经全体监事表决，形成决议如下： 证券代码：688548 证券简称：广钢气体 公告编号：2024-037 广州广钢气体能源股份有限公司 第二届监事会第二十次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 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"）第二 届监事会第二十次会议通知于 2024 年 8 月 23 日送达全体监事，本次会议于 2024 年 8 月 29 日在公司会议室以现场结合通讯方式召开。会议由监事会主席林敏女 士召集并主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召 开符合《中华人民共和国公司法》等法律、法规和《广州广钢气体能源股份有限 公司章程》的有关规定，会议决议合法有效。 二、监事会会议审议情况 监事会 2024 年 8 月 30 日 （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 监事会认为：根据《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》《上市公司监管指引第 2 号——上市公司募集 ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-036 广州广钢气体能源股份有限公司 关于股东减持股份计划的公告 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。 上述减持主体无一致行动人。 上述股东上市以来未减持股份。 二、减持计划的主要内容 | | 计划减持 | 计划减 | | | | 减持合理 | 拟减持 | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 数量 | 持比例 | 减持方式 | | 减持期间 | 价格区间 | 股份来 | 持原 | | | （股） | | | | | | 源 | 因 | | 井冈山橙 | 不超过： | 不超 | 竞价交易减 | | 2024/9/1 | 按市场价 | IPO 前 | 自身 | | 兴 | 26,387,9 | 过： | 持，不超过： | | 8～ | 格 | 取得 | 资金 | | | 70 股 | 2.00% | 13,193,985 | 股 | 202 ...

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 [2][7]. Core Views - The company is a leading supplier of electronic bulk gases in China, with a steadily improving helium supply chain and ongoing progress in electronic bulk gas projects. The expansion into electronic specialty gases is expected to enhance core competitiveness and provide comprehensive gas product services to the semiconductor industry. As projects gradually materialize, the company's performance is anticipated to grow steadily [2][6]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 973 million, an increase of 8.60% year-on-year, while the net profit attributable to shareholders was 136 million, a decrease of 14.39% year-on-year. In Q2 2024, revenue was 512 million, up 6.25% year-on-year and 11.04% quarter-on-quarter, with a net profit of 69 million, down 18.14% year-on-year but up 2.19% quarter-on-quarter [1][2]. - The electronic bulk gas segment generated revenue of 705 million in H1 2024, affected by low helium prices, resulting in a gross margin of 32.98%. The general industrial gas segment reported revenue of 223 million with a gross margin of 17.69% [1][2]. Earnings Forecast - The company forecasts net profits of 350 million, 467 million, and 610 million for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 29x, 21x, and 16x [2][3]. Revenue Growth Projections - Projected revenues for the company are 2,260 million in 2024, 2,858 million in 2025, and 3,655 million in 2026, with growth rates of 23.11%, 26.49%, and 27.88% respectively [3][5].

Financial Performance - In the first half of 2024, the company achieved revenue of 973 million CNY, a year-on-year increase of 8.6% [3] - Net profit attributable to shareholders was 136 million CNY, a decrease of 14.4% year-on-year [3] - Operating cash flow increased by 6% year-on-year [3] - In Q2 2024, revenue reached 512 million CNY, with a quarter-on-quarter growth of 11% [3] - Net profit for Q2 was 69 million CNY, reflecting a quarter-on-quarter increase of 2.2% [3] Business Segments - Helium business sales volume increased by nearly 30% year-on-year in the first half of 2024 [3] - Non-helium business revenue grew by over 30% year-on-year, with gross profit increasing by over 50% [3] - The contribution of helium business gross profit is gradually decreasing, while non-helium business gross profit contribution is increasing [4] Market Conditions - The company faced significant pressure due to the decline in helium prices, impacting revenue and profit contributions [4] - The overall gross profit remained stable, with gross profit for Q3 and Q4 2023 at 146 million CNY and 147 million CNY, respectively, and Q1 and Q2 2024 maintaining between 140 million CNY and 150 million CNY [4] Future Outlook - The company anticipates continued revenue growth in the second half of 2024, driven by new project opportunities and increased demand from existing clients [5][6] - The market is expected to see larger gas consumption projects emerging, which the company will actively pursue [5] Competitive Landscape - The ultra-pure electronic gas market requires high technical and operational capabilities, with the company strengthening its competitive position through project recognition from semiconductor clients [7] - The company is focused on maintaining a healthy investment return to support the lifecycle of semiconductor factories [7] Project Developments - The company has ongoing projects in various locations, with completion timelines ranging from 2024 to 2026 for different facilities [8][9] - The company is developing a diversified global helium supply chain to mitigate market uncertainties [9]

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 年半年度持续督导跟踪报告 | 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 6 月 30 日持续督导期内（以下简称"本持续 ...

