Group 1: Financial Performance - The company expects to maintain positive growth for the entire year based on the performance in the first three quarters [2] - The sales prices of major products are under pressure due to market demand, which affects gross profit margins; however, improvements are anticipated in Q1 2025 as market demand recovers [4] Group 2: Client and Market Position - The company has established stable supply relationships with major clients including SMIC, Changjiang Storage, TSMC, Micron, and Texas Instruments, with no significant changes in the top five clients [2] - The company has 78 existing products and 71 products under development, focusing on electronic specialty gases and fluorine-containing new materials [3] Group 3: Technological Innovation and Development - The company is committed to achieving full autonomy in electronic specialty gases through collaboration with upstream and downstream industries and research institutions [3] - A new subsidiary, Zhongchuan Pairui Specialty Gases (Hohhot) Co., Ltd., was established in February 2024 with a registered capital of 340 million yuan, focusing on high-purity electronic gas projects [5] Group 4: Strategic Support and Future Plans - The company is a subsidiary of China Shipbuilding Group, which supports its strategic emerging industries, including electronic specialty gases, through various policy initiatives [4] - The company has successfully developed on-site bulk gas production technology and is considering expanding this business based on market demand and investment returns [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to maintain its long-term core value despite the global semiconductor economic downturn, with a projected recovery in gross margins [8] - The company has accumulated a significant number of patents and continues to enhance its R&D capabilities, positioning itself as a leader in the electronic gas sector [6][9] - The company is expanding its production capacity and optimizing its product structure, which is expected to support future growth [6][9] Summary by Sections Company Overview - As of November 4, 2024, the company's closing price is 31.52, with a total share capital of 52,941 million shares and a debt-to-asset ratio of 10.82% [5] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.382 billion, a year-on-year increase of 15.29%, while the net profit attributable to shareholders decreased by 6% to 234 million [11] - The gross margin for Q1-Q3 2024 was 30.48%, down 6.33 percentage points year-on-year [11] - The company’s revenue for 2024 is projected to be 1.908 billion, with a net profit of 307 million, reflecting a year-on-year decrease of 8.3% [10] Future Projections - The company is expected to see net profits of 3.07 billion, 4.15 billion, and 5.25 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 54, 40, and 31 [8] - The company’s revenue growth is projected to recover with increases of 18.1%, 20.2%, and 21.8% in the coming years [10]

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 11-0112-0101-0102-0103-0104-0105-0106-0107-0108-0109-0110-0111-01 -40% -20% 0% 20% 40% 中船特气 沪深300指数 (收益率) maxy@swsresearch.com 一年内股价与大盘对比走势： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 31.10 | | 一年内最高/最低（元） | 37.59/22.58 | | | | | 市净率 息率（分红/股价） | 3.0 0.61 | | 流通 A 股市值（百万元） | 4,435 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------| ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 31.10 yuan [3]. Core Views - The company reported a total revenue of 1.382 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.29%, while the net profit attributable to shareholders decreased by 6.00% to 234 million yuan [1]. - Revenue growth was driven by a 17.56% year-on-year increase in the third quarter, although net profit fell by 26.92% year-on-year due to price reductions and a decline in demand from key sectors such as integrated circuits and LCD displays [1]. - The company has a robust pipeline of electronic specialty gas projects and continues to enhance R&D investments, with over 70 products in production and more than 20 projects under development [1]. - The prices of key products like nitrogen trifluoride and tungsten hexafluoride have stabilized in 2024, with the company achieving stable supply in advanced processes for integrated circuits [1]. - Future profit forecasts estimate net profits of 308 million yuan, 443 million yuan, and 557 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 53, 37, and 30 [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.382 billion yuan, a 15.29% increase year-on-year, while net profit attributable to shareholders was 234 million yuan, down 6.00% [1]. - The third quarter revenue was 469 million yuan, up 17.56% year-on-year but down 1.88% quarter-on-quarter, with a net profit of 56 million yuan, reflecting a 26.92% year-on-year decline [1]. - The gross margin for the third quarter was 26.30%, a decrease of 6.78 percentage points year-on-year [1]. R&D and Product Development - The company is focusing on enhancing R&D efforts, with 934.6 million yuan invested in R&D in the first three quarters of 2024, accounting for 6.76% of total revenue [1]. - The company has developed over 70 products and has more than 20 projects in the pipeline, aiming for comprehensive domestic production of electronic specialty gases [1]. Market Outlook - The report anticipates a recovery in downstream demand, particularly in the integrated circuit sector, which is expected to drive sales growth [1]. - The stabilization of product prices in 2024 is expected to improve profit margins, supported by cost reduction initiatives and production efficiency improvements [1].

