Summary of Conference Call on Semiconductor Materials Industry Industry Overview - The semiconductor materials industry is experiencing significant growth, particularly in the storage segment, with expectations for continued high demand through 2026 [1][2][3] - China is the second-largest semiconductor market globally, and with new capacity being released, its market share is expected to increase further [1][5] Key Companies and Financial Performance - Changxin Storage reported a quarterly net profit close to 4 billion yuan in Q4, with projections for 2026 annual profits to reach 30 to 40 billion yuan [1][2] - The company plans to raise over 30 billion yuan through an IPO, indicating strong growth momentum [1] - Major companies to watch include: - **Anji Technology**: Expected profits between 1.1 to 1.5 billion yuan in 2026, with a potential compound annual growth rate (CAGR) of 30% to 40% over the next three to four years [3][8] - **Dinglong Co.**: Lower exposure to storage but significant revenue from printing consumables [8] - **Guanggang Gas**: Projected profits of over 300 million yuan in 2025, with potential for higher profit elasticity if prices improve [8][9] Market Dynamics - The storage cycle significantly impacts semiconductor materials companies, with short-term price increases leading to higher utilization rates and accelerated new capacity releases [7] - Long-term, the expansion of new capacity will drive sustained growth in material demand [7] - The current market dynamics suggest that companies with high exposure to storage materials will see substantial growth potential [7] Focus Areas and Recommendations - Key areas of focus within the semiconductor materials sector include: - **Silicon Wafers**: Representing the largest share (38%) of wafer manufacturing materials, with domestic manufacturers like Hu Silicon Industry [5] - **CMP Materials**: Companies like Anji Technology and Dinglong Co. are recommended for their high exposure in this area [6] - **Electronic Gases**: Guanggang Gas is highlighted for its significant role in the domestic electronic gas market [5][6] - **HBM-related Materials**: Companies such as Shanghai Xinyang and Xinfu Electronics are expected to benefit from the growth in AI and computing power demands [3][10] Long-term Outlook - The semiconductor materials sector is projected to have a robust long-term growth trajectory, with many companies currently undervalued compared to semiconductor equipment firms [10] - The anticipated increase in storage demand is expected to lead to upward revisions in earnings forecasts for 2026 [10] Conclusion - The semiconductor materials industry is poised for significant growth, driven by strong demand in the storage segment and the ongoing expansion of domestic production capabilities. Key companies are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Group 1 - The stock of Guanggang Gas (688548) closed at 18.12 yuan on January 7, reaching the daily limit with a trading volume of 10.37 billion yuan and a turnover rate of 8.69% [2] - The stock was listed on the daily trading list due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 5.13 billion yuan, with a net buying amount of 450,900 yuan [2] Group 2 - The main capital inflow for the stock was 70.40 million yuan throughout the day [3] - The largest buying department was an institutional special seat with a purchase amount of 106.43 million yuan, followed by the Shanghai-Hong Kong Stock Connect with 74.23 million yuan [3] - The largest selling departments included two institutional special seats with selling amounts of 69.39 million yuan and 61.35 million yuan, respectively [3]

广钢气体今日20cm涨停，成交额10.37亿元，换手率8.69%，盘后龙虎榜数据显示，沪股通专用席位买 入7423.40万元并卖出3784.53万元，1家机构专用席位净买入1.06亿元，有2家机构专用席位净卖出1.31亿 元。 ...

