Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][20]. Core Views - The company is positioned as a leader in the electronic gas sector, with strong growth potential driven by new project launches and recovery in semiconductor investments [6][5]. - The decline in helium prices has marginally weakened, and the company expects a stabilization or potential rebound in helium prices, which could improve profitability [6]. - The company has secured multiple electronic gas projects, achieving a market share of 41% in new on-site gas production projects in the domestic integrated circuit manufacturing and semiconductor display sectors [6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 14.6%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 22.4% [5][8]. - The fourth quarter of 2024 saw revenue of 610 million yuan, up 26.1% year-on-year and 15.1% quarter-on-quarter, with a net profit of 67 million yuan, down 28.1% year-on-year but up 46.4% quarter-on-quarter [9][13]. - The company's gross margin for 2024 was 26.9%, a decrease of 8.1 percentage points year-on-year, primarily due to the ramp-up of new electronic gas projects and declining helium prices [6][11]. Earnings Forecast - The company is projected to achieve net profits of 350 million yuan in 2025, 450 million yuan in 2026, and 600 million yuan in 2027, with year-on-year growth rates of 39%, 29%, and 35% respectively [6][19]. - Corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 43.9x, 34.1x, and 25.3x [6][19]. Market Position and Competitive Landscape - The company is recognized as a domestic leader in electronic bulk gases and helium, with a robust order backlog and strong growth prospects [6]. - The semiconductor industry's development is expected to continuously drive demand for electronic bulk gases, supporting the company's long-term growth [6].

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 2024 年度持续督导年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：广钢气体 | | --- | --- | | 保荐代表人姓名：张悦、秦国亮 | 被保荐公司代码：688548 | 重大事项提示 经中国证券监督管理委员会《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），广州广钢气体能源 股份有限公司（以下简称"广钢气体"、"上市公司"、"公司"）首次公开发 行股票，每股面值人民币 1 元，每股发行价格人民币 9.87 元，募集资金总额为 人民币 325,561.58 万元，扣除发行费用后，实际募集资金净额为人民币 306,781.46 万元。本次发行证券已于 2023 年 8 月 15 日在上海证券交易所上市。海通证券股 份有限公司（以下简称"海通证券"、"保荐机构"）担任其持续督导保荐机构， 持续督导期间为 2023 年 8 月 15 日至 2026 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 年 12 月 31 日持续督导期内（以下简称"本持 ...

Group 1: Aluminum Industry - The aluminum industry is experiencing a good destocking performance, but prices are under pressure due to tariffs and macroeconomic uncertainties [4][10]. - Domestic electrolytic aluminum production capacity has slightly increased, with average costs around 16,960 RMB/ton, down 103 RMB/ton week-on-week [5]. - Downstream aluminum processing enterprises are seeing a recovery in orders and operating rates, supported by demand from the photovoltaic sector and automotive aluminum [6]. Group 2: Power Industry - China Power reported a revenue of 54.21 billion RMB for 2024, a year-on-year increase of 22.5%, with a net profit of 3.86 billion RMB, up 25.2% [11][12]. - The company’s coal-fired power segment showed improved performance, while hydropower turned profitable due to favorable water conditions [13]. - The company plans to maintain a dividend payout ratio of 60% for the year [12]. Group 3: Beverage Industry - The food and beverage sector has seen a decline, with the beverage segment down 3.65% over the past two weeks, underperforming the Shanghai Composite Index [15]. - The liquor market is experiencing a seasonal downturn, with prices for premium brands like Moutai decreasing, indicating weaker demand [16]. - The overall performance of liquor companies varies, with some regional brands showing resilience amid macroeconomic pressures [17]. Group 4: Logistics Industry - SF Express reported a revenue of 15.746 billion RMB for 2024, a year-on-year increase of 27%, with a net profit of 132 million RMB, up 161.8% [21][22]. - The company’s last-mile delivery segment saw significant growth, particularly in county-level markets, with a 121% increase in revenue [24]. - The logistics sector is benefiting from network scale effects, leading to improved profit margins and cost reductions [25]. Group 5: Chemical Industry - The chemical sector is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability [29]. - Phosphate rock supply remains tight, with companies like Baitian Co. expanding production capacity to meet growing demand [28]. - The industry is witnessing price increases for key products like urea and hexafluoropropylene, indicating a positive market sentiment [35].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that helium prices have bottomed out and are beginning to recover, while on-site gas production is steadily advancing [1] - The company is expected to benefit from the ongoing capital expenditure in the domestic semiconductor and panel industries, positioning it well for future growth [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,835 million in 2023 to 3,901 million by 2027, with a compound annual growth rate (CAGR) of approximately 19.1% [5][7] - The net profit attributable to the parent company is forecasted to increase from 320 million in 2023 to 685 million by 2027, reflecting a significant growth trajectory [5][7] - The earnings per share (EPS) is expected to rise from 0.29 in 2023 to 0.52 in 2027, indicating a positive outlook for shareholder returns [5][7] - The company's gross margin is projected to stabilize around 30% in the coming years, with a return on equity (ROE) expected to reach 10% by 2027 [5][7] Business Performance Insights - The company reported a revenue of 2,103 million in 2024, a year-on-year increase of 15%, although the net profit decreased by 22% to 248 million due to falling helium prices [6] - The on-site gas production segment has shown robust growth, with revenue increasing by 41% year-on-year, while retail gas sales have declined by 11% [6] - The company has secured significant contracts in the electronic bulk gas sector, which is expected to drive future revenue growth [6] Strategic Developments - The company is enhancing its supply chain by signing long-term helium procurement agreements, which will improve its market position and pricing power [6] - Investments in manufacturing capabilities for gas production equipment are underway, aimed at solidifying the company's competitive edge in the on-site gas production market [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The report highlights that helium price fluctuations have suppressed profits, while the company's long-term competitive advantages are becoming more evident [1]. - In 2024, the company achieved total revenue of 2.103 billion yuan, a year-on-year increase of 14.60%, but the net profit attributable to shareholders decreased by 22.42% to 248 million yuan [1]. Financial Performance - The electronic bulk gas business segment generated revenue of 1.487 billion yuan in 2024, up 22.86% year-on-year, with a gross margin of 29.17%, down 9.93 percentage points year-on-year [5]. - The general industrial gas segment reported revenue of 484 million yuan, down 5.97% year-on-year, with a gross margin of 14.94%, down 9.41 percentage points year-on-year [5]. - The company’s helium import volume accounted for 13.4% of the national total in 2024, indicating its significant market presence [5]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.527 billion yuan, 3.117 billion yuan, and 3.903 billion yuan, respectively, with corresponding net profits of 341 million yuan, 471 million yuan, and 608 million yuan [7][8]. - The company is expected to maintain a high market share in the semiconductor and integrated circuit sectors, with a projected PE ratio of 44, 32, and 25 for the years 2025, 2026, and 2027, respectively [5][8].