关于重新签订募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 证券代码：688146 证券简称：中船特气 公告编号：2024-045 中船（邯郸）派瑞特种气体股份有限公司 根据中国证券监督管理委员会出具的《关于同意中船（邯郸）派瑞特种气体 股份有限公司首次公开发行股票注册的批复》（证监许可[2023]420 号），中船（邯 郸）派瑞特种气体股份有限公司（以下简称"公司"）首次向社会公开发行人民 币普通股（A 股）股票 79,411,765.00 股，每股发行价格人民币 36.15 元，募集 资金总额为人民币 2,870,735,304.75 元，扣除各项发行费用合计人民币 68,004,839.72 元 （ 不 含 增 值 税 ） 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 2,802,730,465.03 元。募集资金账户实际到账金额为人民币 2,820,091,200.79 元。立信会计师事务所（特殊普通合伙）已于 2023 年 4 月 17 日对上述 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥468,839,100.87, an increase of 17.56% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 26.92% to ¥56,234,064.03 in Q3 2024[2] - Net profit excluding non-recurring gains and losses increased by 59.39% to ¥48,802,436.25 in Q3 2024[2] - Total operating revenue for the first three quarters of 2024 reached CNY 1,382,295,300.79, an increase of 15.3% compared to CNY 1,198,970,076.75 in the same period of 2023[19] - Net profit for the first three quarters of 2024 was CNY 234,089,020.16, a decrease of 6.0% from CNY 249,035,358.05 in the same period of 2023[21] - The net profit for the third quarter of 2024 was ¥233,077,352.33, a decrease of 6.4% from ¥249,035,358.05 in the third quarter of 2023[34] Earnings Per Share - Basic earnings per share for Q3 2024 were ¥0.11, down 33.61% from the previous year[4] - Diluted earnings per share for Q3 2024 were also ¥0.11, reflecting a 33.61% decline[4] - Basic and diluted earnings per share for the third quarter of 2024 were both CNY 0.44, down from CNY 0.50 in the same quarter of 2023[22] Cash Flow - Cash flow from operating activities for the year-to-date period increased by 82.83% to ¥549,289,587.97[4] - The company's operating cash flow for the first three quarters of 2024 was CNY 549,289,587.97, an increase of 83% compared to CNY 300,441,153.29 in the same period of 2023[25] - Total cash inflow from operating activities reached CNY 1,686,462,357.54, up from CNY 1,342,405,342.99 year-on-year, representing a growth of approximately 25.6%[25] - The cash inflow from operating activities totaled ¥1,679,336,150.00 for the first three quarters of 2024, compared to ¥1,342,405,342.99 in the same period of 2023, an increase of 25.0%[35] Assets and Liabilities - Total assets as of the end of the reporting period amounted to ¥6,108,286,471.95, a 4.61% increase from the end of the previous year[4] - Current assets totaled CNY 3,802,300,312.79, down from CNY 4,048,819,197.64, indicating a decrease of about 6.1%[16] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 661,136,983.21, an increase of 25.6% from CNY 526,404,349.87 at the end of the previous year[20] - The total liabilities increased to ¥641,625,270.80 in Q3 2024, up from ¥526,404,349.87 in Q3 2023, reflecting a growth of 21.8%[33] - Total equity attributable to shareholders of the parent company increased to CNY 5,447,149,488.74, up from CNY 5,312,519,017.18 in the previous year[18] Research and Development - R&D expenses for Q3 2024 totaled ¥29,715,069.95, a decrease of 49.29% compared to the same period last year[4] - Research and development expenses for the first three quarters of 2024 totaled CNY 93,463,712.45, a decrease of 22.9% compared to CNY 121,311,516.88 in the previous year[20] Shareholder Information - The company has a strong shareholder base, with the largest shareholder, Pary Technology Co., Ltd., holding 69.17% of the shares[10] - The company reported a significant increase in construction in progress, which rose to CNY 363,985,653.90 from CNY 71,794,778.90, marking a substantial growth of approximately 406.5%[16] Financial Expenses - The company reported a financial expense of CNY -32,361,056.64, compared to CNY -24,855,270.99 in the same period of 2023[20] - The company's financial expenses showed a net cost of -¥30,479,824.62 in the first three quarters of 2024, compared to -¥24,855,270.99 in the same period of 2023[32]