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 首次公开发行部分限售股上市流通的核查意见 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，对公司首次公开发行部分限售股上市流通进行了核查， 具体情况如下： 一、本次上市流通的限售股类型 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），公 司获准首次向社会公开发行人民币普通股（A股）329,849,630股，并于2023年8 月15日在上海证券交易所科创板挂牌上市。公司首次公开发行后，总股本为 1,319,398,521股，其中有限售条件流通股为1,076,178,956股，无限售条件流通股 243,219,565股。 本 ...

本次股票上市流通总数为 308,093,207 股。 本次股票上市流通日期为 2024 年 8 月 15 日。 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：2024-035 广州广钢气体能源股份有限公司 首次公开发行部分限售股及战略配售限售股股票 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。 重要内容提示： 本次股票上市类型为首发战略配售股份（限售期 12 月）；股票认购方式为 网下，上市股数为 57,750,758 股。本公司确认，上市流通数量等于该限售期的全 部战略配售股份数量。 除首发战略配售股份外，其他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 250,342,449 股。 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）， 广州广钢气体能源股份有限公司（以下简称"公司"）获准首次向社会公开发行人 民币普通股（A 股）329, ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][7] Core Insights - The company reported a revenue of 973 million yuan for the first half of 2024, representing a year-on-year growth of 8.60%, while the net profit attributable to shareholders decreased by 14.39% to 136 million yuan [4][5] - The electronic bulk gas segment achieved a revenue of 705 million yuan, a significant year-on-year increase of 66.81%, contributing 72.49% to total revenue, although its gross margin decreased by 8.37 percentage points to 32.98% [4][5] - The general industrial gas segment saw a revenue of 223 million yuan, a modest year-on-year growth of 1.52%, accounting for 22.88% of total revenue, with a gross margin of 17.69%, down 14.33 percentage points [4][5] - The company is expanding its core electronic bulk gas business and has made progress in general industrial gas projects, enhancing its market position [5] - Helium sales volume continued to grow, but pricing pressures remain, impacting the gross margin of the main business [5] - The company forecasts revenues of 2.097 billion yuan, 2.580 billion yuan, and 3.164 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 324 million yuan, 450 million yuan, and 580 million yuan [6][9] - The estimated reasonable market capitalization for the company is between 14.601 billion yuan and 16.224 billion yuan, translating to a reasonable share price range of 11.07 to 12.30 yuan [7][9] Financial Performance - For the first half of 2024, the company reported total assets of 7.684 billion yuan [4] - The gross margin is projected to be 32.6% in 2024, with a gradual recovery expected in subsequent years [9] - The company’s net profit margin is expected to be 15.5% in 2024, improving to 18.3% by 2026 [9] - The company maintains a strong liquidity position with a current ratio of 4.23 in 2023, projected to decrease to 2.51 by 2025 [10] Market Comparison - The company is positioned as a leading supplier in the electronic bulk gas sector, with significant competitive advantages and a strong domestic market presence [7] - The average PE ratio for comparable companies in the electronic gas sector is 30.45X for 2024E and 23.69X for 2025E, indicating a favorable valuation for the company [8]

Summary of the Conference Call Company Overview - The conference call is regarding Guanggang Gas, a leading player in the electronic gas industry [1] Key Points and Arguments - The call featured key executives including the Chairman and President, Mr. Deng, the Chief Financial Officer, Mr. Shi, and the Secretary of the Board, Mr. He, who provided insights into the semi-annual report [1] - Guanggang Gas is continuously covered and recommended as a core investment target [1] Additional Important Content - The company is recognized for its leadership position in the electronic gas sector, indicating strong market presence and potential for growth [1]

Investment Rating - The report maintains an "Increase" rating for the company Guanggang Gas (688548) [2] Core Views - The company's revenue growth is driven by the commercial supply of gas from on-site gas production projects, with Q2 2024 revenue reaching 512 million yuan, a year-on-year increase of 6.25% [4] - The impact of helium prices is weakening, and the gross margin remains relatively stable at 29.44% in Q2 2024, with effective cost control contributing to this stability [5] - Significant increases in fixed assets, amounting to 3.162 billion yuan at the end of Q2 2024, are expected to drive future growth [5] - The company maintains a strong position in the electronic bulk gas market, with ongoing expansion in semiconductor projects and a commitment to becoming a leading helium supplier in China [5] Financial Summary - For the first half of 2024, the company achieved revenue of 973 million yuan, a year-on-year increase of 8.60%, while net profit attributable to the parent company was 136 million yuan, down 14.39% [5] - The company's gross margin for Q2 2024 was 29.44%, showing slight stability compared to previous quarters, while net profit margin followed a similar trend [5] - The company forecasts net profits of 351 million yuan, 483 million yuan, and 620 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 32.5, 23.6, and 18.4 [5][6]