Core Insights - The company reported a total revenue of 2.103 billion yuan for 2024, representing a year-on-year increase of 14.6% [2][3] - The net profit attributable to shareholders decreased to 248 million yuan, down 22.42% year-on-year, while the net profit after deducting non-recurring gains and losses was 230 million yuan, a decline of 25.69% [2][3] - By the end of 2024, total assets reached 7.944 billion yuan, and net assets attributable to shareholders were 5.824 billion yuan, reflecting a slight increase of 1.63% from the previous year [2][3] Business Development - The company focused on core business development, solidifying its leading position in the domestic market and actively participating in the national semiconductor industry development strategy [4] - It successfully secured multiple electronic bulk gas projects, achieving a 41% market share in new on-site gas production projects for integrated circuit manufacturing and semiconductor display, ranking first in the industry [4] - The company enhanced its collaboration with existing customers in the general industrial gas sector, successfully obtaining new on-site gas production projects, thereby increasing its market share in the large pipeline gas supply market [4] Research and Development - The company increased its R&D investment, with total spending reaching 101 million yuan, a year-on-year growth of 13.79% [5] - It focused on the actual gas needs of key downstream customers and industry development trends, continuously improving core technologies and optimizing industrial structure [5] - The company emphasized independent research and development of core technologies to address critical challenges in the industrial gas sector, supporting domestic substitution efforts [5]

Core Viewpoint - The company reported a revenue of 2.1 billion yuan for 2024, a year-on-year increase of 14.6%, but a net profit attributable to shareholders of 250 million yuan, a decrease of 22.4%, primarily due to falling helium prices [1] Group 1: Financial Performance - The company achieved a revenue of 610 million yuan in Q4 2024, with a net profit of 67 million yuan [1] - The decline in 2024 performance is mainly attributed to the drop in helium prices [1] Group 2: Development Trends - The company aims to strengthen its electronic bulk gas business and increase market share, aligning with the national semiconductor development strategy [2] - In 2024, the company secured a 41% market share in new on-site gas production projects for integrated circuit manufacturing and semiconductor display, ranking first [2] - The company’s helium import volume accounted for 13.4% of the national total, positioning it as the largest domestic helium supplier [2] - The company is enhancing its helium supply chain and establishing long-term partnerships with key gas source countries [2] - Helium prices are expected to stabilize in 2025, which may improve the company's performance [2] Group 3: Business Expansion - The company is expanding its electronic specialty gas business, leveraging customer relationships and demand insights [3] - New production bases for electronic specialty gases are being established, with projects in Hefei and Inner Mongolia progressing [3] - The first phase of the electronic-grade C4F6 project in Qianjiang is mechanically completed, with full production expected to start in 2025 [3] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 remains at 467 million yuan, with a new forecast of 479 million yuan for 2026 [4] - The current stock price corresponds to P/E ratios of 32x for 2025 and 31x for 2026, with a target price increase of 30% to 13.0 yuan [4] - The target price reflects P/E ratios of 37x for 2025 and 36x for 2026, indicating a 14% upside potential from the current stock price [4]

海通证券股份有限公司 根据中国证券监督管理委员会《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），并经上海证券交易所同 意，公司首次公开发行人民币普通股（A股）32,984.9630万股，每股发行价格9.87 元，本次募集资金总额为人民币3,255,615,848.10元，扣除各项发行费用人民币 187,801,211.38元（不含增值税）后，实际募集资金净额为人民币3,067,814,636.72 元。上述募集资金已全部到位，并由容诚会计师事务所（特殊普通合伙）于2023 年8月10日对本次发行的资金到账情况进行了审验，出具了《验资报告》（容诚验 字[2023]518Z0120号）。 公司根据相关法律、法规、规范性文件的规定，对募集资金实行专户存储， 并与保荐机构及相关专户存储银行签署了募集资金监管协议，以便对募集资金的 管理和使用进行监督，保证专款专用。 二、募集资金投资项目基本情况 关于广州广钢气体能源股份有限公司 使用自有资金增加部分募投项目投资额度并调整部分项目内部 投资结构的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作 ...

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 2024 年度募集资金存放与使用情况的核查意见 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》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《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自律监管指引第 11 号——持续督 导》《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，对广钢气体 2024 年度募集资金的存放和使用情况进行了核查，具体情 况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 根据中国证券监督管理委员会《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），并经上海证券交易所同 意，公司首次公开发行人民币普通股（A 股）32,984.9630 万股，每股发行价格 9.87 元，本次募集资金总额为人民币 3,255,615,848.10 元，扣除 ...