证券代码：688548 证券简称：广钢气体 公告编号：2024-026 广州广钢气体能源股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 4 月 25 日 （二） 股东大会召开的地点：广州市荔湾区白鹤洞街道芳村大道东 2 号岭南 V 谷-鹤翔小镇创意园 B15 广州会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 普通股股东人数 | 33 | | 2、出席会议的股东所持有的表决权数量 | 852,052,551 | | 普通股股东所持有表决权数量 | 852,052,551 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 64.5788 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比 ...

2024 年 04 月 22 日 广钢气体 (688548) | --- | --- | |-------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 19 日 | | 收盘价（元） | 9.4 | | 一年内最高 / 最低（元） | 17.8/8.62 | | 市净率 | 2.1 - | | 息率（分红 / 股价） 流通 A 股市值（百万元） | 2465 | | 上证指数/深证成指 | 3065.26/9279.46 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][18] Core Views - The company has achieved significant commercial progress with its electronic bulk gas projects, leading to an industry-leading capacity in newly awarded projects. As of 2023, the company's market share in the electronic bulk gas business reached 11.75% by revenue, and 24.60% in newly awarded projects in the integrated circuit manufacturing and semiconductor display sectors, second only to Air Liquide [3][16] - The company is enhancing its one-stop service capabilities by expanding its specialty gas business, which is expected to lower customers' overall procurement costs and strengthen customer loyalty [3][16] Financial Performance - In Q1 2024, the company reported revenue of 461 million yuan, a year-on-year increase of 11.33%, while net profit attributable to the parent company was 67 million yuan, a year-on-year decline of 10.18% [15][16] - The decline in net profit was primarily due to a significant drop in helium prices, which negatively impacted the gross margin, reducing it by 10.95 percentage points to 30.74% [16] - The company forecasts revenues of 2,239 million yuan, 2,840 million yuan, and 3,731 million yuan for 2024, 2025, and 2026 respectively, with net profits of 354 million yuan, 456 million yuan, and 612 million yuan for the same years [19][18] Market Position - The company has established a self-controlled technological capability around the helium supply chain, becoming the first domestic gas company to enter the global helium supply chain, indicating a high barrier to entry [16][18] - The company's total market capitalization is approximately 12.4 billion yuan, with a circulating market capitalization of about 2.46 billion yuan [3]

Financial Performance - Basic earnings per share decreased by 37.50% due to an increase in the number of shares and a reduction in net profit attributable to the parent company[9]. - Diluted earnings per share also decreased by 37.50%, reflecting the same factors affecting basic earnings[9]. - Basic earnings per share decreased by 37.50% to CNY 0.05[19]. - Diluted earnings per share also decreased by 37.50% to CNY 0.05[19]. - Net profit attributable to shareholders decreased by 10.18% to CNY 67,153,749.05[30]. - The total comprehensive income attributable to the parent company was CNY 67,153,749.05, down from CNY 74,762,459.51, a decrease of about 10.8%[44]. - Net profit for Q1 2024 was CNY 67,380,525.88, down from CNY 73,671,209.56 in Q1 2023, representing a decrease of about 8.5%[42]. - Operating profit decreased to CNY 77,761,892.18 from CNY 94,351,342.97, indicating a decline of approximately 17.5% year-over-year[42]. - Earnings per share (EPS) for Q1 2024 was CNY 0.05, compared to CNY 0.08 in Q1 2023, reflecting a decrease of 37.5%[44]. Revenue and Expenses - Revenue for the period increased by 11.33% to CNY 460,972,839.32[30]. - Total operating revenue for Q1 2024 reached ¥460,972,839.32, an increase of 11.3% compared to ¥414,069,188.05 in Q1 2023[51]. - Total operating costs for Q1 2024 were ¥383,970,146.74, up from ¥318,780,800.36 in Q1 2023, reflecting a 20.5% increase[51]. - Research and development expenses totaled CNY 25,066,473.37, representing 5.44% of operating revenue, a decrease of 0.14 percentage points[19]. - Research and development expenses for Q1 2024 amounted to ¥25,066,473.37, compared to ¥23,110,390.38 in Q1 2023, reflecting a 8.5% increase[51]. Assets and Liabilities - Total assets increased by 2.46% to CNY 7,432,205,235.99 compared to the end of the previous year[19]. - Total liabilities increased to CNY 1,596,795,335.84 from CNY 1,487,244,975.94, reflecting a growth of approximately 7.4% year-over-year[37]. - The total liabilities and equity of the company as of Q1 2024 were ¥7,432,205,235.99, compared to ¥7,253,462,991.52 in Q1 2023[51]. - The total liabilities to equity ratio stands at approximately 0.27, indicating a stable leverage position for the company[37]. Cash Flow - Net cash flow from operating activities decreased by 6.05% to CNY 87,530,035.28[30]. - Cash inflow from operating activities totaled CNY 472,189,078.68, an increase from CNY 431,881,926.92 in the previous year, marking a growth of about 9.3%[44]. - Net cash flow from operating activities for Q1 2024 was ¥87,530,035.28, a decrease from ¥93,165,068.59 in Q1 2023[47]. - Net cash flow from investing activities for Q1 2024 was -¥381,144,457.03, compared to -¥157,643,714.36 in Q1 2023, indicating increased investment outflows[47]. - Net cash flow from financing activities for Q1 2024 was -¥22,766,817.40, a significant decrease from ¥310,697.29 in Q1 2023[47]. - The company's cash and cash equivalents at the end of Q1 2024 totaled ¥472,036,095.70, down from ¥788,478,436.71 at the beginning of the quarter[49]. - The net increase in cash and cash equivalents for Q1 2024 was -¥316,442,341.01, compared to -¥63,650,389.26 in Q1 2023[49]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,193, with the largest shareholder holding 20.66% of the shares[10]. - The largest shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., held 272,619,213 shares[10]. - The second-largest shareholder, Guangzhou Steel Holding Co., Ltd., held 251,916,518 shares, representing 19.09% of the total[10]. Compliance and Transparency - The report confirms that the financial data presented is accurate and complete, with no significant omissions[5]. - The company is committed to transparency and legal responsibility regarding the accuracy of its financial disclosures[15]. - The company has not identified any significant non-recurring gains or losses beyond those listed in the regulatory announcements[9]. Other Financial Metrics - Weighted average return on equity fell by 1.99 percentage points to 1.16%[19]. - Non-current assets totaled CNY 4,511,232,029.01, an increase from CNY 4,101,153,584.84 at the end of the previous year[35]. - The company's long-term borrowings decreased to CNY 576,090,665.91 from CNY 592,094,030.45, reflecting a reduction of approximately 2.7%[37]. - The company experienced a foreign exchange impact of -¥61,101.86 on cash and cash equivalents during the quarter[49].

