take a heavy-handed approach to the IRA, 20 May 2025US Clean Tech: Trump DOI halts work on new offshore wind project, 30 April 2025US Clean Tech: Trump’s DOE provides land for powering data center, 7 April 2025US Clean Tech: Trump’s USDA releases some rural IRA funding, 2 April 2025US Carbon Capture: EPA grants West Virginia Class VI primacy, 24 February 2025US Clean Tech: New model for powering AI data centers, 29 January 2025US Clean Tech: IRS/DOE allocates remaining USD6bn of 48C credits, 13 January 2025US Hydrogen: Treasury finalizes rules for 45V clean H2 PTC, 6 January 2025US Clean Tech: USDA finalized USD9bn in New ERA loans and grants, 3 January 2025US Clean Tech: Notes from Reuters’ Energy Transition North America, 16 December 2024US Hydrogen: DOE awards 4th & 5th H2Hubs; HyV MachH2 deep dives, 5 December 2024 4Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) asauthor of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s)and that no part