Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - Revenue growth is steady, with significant projects validating the company's competitive strength [4] - Future profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - There are multiple potential large project opportunities ahead, driven by the growth in computing power and AI applications [4] Financial Summary - Total revenue for 2024 is projected at 20.98 billion yuan, a year-on-year increase of 14.33% [4] - The net profit attributable to the parent company for 2024 is expected to be 2.40 billion yuan, a decrease of 24.75% year-on-year [4] - The gross profit margin is forecasted to be 28.2% in 2024, with an expected recovery to 30.8% in 2025 [3][4] - The return on equity (ROE) is projected to improve from 4.1% in 2024 to 6.2% in 2025 [3][4] - Earnings per share (EPS) is expected to rise from 0.18 yuan in 2024 to 0.28 yuan in 2025 [3][4] Market Position - The company has secured contracts worth 2.74 billion yuan with domestic integrated circuit enterprises, reinforcing its strong competitive position in the electronic bulk gas market [4] - The company is well-positioned to benefit from the ongoing demand for advanced manufacturing processes and storage solutions in the electronics sector [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - The revenue for 2024 is projected to be 2.098 billion yuan, representing a year-on-year growth of 14.33%, while the net profit attributable to the parent company is expected to decline by 24.75% to 240 million yuan [4] - The company has secured significant projects, validating its competitive edge in the electronic bulk gas market [4] - Profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - Future growth opportunities exist with multiple potential large projects in the pipeline, particularly in the context of increasing demand for advanced semiconductor processes and storage [4] Financial Summary - Total revenue for 2023 is reported at 1.835 billion yuan, with a year-on-year growth of 19.2% [3] - Projected revenues for 2024, 2025, and 2026 are 2.098 billion yuan, 2.586 billion yuan, and 3.177 billion yuan, respectively, with corresponding growth rates of 14.3%, 23.2%, and 22.9% [3] - The net profit for 2023 is 320 million yuan, with projections of 240 million yuan for 2024, 372 million yuan for 2025, and 527 million yuan for 2026, reflecting growth rates of 35.7%, -24.8%, 54.6%, and 41.7% respectively [3] - The gross margin is expected to fluctuate, with figures of 35.1% for 2023, 28.2% for 2024, 30.8% for 2025, and 33.1% for 2026 [3] - The price-to-earnings (PE) ratio is projected to decrease from 59.0 in 2024 to 27.0 in 2026 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q4 performance met expectations, with continued growth in the electronic bulk on-site gas business despite helium price fluctuations [9] - The company signed a long-term helium procurement agreement with Qatar Energy, enhancing its supply chain [9] - The electronic bulk on-site gas projects are expected to support revenue growth, with new projects in the semiconductor and panel sectors anticipated to drive further expansion [9] - The establishment of a self-controlled equipment manufacturing base aims to strengthen the company's competitive advantage in the on-site gas sector [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,835 million in 2023 to 3,266 million by 2026, with a CAGR of approximately 24.9% [8] - The net profit attributable to the parent company is expected to increase from 320 million in 2023 to 514 million in 2026, reflecting a significant growth trajectory [8] - The company's earnings per share (EPS) is forecasted to rise from 0.29 in 2023 to 0.39 in 2026 [8] - The gross margin is expected to improve from 35.1% in 2023 to 32.2% in 2026, indicating operational efficiency [8]

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 1 | | | 为全资子公司提供担保的核查意见 海通证券股份有限公司（以下简称"海通证券"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》等有关规定，对公司为全资子公司提供担保进行了核查，具体情况 如下： 一、担保情况概述 因 公 司 全 资 子 公 司 香 港 广 钢 拟 与 QATARENERGY LNG N(1) 、 QATARENERGY LNG S(1)、QATARENERGY LNG S(2) (以下统称"卡塔尔能源") 签署氦气长期采购协议，为支持香港广钢开拓国际业务，进一步推动公司氦气业 务发展，公司拟为香港广钢在上述采购合同期限内每十二个月的支付义务提供不 超过3,200万美元（折合人民币约为23,385.28万元）的担保责任。 2025年2月17日，公司召 ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-003 广州广钢气体能源股份有限公司 关于为全资子公司提供担保的公告 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。 重要内容提示： 被担保人名称：广钢气体（香港）有限公司（以下简称"香港广钢"或"被担 保方"），系广州广钢气体能源股份有限公司（以下简称 "公司"）的全资子公司。 本次担保金额及已实际为其提供的担保余额：本次预计为全资子公司香港广钢 提供的担保金额不超过3,200万美元（折合人民币约为23,385.28万元）。截至本公告 披露日，公司实际为香港广钢提供的担保余额为0元（不含本次担保）。 根据《上海证券交易所科创板股票上市规则》等法律法规及《广州广钢气体 能源股份有限公司章程》（以下简称"《公司章程》"）的相关规定，本次担保事 项在董事会的决策范围内，该议案无需提交公司股东会审议。 本次担保不存在反担保。 一、担保情况概述 因公司全资子公司香港广钢拟与 QATARENERGY LNG N(1)、QATARENERGY LNG S(1)、 QATA ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-002 广州广钢气体能源股份有限公司 关于全资子公司签署长期采购协议的公告 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。 重要内容提示： 合同类型：氦气长期采购协议 合同期限：2025年9月至2045年12月，供货周期约为20年。 合同数量：以供应商每年实际氦气产量为基础，按照合同约定的百分比确定 氦气采购数量，预计自合同起始日起逐步爬坡至年度采购量约1亿标准立方英尺。 合同生效条件：双方授权代表签字盖章之日起生效。 风险提示：合同履行过程中可能存在市场波动风险、 地缘政治风险以及其他 风险等不可抗力因素，敬请投资者注意投资风险。 