广州广钢气体能源股份有限公司 2023 年年度股东大会会议资料 股票代码：688548 股票简称：广钢气体 广州广钢气体能源股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 1 | 2023 | 年年度股东大会 会议须知 | 3 | | --- | --- | --- | | 2023 | 年年度股东大会 会议议程 | 5 | | 2023 | 年年度股东大会 会议议案 | 7 | | | 议案一：关于 2023 | 年度董事会工作报告的议案 7 | | | 议案二：关于 2023 | 年度监事会工作报告的议案 8 | | | 议案三：关于 2023 | 年年度报告及摘要的议案 9 | | | 议案四：关于 2023 | 年度财务决算报告及 2024 年度预算方案的议案 10 | | | 议案五：关于 2023 | 年度利润分配预案的议案 11 | | | 议案六：关于续聘公司 2024 | 年度审计机构的议案 12 | | | 议案七：关于 2023 | 年度董事、监事及高级管理人员薪酬方案的议案 15 | | | 议案八：关于 2024 | 年度公司申请银行授信额度的议案 17 | ...

Investment Rating - The report assigns a "Buy" rating for the company, with expected net profits for 2023-2025 projected at 350 million, 467 million, and 610 million respectively, corresponding to PE ratios of 38x, 28x, and 22x [3][10]. Core Views - The company focuses on electronic bulk gases, helium, and electronic specialty gases, aiming to become a world-class comprehensive gas company. It emphasizes technological innovation to enhance core competitiveness and provide greener, energy-efficient gas solutions. The gradual implementation of projects is expected to lead to steady growth in performance [3][10]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit of 320 million, up 35.73% year-on-year. The growth is attributed to the ongoing construction and production of electronic bulk gas projects and an improved helium supply chain [19][26]. Financial Summary - Revenue projections for 2023-2026 are as follows: 1.835 billion (2023), 2.260 billion (2024), 2.858 billion (2025), and 3.655 billion (2026), with growth rates of 19.20%, 23.11%, 26.49%, and 27.88% respectively [12][14]. - The net profit forecasts for the same period are 320 million (2023), 350 million (2024), 467 million (2025), and 610 million (2026), with corresponding net profit growth rates of 35.73%, 9.44%, 33.57%, and 30.66% [12][14]. - The company has increased its R&D expenditure to 88.76 million in 2023, a 23.79% increase year-on-year, and has filed 39 patents, receiving 22 authorizations [26].

证券代码：688548 证券简称：广钢气体 广州广钢气体能源股份有限公司 投资者关系活动记录表 编号：2024-002 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 电话会议 □其他 （请文字说明其他活动内容） China Merchants Fund Management Company, 参与单位名称 Limited 、 China Pacific Insurance(group) ...

