Summary of Conference Call Notes Company and Industry - The document covers the domestic Indonesian company Meihua Biological, a leading player in the amino acid industry, which is being rated to outperform the industry with a target price of 13.7 [1] Core Points and Arguments - Meihua Biological is currently valued at a price-to-earnings ratio of 12 times for the year 2024 [1] - The company is recognized as a platform company deeply engaged in the amino acid sector and is making strides into the field of nuclear biology [1] Other Important but Possibly Overlooked Content - The call highlights three main points of interest regarding the company's traditional business in amino acids [1]

Financial Data and Key Metrics Changes - The company has maintained a cumulative cash dividend of 6.3 billion since 2018, with an average dividend payout ratio close to 50% and a current dividend yield of approximately 5.6% [3] - The company has repurchased 185 million shares since 2021, totaling 1.84 billion, contributing to an estimated dividend yield of around 7% [3][10] - Operating cash flow for the company was around 5.2 billion in 2022, with capital expenditures, dividends, and repurchases totaling 1.3 billion, 1.2 billion, and 900 million respectively, indicating a stable cash flow situation [10][29] Business Line Data and Key Metrics Changes - The company is actively upgrading traditional products like threonine and lysine while also launching new strains such as glutamic acid and liquid oxygen [10] - The production capacity for glutamic acid is planned to reach 500,000 tons, and lysine capacity is set to increase by 600,000 tons [10][21] - The amino acid market is expected to grow due to domestic policies encouraging the reduction of soybean meal usage, with domestic amino acid demand growing at a rate of 12% [11][12] Market Data and Key Metrics Changes - The global production of amino acids is approximately 6.15 million tons, with a five-year growth rate of 4%, while domestic production is around 4.3 million tons, growing at 12% [11] - The market share of leading companies in the amino acid sector is concentrated, with the top three companies holding nearly 90% of the market [13][14] - The company has seen a decrease in soybean meal's share in feed, which is expected to continue, providing a long-term growth opportunity for amino acids [12] Company Strategy and Development Direction - The company is transitioning towards synthetic biology and aims to build a comprehensive platform in this field, leveraging its existing fermentation technology [21][26] - The focus is on maintaining stable cash flow while investing in new product development and capacity expansion [10][21] - The company plans to maintain a stable level of capital expenditures while continuing to enhance shareholder returns through dividends and share repurchases [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite potential pressures from new capacity in the market, emphasizing the long-term growth potential of amino acids [68] - The company anticipates a recovery in demand for amino acids in the second half of the year, driven by seasonal factors [13][15] - Management highlighted the importance of maintaining a competitive edge through cost control and strategic investments in R&D [29][21] Other Important Information - The company has applied for 11 invention patents in 2023, supporting future product development [10] - The company has implemented an employee stock ownership plan for four consecutive years, reflecting management's confidence in long-term growth [28] - R&D investment reached 314 million in 2023, indicating a commitment to innovation and new product development [29] Q&A Session Summary Question: How does the company view the future of amino acid pricing? - The company expects amino acid prices to trend upwards due to limited supply and seasonal demand increases in the second half of the year [45][68] Question: What is the company's strategy regarding shareholder returns? - The company plans to maintain annual shareholder returns of around 2 billion, which translates to an attractive yield based on current market capitalization [46] Question: How does the company assess the competitive landscape in the amino acid market? - The company believes that while new capacities may emerge, the overall market dynamics will favor established players due to their ability to manage production costs effectively [68]

公司首次覆盖报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------|-------|------------------------------|----------------------|----------------|------------------------------------|---------|-----------------| | | 图 22 \n90% \n80% \n70% \n60% | | ：全球纯晶圆代工（不含 \n87% | IDM ） \n83% \n74.0% | 2024Q3 \n74% | 平均产能利用率有望继续提升 \n75.5% | 76% | 1-2pcts \n77.5% | | | 50% | | 2023Q1 | 2023Q2 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2E | 2024Q3E | | | | | | 全球纯晶圆代工（不含 | IDM | ）平均稼动率（ | % ） | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company is positioned as a leader in the ultra-pure nitrogen and helium gas market, benefiting from the domestic substitution process in the electronic bulk gas sector. Its self-developed Super-N ultra-pure nitrogen device has a maximum design supply capacity of 37,000 Nm3/h, meeting the needs of most domestic integrated circuit manufacturing industries [1][9]. - The company has established a comprehensive product matrix covering nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, and has been actively expanding its market share in the electronic bulk gas sector, which has been historically dominated by foreign companies [9][10]. - The company has achieved a compound annual growth rate (CAGR) of 28.4% in revenue from 2020 to 2023, with a revenue of 1.84 billion yuan in 2023, reflecting a year-on-year growth of 19.2% [9][12]. Summary by Sections Revenue and Profitability - The company's revenue is projected to reach 2.239 billion yuan in 2024, with a growth rate of 22%. The net profit attributable to the parent company is expected to be 354 million yuan, reflecting a growth rate of 11% [4][12]. - The gross profit margin and net profit margin for 2023 were 35.1% and 17.4%, respectively, with a slight year-on-year fluctuation [9][12]. Market Position and Competitive Landscape - The company ranks second in the market share for newly built on-site gas projects in the domestic integrated circuit manufacturing and semiconductor display sectors, with a market share of 24.6% in 2023 [10][11]. - The domestic market for electronic bulk gases is experiencing accelerated domestic substitution, with the company actively expanding its market presence against established foreign competitors [10][12]. Supply Chain and Technology - The company has achieved a self-controlled helium supply chain, becoming the largest domestic helium supplier. It has secured helium resources through strategic acquisitions and partnerships, allowing it to participate in the global helium supply chain [11][12]. - The report highlights the company's proprietary technology in ultra-pure nitrogen production, which is crucial for achieving domestic substitution in the electronic bulk gas industry [12][58].

