| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-030 | | --- | --- | --- | | 转债代码：118033 | 转债简称：华特转债 | | 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。 重要内容提示： 前期合作项目及相关诉讼进展情况：2022 年 4 月，广东华特气体股份有 限公司（以下简称"公司"）与赖明贵签订《西南地区电子气体合作协议》（以 下简称"《合作协议》"），双方拟就三款含氟气体产品展开合作。协议约定赖 明贵负责独资设立项目公司开展合作气体的研发、生产和销售，待合作气体工程 符合《合作协议》约定的条件之后，公司通过收购项目公司股权开展后续合作。 截至本公告日，公司尚未就上述合作事项进行出资，根据赖明贵自称，项目 公司已进入试生产环节。2025 年 3 月，公司收到雅安市名山区人民法院传票， 赖明贵以公司未按照《合作协议》约定，拒绝提供包装物，拖延试生产进度，严 重阻碍试生产的正常进行，导致其无法实现合同目的为由，向雅安市名山区人民 法院对公司提起诉讼。收到传票后 ...

中信建投证券股份有限公司 关于广东华特气体股份有限公司 2024年度持续督导现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》 ）和《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关法律 法规的要求，中信建投证券股份有限公司（以下简称"中信建投""保荐人"）作为广东 华特气体股份有限公司（以下简称"华特气体"或"公司"）向不特定对象发行可转 换公司债券的保荐人，于2025年4月1日-3日、4月7日-4月8日及4月11日对公司 2024年度有关情况进行了现场检查。 一、本次现场检查的基本情况 中信建投针对华特气体的实际情况制定了本次2024年度现场检查工作计 划。为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作， 中信建投证券提前将现场检查事宜通知公司证券部及财务部，并要求公司提前 准备现场检查工作所需的相关文件和资料。 2025年4月1日-3日、4月7日-4月8日和4月11日，中信建投保荐代表人根据事 先制订的现场检查工作计划，采取与相关负责人员沟通及询问、查看公司生产经 营场所、查阅公司主要业务合同、往来款明细账、部分原始凭证、募集资金台账 及专户 ...

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-029 | | --- | --- | --- | | 转债代码：118033 | 转债简称：华特转债 | | 广东华特气体股份有限公司 关于"华特转债"预计触发转股价格向下修正条件的 提示性公告 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。 重要内容提示: 广东华特气体股份有限公司（以下简称"公司"）股票自 2025 年 4 月 7 日至 2025 年 4 月 18 日已有 10 个交易日的收盘价低于当期转股价格的 85%（即 70.80 元/股），存在触发《广东华特气体股份有限公司向不特定对象发行可转 换公司债券募集说明书》（以下简称"募集说明书")中规定的转股价格向下修 正条件的可能性。若触发条件，公司将于触发条件当日召开董事会审议决定是否 修正转股价格，并及时履行信息披露义务。 根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 的有关规定，公司可能触发可转换公司债券转股价格向下修正条件的相关情况公 告如下： 一、可 ...

研究报告 Research Report 14 Apr 2025 华特气体 Guangdong Huate Gas (688268 CH) 深化国内外市场布局，推进销售模式转型 Deepening the Layout of Domestic and International Markets, Promoting the Transformation of Sales Model [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb54.17 目标价 Rmb64.60 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb6.52bn / US$0.89bn 日交易额 (3 个月均值) US$16.08mn 发行股票数目 120.39mn 自由流通股 (%) 39% 1 年股价最高最低值 Rmb64.39-Rmb39.44 注：现价 Rmb ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 发布日期： 2025-04-10 查看完整报告 免责声明 公司发布2024年年报。2024年，公司实现营收13.95亿元，同比减少7.02%；实现归母净利润1.85亿元，同 比增长7.99%；实现扣非后归母净利润1.74亿元，同比增长8.65%。2024Q4，公司单季度实现营收3.37亿 元，同比减少9.32%，环比减少1.17%；实现归母净利润5211万元，同比增长5.27%，环比增长42.67%。 点评： 氢化物气体营收下滑，原材料价格降低毛利率提升 2024年，公司特种气体业务实现营收9.31亿元，同比减少8.9%。其中，公司氟碳类气体、光刻及其他混合 气体等产品营收仍保持稳步增长，对应营收同比分别增长14.9%和9.2%。然而，受下 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q4 performance shows sequential improvement, with new products and projects progressing steadily, solidifying the foundation for long-term development [1][5] - The company is actively transforming its export business, which has led to short-term revenue pressure, but multiple measures are being taken to optimize profitability, with Q4 performance gradually recovering [7] - The company is expanding its global sales network and enhancing production capabilities, focusing on high-end specialty gases and advanced materials [7] Financial Data and Profit Forecast - Total revenue is projected to increase from 1,395 million in 2024 to 2,175 million by 2027, with a CAGR of approximately 15.9% [6][8] - The net profit attributable to the parent company is expected to rise from 185 million in 2024 to 409 million in 2027, reflecting a growth rate of 34.3% in 2025 [6][8] - The company's gross margin is forecasted to improve from 31.9% in 2024 to 34.5% in 2027, indicating enhanced operational efficiency [6][8]

