Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [5][11]. Core Views - The company's performance in 2023 was under pressure, with a revenue of 1.5 billion yuan, down 16.80% year-on-year, and a net profit of 171 million yuan, down 17.18% year-on-year. This decline was attributed to the normalization of rare gas product prices and weak demand in the consumer electronics sector, along with decreased operating rates in downstream semiconductor factories [2][5]. - The company is actively expanding its specialty gas product categories and enhancing its international presence, which is expected to drive future growth [5][11]. Financial Performance Summary - **2023 Financials**: Revenue was 1.5 billion yuan, with a year-on-year decline of 16.80%. The net profit was 171 million yuan, down 17.18% [2][6]. - **2024-2026 Projections**: Expected net profits are 232 million yuan in 2024, 313 million yuan in 2025, and 384 million yuan in 2026, with corresponding PE ratios of 23, 17, and 14 [5][6]. - **Revenue Growth Rates**: Projected revenue growth rates are 26.80% in 2024, 25.33% in 2025, and 22.88% in 2026 [6]. Business Segment Performance - **Specialty Gases**: Revenue for specialty gases in 2023 was 1.023 billion yuan, down 22.67% year-on-year, accounting for 68.16% of total revenue [2]. - **Industrial Gases**: Revenue for industrial gases was 227 million yuan, up 3.11% year-on-year, with a gross margin of 14.04% [2]. - **Equipment and Engineering**: Revenue from this segment was 201 million yuan, down 13.98% year-on-year, with a gross margin of 9.88% [2]. Strategic Initiatives - The company has achieved import substitution for over 55 products and has a customer coverage rate exceeding 90% for domestic 8-inch and above integrated circuit manufacturers [2]. - New product launches in 2023 included four electronic-grade products, indicating a commitment to innovation and market expansion [2][5].

关于广东华特气体股份有限公司 2023 年度持续督导现场检查报告 中信建投证券股份有限公司（以下简称"保荐机构"）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 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法 规规定，对公司进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 保荐机构于 2024 年 3 月 27 日-3 月 29 日、4 月 1 日-4 月 3 日、4 月 8 日-4 月 11 日对华特气体进行了现场检查，参加人员为保荐代表人翁嘉辉、罗榃及项 目组成员张建祥。 在现场检查过程中，保荐机构结合华特气体的实际情况，获取并查阅 2023 年度华特气体有关文件、资料，与公司管理人员和员工进行了访谈，现场查看公 司生产经营场所、募投项目建设现场，实施了包括审核、查证、询问等必要程序， 检查了公司治理和内部控制、信息披露、公司的独立性以及与控股股东及其他关 联方资金往来、募集资金使用、关联交易、对外担保、重大对外投资以及经营状 况 ...

上 市 公 司 证 券 研 究 报 告 公 司 研 究 / 公 司 点 评 | --- | --- | |---------------------------------|------------------------| | | | | 基础数据 : | 年 12 月 31 日 | | | | | 每股净资产（元） | 15.15 | | 资产负债率 % | 40.86 | | 总股本/ 流通 A 股（百万） | 120/120 | | 流通 B 股 /H 股（百万） | -/- | 相关研究 ——全年业绩同比承压，扩能拓品助力长期发展 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|----------------------------------------------|-------|-------|-------| | | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | 1 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to weak semiconductor demand and falling prices of rare gases, with revenue decreasing by 16.80% year-on-year to 1.5 billion yuan and net profit decreasing by 17.18% to 171 million yuan [1][9]. - Despite the revenue decline, the company improved its gross margins for specialty gases and industrial gases due to an increase in high-value product sales and a decrease in raw material costs [9]. - The company is focusing on expanding its product offerings and supply chain, achieving over 90% customer coverage among domestic IC manufacturers with 8-inch and larger wafers [2]. Summary by Sections Financial Performance - In 2023, the company's specialty gas revenue was 1.023 billion yuan, down 22.67% year-on-year, with lithography and mixed gas revenue dropping 57.73% to 253 million yuan [9]. - The company reported a gross margin increase for specialty gases and industrial gases by 5.32 percentage points and 1.62 percentage points, respectively [9]. - The company’s operating expenses increased, with sales, management, R&D, and financial expense ratios rising to 5.83%, 5.93%, 3.36%, and 1.60% respectively [9]. Future Outlook - The company has adjusted its profit forecasts for 2024-2025 due to the weak semiconductor demand and delayed new product launches, projecting net profits of 235 million yuan and 327 million yuan for 2024 and 2025, respectively [10]. - The establishment of new production bases and the introduction of new products are expected to enhance the company's market position and revenue growth in the specialty gas sector [10]. Strategic Initiatives - The company is actively expanding its product lines and supply chain, with plans for new production bases in Jiangxi, Jiangsu, and Sichuan, funded through convertible bonds [2]. - The company aims to enhance its overseas sales capabilities through acquisitions and new projects, such as the gas production project in Thailand [2].

