LIN Latest Report

Financial Performance

Linde's total operating revenue was US$8.282 billion as of December 31, 2024, a 0.24% YoY decrease from US$8.302 billion as of December 31, 2023. This change reflects the company's challenges in revenue generation, although the overall economic environment and industry context may have affected the potential for revenue growth.

Key Financial Data

1. Linde's total operating revenue decreased YoY, reflecting the combined effects of market demand fluctuations and intensified competition.

2. According to industry data, the overall revenue growth of the industrial gas industry in 2024 was slow, mainly affected by uneven economic recovery and fluctuating raw material prices.

3. Linde's revenue performance relative to its competitors was relatively stable, but the YoY decrease may place it in the middle of the industry.

Peer Comparison

1. Industry-wide analysis: Common challenges faced by the industrial gas industry include market demand volatility and unstable raw material prices, leading to weak overall revenue growth.

2. Peer evaluation analysis: Linde's revenue performance is relatively stable compared to its competitors, but other companies such as Air Products & Chemicals have been more active in market recovery and new product launches, resulting in revenue growth.

Summary

Linde's revenue performance in 2024 faced pressure, mainly due to market demand fluctuations, intensified competition, and external economic factors. Despite the overall industry's challenging situation, Linde's customer base in the anti-cyclical industry provides relative stability.

Opportunities

1. With the rapid development of the battery and energy storage market, Linde's overall market demand is expected to increase in 2024, especially in the battery and energy solutions sectors.

2. Linde's long-term power purchase agreements with Guangdong Energy Group and China Three Gorges Corporation demonstrate its positive expansion in renewable energy, which may provide new momentum for future revenue growth.

3. Linde maintained relatively stable revenue in multiple anti-cyclical industries, providing a certain buffer in economic fluctuations.

Risks

1. A global economic slowdown may lead to a decrease in customer demand for Linde's products, affecting revenue.

2. Intensified competition within the industry may lead to price pressure, affecting Linde's profit margin.

3. Fluctuating raw material prices may increase the company's operating costs, affecting overall profitability.