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.85 CNY [6]. Core Views - The company achieved a revenue of 1.395 billion CNY in 2024, a decrease of 7.02% year-on-year, while the net profit attributable to shareholders increased by 7.99% to 185 million CNY [1]. - The decline in revenue is attributed to a significant drop in sales of hydride gases, particularly silane, which fell by 48.4% due to weakened downstream demand. However, the company saw growth in fluorocarbon gases and photolithography gases, with respective increases of 14.9% and 9.2% [2]. - The overall gross margin improved by 1.3 percentage points to 31.9% due to lower raw material prices, despite an increase in the expense ratio to 17.1% [2]. - The company is focusing on enhancing its domestic and international presence, having achieved import substitution for 55 products, with over 20 products supplied to advanced semiconductor production lines [3]. - Future profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 229 million CNY, 316 million CNY, and 392 million CNY respectively [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.395 billion CNY, down from 1.5 billion CNY in 2023, with a net profit of 185 million CNY [1][5]. - The gross margin increased to 31.9%, while the expense ratio rose to 17.1% due to decreased revenue [2][12]. Business Segments - Specialty gases revenue was 931 million CNY, down 8.9% year-on-year, with hydride gases experiencing a 48.4% decline [2]. - Industrial gas revenue grew by 7.2% to 243 million CNY, while equipment and engineering revenue fell by 13.6% to 174 million CNY [2]. Strategic Initiatives - The company is enhancing its supply chain and expanding production bases in regions such as South China, Nantong, Southwest, and Jiangxi [3]. - Internationally, the company is leveraging subsidiaries in Singapore, Thailand, and Malaysia to strengthen its Southeast Asian operations [3]. Profit Forecasts and Valuation - The company’s net profit forecasts for 2025-2027 are 229 million CNY, 316 million CNY, and 392 million CNY, reflecting an upward revision due to strong semiconductor demand [3][5]. - The report indicates a projected P/E ratio decreasing from 34 in 2024 to 16 by 2027, suggesting improved valuation metrics over time [12][13].

盈利预测与估值 考虑到行业竞争加剧、原材料价格上涨，我们下调25-26 年归母净利润2.2/2.6 亿元（前值为2.7/3.4 亿 元，较前值变动-19%/-24%），引入27 年归母净利润为3.5 亿元，25-27 年归母净利同比 +17%/+21%/+32%，EPS1.80/2.18/2.87 元，结合可比公司25 年平均33 倍的Wind 一致预期PE，给予公司 25 年33 倍PE 估值，给予目标价59.4 元（前值为60.21 元，对应25 年27xPE），维持"增持"评级。 风险提示：下游需求不及预期；新项目进度不及预期；原材料价格大幅波动。 华特气体4 月9 日发布24 年年报：2024 年实现营收14.0 亿元（yoy-7%），归母净利1.8 亿元 （yoy+8%），扣非净利1.7 亿元（yoy+9%）。其中Q4 实现营收3.4 亿元（yoy-9%，qoq-1%），归母净 利5211 万元（yoy+5%，qoq+43%）。24 年公司拟每股派发现金红利0.6 元（含税）。考虑到公司多个 特气品种成长性良好以及下游半导体国产化加速带动下公司有望迎来新一轮增长，维持"增持"评级。 24 年特气行业 ...

证券研究报告 华特气体 (688268 CH) 24 年净利增加，产品推进顺利 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 10 日│中国内地 | 化学原料 | 华特气体 4 月 9 日发布 24 年年报：2024 年实现营收 14.0 亿元（yoy-7%）， 归母净利 1.8 亿元（yoy+8%），扣非净利 1.7 亿元（yoy+9%）。其中 Q4 实 现营收 3.4 亿元（yoy-9%，qoq-1%），归母净利 5211 万元（yoy+5%， qoq+43%）。24 年公司拟每股派发现金红利 0.6 元（含税）。考虑到公司多 个特气品种成长性良好以及下游半导体国产化加速带动下公司有望迎来新 一轮增长，维持"增持"评级。 24 年特气行业竞争较激烈，公司推进海外直销模式 特种气体方面，24 年板块营收同比-9%至 9.3 亿元，主要系部分产品价格竞 争激烈以及公司减少海外经销产品，毛利率同比+1pct 至 37%，主要系公司 推进高附加值产品。普通工业气体方面，24 年板块营收同比+7%至 2.4 亿 元，主要系公司优化业务模 ...