千原证券 公 司 研 究 2023 年业绩小幅承压，静待需求复苏与新产品放量 ——公司信息更新报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/4/12 | | 当前股价 ( 元 ) | 44.58 | | 一年最高最低 ( 元 ) | 106.11/37.51 | | 总市值 ( 亿元 ) | 53.72 | | 流通市值 ( 亿元 ) | 53.60 | | 总股本 ( 亿股 ) | 1.20 | | 流通股本 ( 亿股 ) | 1.20 | | 近 3 个月换手率 (%) | 64.56 | 多因素扰动导致公司 2023 年业绩下滑，但整体毛利率依旧有所提升 特气品类扩充与产能扩张齐头并进，公司长期成长值得期待 | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------|--------------------------------|-------|-------|-------|-------| | | 指标 | 20 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion for the fiscal year 2023, representing a growth of 20% compared to the previous year[22]. - The company's operating revenue for 2023 was approximately ¥1.50 billion, a decrease of 16.80% compared to ¥1.80 billion in 2022[23]. - Net profit attributable to shareholders was approximately ¥171.12 million, down 17.18% from ¥206.61 million in the previous year[23]. - The basic earnings per share (EPS) for 2023 was ¥1.43, reflecting a decline of 16.86% from ¥1.72 in 2022[24]. - The weighted average return on equity (ROE) decreased to 9.77%, down 4.39 percentage points from 14.16% in 2022[24]. - The net cash flow from operating activities was approximately ¥170.04 million, a significant drop of 47.25% compared to ¥322.32 million in 2022[23]. - The total cash dividend for the year amounts to 46.62% of the net profit attributable to shareholders[6]. - The company achieved a cumulative cash dividend and share repurchase amounting to 210 million RMB over the past three years (2021-2023) to enhance shareholder returns[54]. Strategic Initiatives - The company plans to distribute a cash dividend of 5.0 yuan (including tax) for every 10 shares, totaling approximately 59.94 million yuan, which accounts for 35.03% of the net profit attributable to shareholders for 2023[6]. - The company executed a share buyback plan with a total amount of approximately 19.82 million yuan, representing 11.59% of the net profit attributable to shareholders for 2023[6]. - The company provided a positive outlook for 2024, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[22]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[22]. - A strategic acquisition of a local competitor is expected to enhance production capacity by 40% and improve supply chain efficiency[22]. - The company is set to launch a new line of high-purity gases for the semiconductor industry in Q2 2024, anticipated to contribute an additional RMB 200 million in revenue[22]. Research and Development - Investment in R&D increased by 30%, focusing on the development of new electronic specialty gases and advanced gas purification technologies[22]. - The total R&D investment for the year was ¥50,428,803.05, a decrease of 16.12% compared to the previous year[93]. - The company is currently working on 21 R&D projects, with a total expected investment of ¥6,000 million[96]. - The project for ultra-pure gas research has a total expected investment of ¥800 million, with ¥734.36 million cumulatively invested so far[97]. - The company has obtained 213 patents, including 32 invention patents, showcasing its strong R&D capabilities and industry standards contributions[82]. Market Position and Competition - The global electronic specialty gas market size is estimated to be approximately $5.1 billion in 2023, with a year-on-year growth rate of only 1.98%, down 8.22% from 2022[39]. - The company achieved over 90% customer coverage among domestic 8-inch and above integrated circuit manufacturers, including major clients like Intel and TSMC[42]. - The competition in the specialty gases industry is shifting from product provision to comprehensive service capabilities, including total gas management (TGM) services[76]. - The market share of foreign companies in China's industrial gas market was 55.7% in 2021, indicating a significant opportunity for domestic companies to expand[80]. - The domestic electronic specialty gases market is expected to reach 23 billion yuan by 2024, with a CAGR of 10.31% from 2022 to 2024[69]. Operational Efficiency - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[22]. - The company has enhanced its operational efficiency through systematic management improvements, laying a solid foundation for standardized management practices[51]. - The company has established a logistics network in the Pearl River Delta region, enhancing transportation efficiency and reducing costs through subsidiaries and acquisitions[68]. - The company has implemented a self-distribution logistics model, capable of delivering within a 200 km radius in one day[68]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - There are no violations of decision-making procedures regarding external guarantees[10]. - The company has not experienced any inability of the majority of directors to ensure the authenticity, accuracy, and completeness of the annual report[10]. - The company received a standard unqualified audit report from the accounting firm[5]. - The company has been recognized with an A grade in the first information disclosure evaluation for Sci-Tech Innovation Board listed companies from 2022 to 2023, ensuring transparency and investor protection[55]. Sustainability and ESG Goals - The company aims to achieve carbon neutrality by 2030, aligning with ESG goals and enhancing its market competitiveness[22]. - The company plans to continue integrating ESG principles into its strategy and operations, with a commitment to sustainability and carbon neutrality by 2050 in response to industry challenges[58]. - The company is committed to continuous improvement in product purity and stability, aiming for higher quality and lower impurity levels in its offerings[107].