Market Overview - The electronic chemicals sector increased by 0.16% on December 31, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Weiteou (301319) closed at 55.44, up 8.07% with a trading volume of 70,700 shares and a transaction value of 381 million yuan [1] - Xilong Science (002584) closed at 9.21, up 4.07% with a trading volume of 522,100 shares [1] - Guanggang Gas (688548) closed at 14.54, up 3.49% with a trading volume of 158,500 shares [1] - Other notable performers include Xingfu Electronics (688545) up 2.90%, Tiantong Co. (600330) up 2.82%, and Shanghai Xinyang (300236) up 2.67% [1] Fund Flow Analysis - The electronic chemicals sector experienced a net outflow of 14.58 million yuan from institutional investors, while retail investors saw a net outflow of 24.6 million yuan [2] - Conversely, speculative funds recorded a net inflow of 260 million yuan [2] Individual Stock Fund Flow - Shanghai Xinyang (300236) had a net inflow of 122 million yuan from institutional investors, while retail investors faced a net outflow of 198 million yuan [3] - Tiantong Co. (600330) saw a net inflow of 47.23 million yuan from institutional investors, with retail investors experiencing a net outflow of 48.61 million yuan [3] - Xilong Science (002584) had a net inflow of 43.47 million yuan from speculative funds, while retail investors faced a net outflow of 24.38 million yuan [3]

Core Insights - The domestic nuclear fusion industry is entering a phase of intensive bidding, with significant increases in tender amounts observed in recent months [1] - In October, the tender amount approached 500 million yuan, while November saw a staggering 3.9 billion yuan in tenders [1] - China Fusion Energy Co., Ltd. has announced a new tender budget of nearly 150 million yuan since the fourth quarter [1] Group 1: Tender Amounts - The tender amounts for the nuclear fusion sector have surged, with October's figure nearing 500 million yuan and November's reaching 3.9 billion yuan [1] - China Fusion Energy Co., Ltd. has a new tender budget of approximately 150 million yuan in the fourth quarter [1] Group 2: Winning Companies - Over ten A-share companies have won or are pre-qualified for significant nuclear fusion contracts, including Qi Fan Cable, Wangzi New Materials, and Western Superconducting [1] - Qi Fan Cable won a contract for the procurement of 35kV power cables worth over 1.15 million yuan [1] - Wangzi New Materials' subsidiary, Ningbo Xinrong Electric Technology Co., Ltd., secured a contract worth 79.8 million yuan [1] - Western Superconducting's subsidiary, Xi'an Juneng Superconducting Wire Technology Co., Ltd., won a contract for superconducting wire worth 55 million yuan [1] Group 3: Detailed Bidder Information - A table lists various companies and their respective winning bids, including: - Wangzi New Materials: 79.8 million yuan through its subsidiary [2] - Antai Technology: 69.9 million yuan [2] - Western Superconducting: 55 million yuan through its subsidiary [2] - Other notable companies include Oriental Precision Engineering, China Construction, and others with bids ranging from 1.2 million to 49.1 million yuan [2]

Group 1 - The board of directors of Guangzhou Guanggang Gas Energy Co., Ltd. confirms the authenticity, accuracy, and completeness of the announcement content and assumes legal responsibility for it [1] - The company has received a letter from its continuous supervision institution, Guotai Junan Securities Co., Ltd., regarding the replacement of the continuous supervision sponsor representative [1][2] - The original sponsor representative, Mr. Chen Hui, is unable to continue due to work changes, and Mr. Wang Xinsheng has been appointed to take over his duties [1][2] Group 2 - The new continuous supervision sponsor representatives for the company's initial public offering and listing on the Sci-Tech Innovation Board are Mr. Qin Guoliang and Mr. Wang Xinsheng [2] - The change of sponsor representative will not alter the conclusive opinions previously issued by the sponsor institution and does not involve updating related materials [1][2] - The board expresses sincere gratitude to Mr. Chen Hui for his contributions during the continuous supervision period [3] Group 3 - Mr. Wang Xinsheng holds a master's degree and is currently employed in the investment banking department of Guotai Junan Securities, specializing in the TMT sector [4] - Mr. Wang possesses qualifications as a sponsor representative, non-practicing CPA, and international CPA, with a good record in his practice [4] - He has been involved in various projects, including IPOs and refinancing for different companies [4]