2024 年 03 月 29 日 公司研究 评级：增持(维持) 最近市场走势 2024 年 3 月 25 日，广钢气体发布 2023 年年报：2023 年，公司实现营 业收入 18.35 亿元，同比增长 19.20%；实现归母净利润 3.20 亿元，同 比增长 35.73%；实现扣非净利润 3.09 亿元，同比增长 39.09%。 新增项目投产带动电子大宗及现场制气营收增长。2023 年，公司实现营 业收入 18.35 亿元（YoY+19.20%），增长主因电子大宗新建项目陆续供 气，以及氦气市场开发力度持续加大。按产品分类，电子大宗气体收入 12.11 亿 元 （ YoY+25.14% ， 占 比 65.96% ）， 毛 利 率 为 39.10% （YoY-5.42pct）；通用工业气体收入 5.15 亿元（YoY+15.60%，占比 28.03%），毛利率为 24.35%（YoY-5.05pct）。按销售模式分，现场制气 收入 8.40 亿元（YoY+41.42%，占比 45.78%），毛利率为 41.42% （YoY+1.44pct）；零售供气收入 8.85 亿元（YoY+4.33%，占比 48.22% ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 12.71-14.13 RMB per share, based on a 2024 PE valuation of 45.0-50.0X [8][10][24] Core Views - The company has established a "1+3" competitive landscape in the electronic bulk gas business, competing with three major foreign gas companies (Linde, Air Liquide, and Air Products) [2] - The company's electronic bulk gas market share reached 11.75% in 2023, with a domestic bid-winning capacity share of 24.6%, ranking second in the industry [2] - The company is the first domestic gas company to directly participate in the global helium supply chain, with new production bases in Guangzhou and Wuhan enhancing its market supply capabilities [2] - The company's R&D investment in 2023 increased by 23.79% YoY, reaching 88.76 million RMB, with significant achievements in digitalization, intelligent operation, and helium supply chain technology [23] - The company's revenue in 2023 grew by 19.20% YoY to 1.835 billion RMB, with electronic bulk gas contributing 65.96% of total revenue and helium business showing steady growth [29] Financial Performance and Valuation - The company's revenue is expected to grow to 2.242 billion RMB in 2024, 2.749 billion RMB in 2025, and 3.398 billion RMB in 2026, with net profits of 373 million RMB, 469 million RMB, and 611 million RMB, respectively [10][18] - The EPS is projected to be 0.28 RMB in 2024, 0.36 RMB in 2025, and 0.46 RMB in 2026, with a reasonable market valuation of 16.77-18.64 billion RMB [10][18] - The company's gross margin is expected to stabilize at around 34.4%-35.1% from 2024 to 2026, with a net profit margin of 16.6%-18.0% [18][25] - The company's ROE is forecasted to improve from 5.6% in 2023 to 9.0% in 2026, driven by operational efficiency and revenue growth [18][25] Industry and Competitive Analysis - The company is positioned as a leading domestic supplier of electronic bulk gas, with significant advantages in technology and management, and a clear trend of domestic substitution [24] - The average PE ratio for comparable companies in the electronic bulk gas and specialty gas industry is 27.12X for 2024E and 21.28X for 2025E, reflecting the company's premium valuation due to its competitive edge [24] - The company's helium business is expected to further consolidate its leading position in the domestic market, supported by its global supply chain capabilities [2][23] Operational Highlights - The company secured multiple electronic bulk gas projects in 2023, including Xi'an Xinxin, Guangzhou Zengxin, and Shenzhen STMicroelectronics, contributing to its revenue growth [29] - The company's helium production bases in Guangzhou and Wuhan have been completed and put into operation, enhancing its supply capacity and market competitiveness [2][29] - The company has made breakthroughs in key technologies such as "Super-N" and "Fast-N" nitrogen generation systems, as well as subcritical CO2 transportation technology, strengthening its R&D capabilities [23]

Investment Rating - The report maintains a "Buy" rating for the company [9][16]. Core Views - The company has shown steady growth in performance, with a revenue of 1.835 billion yuan in 2023, representing a year-on-year increase of 19.20%. The net profit attributable to shareholders reached 320 million yuan, up 35.73% year-on-year [11][12]. - The company is focusing on the electronic specialty gas sector, aiming to create new growth drivers, with a planned investment of 1.224 billion yuan in 2024 [13][16]. - The helium gas sales are increasing, which helps mitigate price risks, and the company aims to capture a 5% share of the global helium market [15][16]. Financial Summary - In 2023, the company achieved a total revenue of 1.835 billion yuan, with a growth rate of 19.20%. The projected revenues for 2024, 2025, and 2026 are 2.301 billion yuan, 2.895 billion yuan, and 3.652 billion yuan, respectively, with growth rates of 25.36%, 25.81%, and 26.16% [19]. - The net profit attributable to shareholders for 2023 was 320 million yuan, with projections of 401 million yuan, 535 million yuan, and 714 million yuan for the following three years, reflecting growth rates of 25.50%, 33.42%, and 33.41% [19]. - The company's earnings per share (EPS) for 2023 was 0.24 yuan, expected to rise to 0.30 yuan in 2024, 0.41 yuan in 2025, and 0.54 yuan in 2026 [19]. Market Position - The company holds an 11.75% market share in the electronic specialty gas market, with a second-place ranking in new on-site gas supply projects in the semiconductor and integrated circuit manufacturing sectors [13]. - The company has established a competitive landscape with major foreign gas companies, forming a "1+3" competitive structure in the electronic specialty gas sector [13]. Strategic Initiatives - The company is strategically expanding into the electronic specialty gas industry, with ongoing projects in Hubei and Shanghai [15]. - The company plans to enhance its service capabilities in the semiconductor industry, aiming for high-quality development through significant investments in electronic specialty gases [15].