经营业绩短期承压，先进制程突破助力公司成长 2024 年 04 月 12 日 推荐 维持评级 当前价格： 44.58 元 | --- | |----------------------------------------------| | | | 相关研究 | | 1. 华特气体（ 688268.SH）2023 年三季报点 | | 评：三季度业绩环比改善，毛利率提升显著 | | 023/10/28 | | 2. 华特气体（ 688268.SH ） 2022 年业绩预告 | | 点评：业绩高增，持续深化特气业务布局 | | 23/02/02 | | 3. 华特气体（ 688268.SH）2022 年三季报点 | | 评：Q3 业绩保持高增，电子特气加速放量 | | 022/10/21 | | 4. 华特气体（ 688268.SH）2022 年中报点评： | | 22H1 业绩超预期，特气品类拓展积极 | | /08/31 | | 5. 华特气体（ 688268.SH）2021 年年报点评： | | 全线业务增长势如破竹，原料上涨不挡猛虎抬 | | 头 -2022/05/04 | | --- | --- | -- ...

关于本报告 本报告是广东华特气体股份有限公司（以下简称"华特气体""公司"或"我们"）发布的第2份环境、社会及治理报告 （以下简称"ESG报告"）。本报告依据客观、规范、透明和全面的原则，详细披露了公司2023年度环境、社会与 公司治理的实践及绩效。 释义说明 | 公司简称 | 公司全称 | | --- | --- | | 华特气体、公司、我们 | 广东华特气体股份有限公司 | | 华南研究所 | 广东华南特种气体研究所有限公司 | | 新会研究所 | 江门市新会特种气体研究所有限公司 | | 中山华新 | 中山市华新气体有限公司 | | 绥宁联合化工 | 绥宁县联合化工有限责任公司 | | 江西华特 | 江西华特电子化学品有限公司 | | 亚太气体 | 亚太气体实业有限公司 | 确认及批准 本报告于2024年4月10日获公司董事会批准，并与年报同期发布。董事会承诺对报告内容进行监督，并确保其不 存在任何虚假记载或误导性陈述，并对内容真实性、准确性和完整性负责。 本报告以中文发布，英文版系根据中文版翻译，若与中文版有任何分歧，概以中文版为准。 报告获取 您可以在上海证券交易所（www.sse.com.cn）或 ...

广东华特气体股份有限公司 2023 年度独立董事述职报告 本人作为广东华特气体股份有限公司（以下简称"公司"）的独立董事， 2023 年度严格按照《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所 科创板股票上市规则》《上市公司独立董事管理办法》和《公司章程》等相关 法律、法规、规章的规定和要求，诚实、勤勉、独立地履行职责，积极出席相 关会议，认真审议董事会各项议案，在董事会中发挥参与决策、监督制衡、专 业咨询作用，切实维护公司和公众股东的合法权益，促进公司规范运作，充分 发挥了独立董事及各专门委员会的作用。现将本人 2023 年度履行独立董事职责 的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司董事会由 7 名董事组成，其中独立董事 3 人，占董事会人数三分之一 以上，符合相关法律法规及公司制度的规定。 （二）个人工作履历、专业背景以及兼职情况 范荣，1963 年 4 月出生，中国国籍，无境外永久居留权，中山大学管理学院 会计学研究生课程进修班结业。1979 年 9 月至 1981 年 5 月在 751 部队服兵役 ...

广东华特气体股份有限公司 2024 年度"提质增效重回报"行动方案 广东华特气体股份有限公司（以下简称"公司"或"华特气体"）为积极响 应科创板上市公司"提质增效重回报"的专项行动倡议，认真贯彻投资者至上的 核心理念，不断完善经营管理、规范组织治理体系并积极回馈投资者，助力市场 恢复信心、维护资本市场稳定，并推动经济的高质量发展。公司践行以"投资者 为本"的发展理念，为积极维护公司全体股东利益，不断促进公司高质量、可持 续发展，特制定了"提质增效重回报"行动方案（以下简称"本行动方案"），具 体举措如下： 一、专注特种气体研发，坚持国产化替代路径 公司成立 30 年以来，一直致力于特种气体国产化，是率先打破极大规模集 成电路、新型显示面板、高端装备制造、新能源等尖端领域气体材料进口制约的 国内民营气体厂商。公司主营业务以特种气体的研发、生产及销售为核心，辅以 普通工业气体、相关气体设备与工程业务、现场制气业务，并提供气体一站式综 合应用解决方案。公司的产品广泛应用于集成电路、液晶面板、LED、光纤通信、 光伏、医疗健康、节能环保、新材料、新能源、航天航空、高端装备制造、食品、 冶金、化工、机械制造、人工智能制 ...