Core Viewpoint - Guangzhou Guanggang Gas Energy Co., Ltd. has announced a change in its continuous supervision representative due to the original representative's work relocation, ensuring the orderly continuation of supervision work [1] Group 1 - The company received a letter from its continuous supervision institution, Guotai Junan Securities Co., Ltd., regarding the replacement of its continuous supervision sponsor representative [1] - Guotai Junan Securities, as the sponsor for the company's initial public offering and listing on the Sci-Tech Innovation Board, has appointed Mr. Qin Guoliang and Mr. Chen Hui as the new sponsor representatives [1] - The continuous supervision period is set to last until December 31, 2026 [1] Group 2 - The original sponsor representative, Mr. Chen Hui, is unable to continue due to work changes, prompting the appointment of Mr. Wang Xinsheng to take over the continuous supervision duties [1]

本次保荐代表人更换后，公司首次公开发行股票并在科创板上市项目的持续 督导保荐代表人为秦国亮先生、王新盛先生。 公司董事会对陈辉先生在持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 广州广钢气体能源股份有限公司 关于更换持续督导保荐代表人的公告 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"公司"或"广钢气体"）于近 日收到持续督导机构国泰海通证券股份有限公司（以下简称"国泰海通"）《关 于更换广州广钢气体能源股份有限公司持续督导保荐代表人的函》。国泰海通作 为公司首次公开发行股票并在科创板上市项目的保荐机构，指定秦国亮先生、陈 辉先生为公司首次公开发行股票并在科创板上市项目保荐代表人，负责保荐工作 及持续督导工作，持续督导期至2026年12月31日。 原保荐代表人陈辉先生因工作变动原因，无法继续从事对广钢气体的持续督 导工作。为保证持续督导工作的有序进行，国泰海通现委派保荐代表人王新盛先 生（简历详见附件）接替陈辉先生继续履行持续督导工作。 本次保荐代表人的变更不会改变相关材料 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has seen a year-on-year increase in net profit attributable to shareholders, primarily due to the gradual production of newly established electronic bulk gas projects, which has led to increased capacity [2] - The company is strengthening its position in the electronic bulk onsite gas production sector and enhancing its global helium supply chain [2][3] - The company has successfully secured multiple electronic bulk onsite gas projects in various locations, further solidifying its competitive advantage [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1.721 billion yuan, a year-on-year increase of 14.85%, and a net profit attributable to shareholders of 201 million yuan, up 10.64% year-on-year [1] - In Q3 2025, the company reported operating revenue of 607 million yuan, a year-on-year increase of 15.40% and a quarter-on-quarter increase of 7.15%, with a net profit of 83 million yuan, reflecting a significant year-on-year increase of 82.47% and a quarter-on-quarter increase of 35.99% [1] - The company's gross profit margin was 26.71%, a decrease of 1.22 percentage points year-on-year [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 299 million yuan, 378 million yuan, and 472 million yuan, respectively [3] - The report projects operating revenue for 2025, 2026, and 2027 to be 2.874 billion yuan, 3.637 billion yuan, and 4.354 billion yuan, respectively, with growth rates of 36.65%, 26.52%, and 19.73% [4] - The report indicates a projected P/E ratio of 58 for 2025, decreasing to 37 by 2027 [4][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has seen a significant improvement in profitability due to the gradual production of electronic bulk gases, achieving a revenue of 607 million yuan in Q3 2025, a year-on-year increase of 15.40%. The net profit attributable to shareholders reached 83 million yuan, up 82.47% year-on-year, driven by the new electronic bulk gas projects coming online [4] - The electronic bulk gas market in China is projected to reach 9.7 billion yuan in 2024, with the company holding an estimated market share of 15% [4] - The company has established a robust global supply chain for helium, signing a long-term procurement agreement with Qatar Energy, enhancing its market influence in both domestic and international helium markets [5] Financial Projections - Revenue forecasts for the company are 2.41 billion yuan in 2025, 2.91 billion yuan in 2026, and 3.56 billion yuan in 2027, with net profits expected to be 288 million yuan, 380 million yuan, and 533 million yuan respectively [6][10] - The company is expected to maintain a steady growth rate, with revenue growth rates projected at 14.69% for 2025, 20.47% for 2026, and 22.49% for 2027 [10][11] - The earnings per share (EPS) is projected to increase from 0.22 yuan in 2025 to 0.40 yuan in 2027 [10][11]