广州广钢气体能源股份有限公司（以下简称"公司"）已于2025年2月17日召 开第三届董事会第四次会议，审议通过了《关于全资子公司签署长期采购协议的议 案》，该事项无需提交公司股东会审议，现将有关事项公告如下： 一、合同标的和对方当事人情况 （一）合同标的情况 本合同主要约定由公司全资子公司广钢气体（香港）有限公司（以下简称"香 港 ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 209,841.13 million, an increase of 14.33% compared to the previous year[5] - The net profit attributable to shareholders of the parent company was RMB 24,048.28 million, a decrease of 24.75% year-on-year[5] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 22,305.92 million, down 27.79% from the previous year[5] - Basic earnings per share decreased to RMB 0.18, a decline of 37.93% compared to the previous year[5] - The weighted average return on net assets decreased by 4.93 percentage points compared to the previous year[3] Assets and Equity - Total assets at the end of 2024 were RMB 794,753.03 million, reflecting a growth of 9.57% from the beginning of the year[5] - Shareholders' equity attributable to the parent company increased to RMB 581,651.27 million, up 1.50% from the beginning of the year[5] Market Impact - The company's earnings decline was primarily due to fluctuations in the helium market, impacting sales revenue and gross profit from helium business[5] - The company reported an increase in the average number of ordinary shares outstanding, contributing to the decline in earnings per share[5] Audit and Reporting - The company emphasizes that the financial data is preliminary and subject to change upon final audit[6]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 9.70 CNY and a reasonable value of 10.93 CNY per share [2]. Core Insights - The company focuses on the development of industrial gases in China, aiming to become a leading enterprise in electronic bulk gases. It has established a strong position in the helium market and has achieved significant domestic substitution in the semiconductor display and integrated circuit manufacturing sectors [3][10]. Summary by Sections Company Overview - The company originated from the Guangzhou Steel Plant and has evolved through foreign cooperation to focus on domestic substitution since 2014. It has developed its main business around electronic bulk gases, particularly excelling in the helium sector [3][19][20]. Financial Performance - The company’s revenue has shown substantial growth, with a projected increase in operating income from 1,540 million CNY in 2022 to 3,086 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 66.2% from 2019 to 2023. The net profit is expected to rise from 235 million CNY in 2022 to 559 million CNY in 2026 [9][39]. Market Position - The company holds an 8.03% market share in the domestic electronic bulk gas market as of 2021 and has been ranked first in new on-site gas projects in the integrated circuit and semiconductor display sectors from 2018 to September 2022 [10][19]. Research and Development - The company has consistently increased its R&D investment, which grew from 27.5 million CNY in 2020 to 71.7 million CNY in 2022, with a CAGR of 61.5%. The revenue generated from core technologies has also increased significantly, accounting for 87.8% of the main business income in 2022 [36][37]. Product Portfolio - The company’s product range includes six major types of electronic bulk gases and key general industrial gases, such as nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, which are widely used in various sectors including semiconductor manufacturing and general industry [24][25]. Growth Drivers - The growth in the electronic bulk gas business is driven by the increasing demand from the semiconductor industry, with revenue growth rates exceeding 40% from 2020 to 2022. The general industrial gas segment has remained stable, contributing to the overall revenue growth [39][40]. Competitive Advantage - The company has broken the foreign monopoly on helium supply by developing a self-controlled technology capability and is the only domestic gas company with long-term, large-scale helium procurement resources [10][19].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [6]. Core Views - The company has recently won a bid for a large-scale on-site gas production project with a contract value of approximately 2.74 billion yuan, which is expected to solidify its leading position in the industry [6]. - The company has focused on developing its core business, achieving a revenue growth of 14.32% year-on-year in Q3, with a single-quarter revenue of 526 million yuan [6]. - The company is projected to have revenues of 2.056 billion, 2.559 billion, and 3.110 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 0.20, 0.30, and 0.38 yuan [8]. Summary by Sections Company Events - The company announced on December 19 that it received a bid notification for an on-site gas production project, with a contract duration of 15 years [6]. Financial Performance - The company reported a single-quarter revenue of 526 million yuan in Q3, marking a year-on-year increase of 14.32% and a quarter-on-quarter increase of 2.69% [6]. - The company's market share in the electronic bulk gas sector ranks among the top in the industry, competing with three major international gas giants [6]. Profit Forecast - The company is expected to generate revenues of 20.56 billion, 25.59 billion, and 31.10 billion yuan from 2024 to 2026, with EPS of 0.20, 0.30, and 0.38 yuan, respectively [8]. - The current stock price corresponds to PE ratios of 53.0, 34.9, and 27.8 for the years 2024 to 2026 [8].

重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 92,123,153 股。 本次股票上市流通总数为 92,123,153 股。 本次股票上市流通日期为 2024 年 12 月 30 日。 首次公开发行部分限售股上市流通公告 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、 本次上市流通的限售股类型 证券代码：688548 证券简称：广钢气体 公告编号：2024-059 广州广钢气体能源股份有限公司 （4） 为保护公司及其投资者的权益，促进证券市场长远健康发展，本企业 将遵守《上市公司股东、董监高减持股份的若干规定》《上海证券交易所科创板股 票上市规则》《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股 份实施细则》关于减持的相关规定，如果证监会、证券交易所修订上述规则或制定 新规，则按照最新法规执行。 中国证券监督管理委员会于 2023 年 7 月 4 日出具了《关于同意广州广钢气体 能源股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1452 号）， 广州广钢气 ...