证券研究报告 氧氮价格拐点向上，液氧连续三周同比正增长 ——工业气体跟踪（6月） 行业评级：看好 2025年7月7日 | 分析师 | 邱世梁 | 分析师 | 王华君 | 分析师 | 李思扬 | | --- | --- | --- | --- | --- | --- | | 证书编号 | S1230520050001 | 证书编号 | S1230520080005 | 证书编号 | S1230522020001 | | 邮箱 | qiushiliang@stocke.com.cn | 邮箱 | wanghuajun@stocke.com.cn | 研究助理 | 张筱晗 | 工业气体：氧氮价格拐点向上，液氧连续三周同比正增长 ➢ 空分气价止跌回稳：6月，液氧/液氮/液氩均价位于历史28%/25%/10%分位值 2 1、中国工业气体行业近2000亿元市场，过去5年复合增速超过10%； 2、行业整合预期，龙头份额提升，竞争格局改善； 3、海外可比公司林德气体市值超万亿元； ➢ 电子气体：全球半导体景气逐步复苏；电子气体行业有望持续受益 1、半导体行业复苏进程中，电子气体是重要耗材； 2、自主可控，国产替代加速； 3、 ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-021 广州广钢气体能源股份有限公司 关于注销部分募集资金专户的公告 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。 广州广钢气体能源股份有限公司（以下简称"广钢气体"或"公司"）首 次公开发行股票募集资金按照相关法律、法规和规范性文件的规定在银行开立 了募集资金专用账户及现金管理专用结算账户。公司于近日办理完成了部分募 集资金专用账户的注销手续，具体情况如下： 一、募集资金基本情况 董事会 2025年7月4日 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证 券发行注册管理办法》《上海证券交易所科创板股票上市规则》《上市公司募 集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等法律、行政法规、部门规章、规范性文件及公司相关制度的规定， 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专用账户内， 公司已与保荐机构、募集资金专户开户银行签署了《募集资金专户存储三方监 管协议》，公司及各子公司按规定与 ...

内容概况：中国电子大宗气体行业正经历从技术追赶到局部突破的关键转型期，市场规模持续扩张，国 产替代进程加速。2024年，中国电子大宗气体市场规模约为112亿元，同比增长8.74%。以半导体为 例，随着全球半导体产业向中国转移，中芯国际、长江存储等本土晶圆厂加速扩产，12英寸先进制程产 线对超高纯氮气、氩气等大宗气体需求激增。数据显示，单个12英寸晶圆厂氮气用量可达5万立方米/小 时，直接拉动电子大宗气体市场规模扩张。 相关上市企业：广钢气体（688548）、金宏气体（688106）、至纯科技（603690） 相关企业：中煤能源集团有限公司、中国神华能源股份有限公司、杭氧集团股份有限公司、北京京城机 电股份有限公司、贝肯能源控股集团股份有限公司、中远海运能源运输股份有限公司、中芯国际集成电 路制造有限公司、长江存储科技有限责任公司、长鑫存储技术有限公司、华虹半导体有限公司、阳光电 源股份有限公司、利亚德光电股份有限公司、中兴通讯股份有限公司 关键词：电子大宗气体、电子大宗气体市场规模、电子大宗气体行业现状、电子大宗气体发展趋势 一、行业概述 广义的"电子气体"指可用于电子工业生产中使用的气体，通常分为电子大宗气 ...

Summary of Key Points Core Viewpoint - The announcement details the shareholding reduction plan executed by the shareholder Jinggangshan Chengxing Gas Investment Partnership, which has reduced its stake in Guangzhou Guanggang Gas Energy Co., Ltd. Group 1: Shareholder Information - Jinggangshan Chengxing held 34,449,730 shares, representing 2.61% of the total share capital before the reduction plan [1] - The shares were acquired prior to the company's initial public offering (IPO) and are now publicly traded [1] Group 2: Reduction Plan Implementation Results - The reduction plan was disclosed on March 11, 2025, with a timeframe from March 14, 2025, to June 13, 2025, allowing for a maximum reduction of 26,387,970 shares, or 2% of the total share capital [2] - Jinggangshan Chengxing successfully reduced its holdings by 8,069,730 shares, which is 0.61% of the total share capital [2] - The shares were sold through centralized bidding at prices ranging from 9.75 to 11.80 yuan per share, totaling approximately 89,428,577.75 yuan [2] - The original plan allowed for a maximum reduction of 2%, but only 0.61% was executed, leaving 18,318,240 shares untransacted [2][3] Group 3: Compliance with Reduction Plan - The actual reduction was consistent with the previously disclosed plan, and there was no early termination of the reduction plan [3]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 11.88 CNY, based on a 45 times PE for 2025 [7][11]. Core Insights - The company is a leading domestic supplier of high-purity electronic gases, benefiting from the domestic substitution trend in the semiconductor industry. It has achieved a market share of 15.3% in the bulk gas market by 2024, breaking the foreign monopoly [1][2][20]. - The company's revenue is projected to grow significantly, with expected revenues of 7.8 billion CNY in 2025 and 20.2 billion CNY in 2027, driven by major projects coming online [2][11]. - The helium price cycle is showing signs of recovery, which is expected to improve the company's profitability in the coming years [4][11]. Summary by Sections Company Overview - The company has a history of over 50 years in the gas industry, transitioning from a gas supply plant for a steel factory to a specialized gas supplier. It has successfully broken the foreign monopoly in the electronic gas sector [1][20]. - Revenue increased from 867 million CNY in 2020 to 2.103 billion CNY in 2024, with a CAGR of 24.8%. However, net profit decreased from 270 million CNY to 248 million CNY during the same period due to helium price fluctuations [16][19]. Electronic Bulk Gas Market - The electronic bulk gas market in China is expected to reach 9.7 billion CNY in 2024, with a projected CAGR of 7.5% from 2025 to 2030. The company has a leading position with a 41% new bid rate in 2024 [2][45]. - The company’s bulk gas business accounted for 71% of its revenue in 2024, with a significant increase in sales driven by the semiconductor industry [1][24]. General Industrial Gas - The general industrial gas segment remains stable, generating 4-5 billion CNY in revenue, with key clients including major corporations in various industries [3][31]. Helium Price Recovery - The company is the largest domestic helium importer, with 13.4% of the national import volume in 2024. The current helium prices are at historical lows, but a recovery is anticipated, which will enhance profit margins [4][11][24]. Financial Projections - The company is expected to achieve net profits of 348 million CNY, 582 million CNY, and 842 million CNY for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 41%, 67%, and 45% [11][12].