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中船（邯郸）派瑞特种气体股份有限公司 一、监事会会议召开情况 第一届监事会第十七次会议决议公告 证券代码：688146 证券简称：中船特气 公告编号：2024-044 中船（邯郸）派瑞特种气体股份有限公司（以下简称"中船特气"或"公司"） 第一届监事会第十七次会议（以下简称"本次会议"或"会议"）于 2024 年 10 月 29 日在公司会议室以现场与通讯相结合的方式召开。本次会议通知于 2024 年 10 月 25 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人，实际出席监 事 3 人。会议由监事会主席李军先生主持，公司部分高管列席会议。会议召集、 召开程序符合有关法律、法规、规章和《公司章程》的规定，会议决议合法、有 效。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《中船特气 2024 年第三季度报告》。 特此公告。 中船（邯郸）派瑞特种气体股份有限公司监事会 2024 年 10 月 31 日 二、监事会会议审议情况 （一 ...

证券代码：688146 证券简称：中船特气 公告编号：2024-043 中船（邯郸）派瑞特种气体股份有限公司 第一届董事会第三十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （一）审议通过《关于提请审议中船派瑞特气公司 2024 年第三季度财务报 告的议案》 根据《上海证券交易所科创板股票上市规则》《上市公司信息披露管理办法》 等规范性文件要求，公司编制了公司 2024 年第三季度报告。经审议，董事会同 意公司 2024 年第三季度报告。 本议案已经董事会审计委员会审议通过。 表决结果：本议案有效表决票 9 票，同意 9 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《中船特气 2024 年第三季度报告》。 （二）审议通过《关于提请审议中船派瑞特气公司三氟化氮及六氟化钨充 装改造项目立项的议案》 中船特气拟投资 793.84 万（最终投资金额以项目建设实际投入为准）在邯 郸市肥乡区开展三氟化氮及六氟化钨充装改造项目。经审议，董事会同意 ...

北京市嘉源律师事务所 关于中船（邯郸）派瑞特种气体股份有限公司 2024 年第二次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 E SR EUT E S Pr IA YUAN LAW OFFICES 北京 BEI JING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI'AN 致:中船(邯郸)派瑞特种气体股份有限公司 北京市嘉源律师事务所 关于中船（邯郸）派瑞特种气体股份有限公司 2024年第二次临时股东大会的 法律度见书 嘉源(2024)-04-782 北京市嘉源律师事务所(以下简称"本所")受中船(邯郸)派瑞特种气体 股份有限公司(以下简称"公司")委托,根据《中华人民共和国公司法》(以 下简称"《公司法》")《上市公司股东大会规则》(以下简称"《股东大会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《中船(邯郸)派瑞特种气体股份有限公司章程》(以下简称"《公司章程》") 的有关规定,指派本所律师对公司 2024年第二次临时股东大会(以下简称 ...

证券代码：688146 证券简称：中船特气 公告编号：2024-042 中船（邯郸）派瑞特种气体股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 29 日 （二） 股东大会召开的地点：河北省邯郸市世纪大街 6 号派瑞科技产业园 9 楼 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： （一） 非累积投票议案 1、 议案名称：关于提请审议中船派瑞特气公司经营范围增项并修订《公司章程》 的议案 审议结果：通过 表决情况： | 1、出席会议的股东和代理人人数 | 172 | | --- | --- | | 普通股股东人数 | 172 | | 2、出席会议的股东所持有的表决权数量 | 415,912,687 | | 普通股股东所持有表决权数量 | 415,912,687 | | 3、出席会议的股东所持有表 ...