证券代码：688548 证券简称：广钢气体 公告编号：2024-029 广州广钢气体能源股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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： 会议召开时间：2024 年 6 月 14 日（星期五）下午 15:00-16:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 会议问题征集：投资者可于 2024 年 6 月 6 日（星期四）至 6 月 13 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 IR@ggas.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 广州广钢气体能源股份有限公司（以下简称"公司"）已分别于 2024 年 3 月 26 日和 2024 年 4 月 20 日发布公司 2023 年年度报告及 2024 年第一季 ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-030 广州广钢气体能源股份有限公司 关于自愿性披露对外投资进展的公告 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： 基于公司发展需要，公司将原计划分两期投入的智能装备制造基地项目调整为 一次整体投资建设，本项目预计总投资金额由原计划一期投资15,687万元人民币（二 期项目建设另行决策和建设）调整为一次整体投资26,769万元人民币（最终投资金额 以项目建设实际投入为准）。 根据《上海证券交易所科创板股票上市规则》和《广州广钢气体能源股份有 限公司章程》规定，本次对外投资调整事项属于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"）总裁办公会审批权限，无需提交公司董事会 或股东大会审议。 本次对外投资不属于关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组事项。 一、 对外投资概述 2024年2月8日，公司与建德市人民政府签订《空分气体智能装备制造基地项目 投资协议书》，拟在建德经济开发区内建设空分气体智能装 ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-028 广州广钢气体能源股份有限公司 2023 年年度 权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/5/24 | 2024/5/27 | 2024/5/27 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经广州广钢气体能源股份有限公司（以下简称"公司"）2024 年 4 月 25 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1. 发放年度：2023 年年度 2. 分派对象： 发现金红利 0.076 元（含税），共计派发现金红利 100,274,287.60 元。 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-027 并于2022年8月参加了骏化股份破产重整事项第一次债权人会议。 广州广钢气体能源股份有限公司 关于控股子公司提起诉讼的公告 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： 一、 本次提起诉讼的基本情况 公司控股子公司河南广钢与骏化股份于2014年7月签署《工业气体供应合同》 （以下简称"合同"），合同期限为至目标供气日起20年届满之日止。2022年4月骏 化股份破产重整，其破产重整管理人于2022年6月通知公司合同解除。2022年7月，公 司作为骏化股份的债权人，向骏化股份破产重整管理人提交了债权申报的相关材料， 就合同涉及的债权确认事项，河南广钢向河南省驻马店市中级人民法院（以下 简称"驻马店中院"、"法院"）提起诉讼，并于近日收到法院出具的《受理案件 通知书》（【2024】豫17民初19号）等相关材料。截至公告日，该案件已立案，尚 未开庭审理。 1 案件所处的诉讼阶段：案件已立案，尚未开庭审理； 上市公司所处的当事人地位：广州广钢气 ...

Investment Rating - The report assigns a "Buy" rating, expecting a relative increase of over 15% in the stock price compared to the benchmark index over the next 6 to 12 months [2]. Core Views - The company is positioned as a leader in electronic gases with strong growth momentum, anticipating a steady operational performance [4][14]. - The company achieved a revenue of 1.84 billion in 2023, representing a year-on-year growth of 19.2% [7][14]. - The net profit for 2023 was 320 million, with a significant increase of 35.7% year-on-year [17][14]. - The company is expected to continue its growth trajectory with projected revenues of 2.35 billion, 2.94 billion, and 3.70 billion for 2024, 2025, and 2026 respectively, indicating growth rates of 28% and 25% [13][14]. Financial Summary - The company's debt-to-asset ratio was reported at 21.5% as of Q1 2024, showing a decrease compared to previous years [17]. - The projected net profit for 2024 is 348 million, with a year-on-year growth rate of 8.9% [14]. - The earnings per share (EPS) are expected to increase from 0.24 in 2023 to 0.44 by 2026 [36][14]. - The company maintains a strong cash flow position, with operating cash flow projected at 1.66 billion for 2024 [56]. Industry Insights - The company is recognized as a domestic leader in electronic bulk gases and helium supply, with a robust order backlog and strong growth potential [14]. - The company is expanding its product offerings into electronic specialty gases, leveraging its existing market share and operational expertise [14]. - The helium market is expected to stabilize, with the company aiming to become a Tier 1 helium supplier globally by increasing its self-sourced helium supply [14].

Investment Rating - The report assigns a "Buy" rating for the company, predicting steady growth in performance due to the gradual implementation of projects [2]. Core Views - The company is a leading supplier of electronic bulk gases in China, with an increasingly complete helium supply chain. It aims to provide comprehensive solutions for the electronic semiconductor industry [2]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit attributable to shareholders of 320 million, up 35.73% year-on-year. For Q1 2024, revenue was 461 million, a year-on-year increase of 11.33%, but net profit decreased by 10.18% [11]. - The company is actively expanding its electronic bulk gas projects and has seen growth in helium sales, although profits were pressured by declining helium prices in Q1 2024 [11]. Financial Summary - Revenue projections for 2024-2026 are 2.26 billion, 2.858 billion, and 3.655 billion, respectively, with corresponding growth rates of 23.11%, 26.49%, and 27.88% [14]. - The net profit attributable to shareholders is projected to be 350 million, 467 million, and 610 million for 2024-2026, with growth rates of 9.44%, 33.44%, and 30.67% respectively [14]. - The company’s diluted earnings per share (EPS) are expected to be 0.27, 0.35, and 0.46 for 2024-2026, with a price-to-earnings (PE) ratio decreasing from 35.27 in 2024 to 20.23 in 2026 [14].