证券代码：688548 证券简称：广钢气体 公告编号：2025-020 关于股东减持股份计划时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况: 本次减持计划实施前，广州广钢气体能源股份有 限公司（以下简称"公司"）股东井冈山橙兴气华股权投资合伙企业(有限合伙) （以下简称"井冈山橙兴"）在中国证券登记结算有限责任公司上海分公司登记 持有公司股份 34,449,730 股，占公司总股本的 2.61%，均为在公司首次公开发 行 A 股股票并上市前取得的股份。相关股份已上市流通。 减持计划的实施结果：2025 年 3 月 11 日，公司在上海证券交易所网站 （www.sse.com.cn)披露了《关于股东减持股份计划的公告》（公告编号： 2025-004）。股东井冈山橙兴计划于上述公告披露之日起 3 个交易日结束后的 3 个月内(即 2025 年 3 月 14 日至 2025 年 6 月 13 日期间)通过大宗交易方式或集中 竞价交易方式，减持合计不超过 26 ...

Core Viewpoint - Guangzhou Guanggang Gas Energy Co., Ltd. has announced a differentiated cash dividend distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on May 20, 2025 [1][2]. Dividend Distribution Plan - The company plans to distribute a cash dividend of 0.0460 yuan per share (including tax), amounting to a total of approximately 60.68 million yuan (including tax) based on the actual participating shares [2][3]. - The total share capital of the company is 1,319,398,521 shares, with 1,319,027,316 shares eligible for distribution after excluding treasury shares [2]. Important Dates - The key dates for the dividend distribution are as follows: - Record date for shareholders: Not specified - Ex-dividend date: Not specified - Cash dividend payment date: Not specified [3]. Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date at their designated securities business department [3]. Taxation Policies - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.046 yuan per share [4][5]. - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, and the actual cash dividend will be deducted from the shareholders' accounts by the securities companies [5][6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.0414 yuan per share [6][7].

国泰海通证券股份有限公司 关于广州广钢气体能源股份有限公司 差异化分红送转特殊除权除息处理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 广州广钢气体能源股份有限公司（以下简称"广钢气体"或"公司"）首次公开 发行股票并在科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所上市公司自律监管指引第11号——持续督导》《上海证券 交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1 号——规范运作》《上海证券交易所上市公司自律监管指引第7 号——回购股份》 等有关规定，对公司差异化分红送转特殊除权除息处理事项（以下简称"本次差 异化分红"）进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于2024年9月受让员工持股平台井冈山市大气天成贰号投资合伙企业 （有限合伙）离职员工退伙份额，产生库存股371,205股，该库存股不参与利润 分配。 因此，公司2024年度利润分配涉及差异化分红。 二、本次差异化分红方案 公司于2025年3月28日分别召开第三届董事会第五次会议及第三届监事会第 三次会议，并于2025年5月20日召开2 ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-019 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （库存股不参与本次分派）。 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.0460元（含税） 相关日期 广州广钢气体能源股份有限公司2024年年度 权益分派实施公告 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： | | | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经广州广钢气体能源股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 3. 差异化分红送转方案： （1）本次差异化分红方案 公司于 2025 年 3 月 28 日分别召开第三届董事会第五次会议及第三届监事会 第三次会议，并于 2025 年 5 月 20 日召开 2024 年年度股东会审议通过了《关于 ...

Core Viewpoint - The company has announced a change in the designated sponsor representatives for its initial public offering (IPO) and ongoing supervision on the Sci-Tech Innovation Board, ensuring continuity in oversight and compliance with regulatory requirements [1][2]. Group 1: Change of Sponsor Representatives - The company received a notice from Guotai Junan Securities Co., Ltd. regarding the replacement of the sponsor representatives for its IPO project [1]. - Zhang Yue, the original sponsor representative, is unable to continue due to work arrangements, and Deng Xin has been appointed to take over her responsibilities [1][2]. - The new sponsor representatives for the ongoing supervision of the IPO project are Qin Guoliang and Deng Xin [2]. Group 2: Acknowledgment of Contributions - The company's board expressed sincere gratitude for Zhang Yue's outstanding contributions during the IPO and ongoing supervision period [2]. Group 3: Background of New Sponsor Representative - Deng Xin is currently employed in the Investment Banking Department of Guotai Junan Securities, specializing in the TMT sector, and has a strong track record in managing IPO projects [3]. - Deng Xin has previously participated in IPO projects for companies such as Yirui Technology and Geling Deep Vision, and has adhered to relevant regulations during her practice [3].