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].

公 司 研 究 证券研究报告 ＃industryId＃ 电子化学品 请务必阅读正文之后的信息披露和重要声明 主要财务指标 请务必阅读正文之后的信息披露和重要声明 - 2 - | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|-------|---------------------|-------|---------------|------------------|--------|---------------------|--------|-------------| | 附表 ＄ 公司财务报表＄ \n资产负债表 gscwbb\| | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | | 2023 2024E | 2025E | 2026E | 会计年度 | | 2023 2024E | 2025E | 2026E | | 流动资产 | | 3152 3574 3248 3929 | | ...

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 | 项 目 | 工作内容 | | --- | --- | | 2、根据中国证监会相关规定，在持续督导工 | | | 作开始前，与上市公司或相关当事人签署持续 | | | 督导协议，明确双方在持续督导期间的权利义 | 保荐机构已与上市公司签署了保荐协议，协议 | | | 明确了双方在持续督导期间的权利和义务，并 | | 务，并报上海证券交易所备案。持续督导期间， | 已报上海证券交易所备案。本持续督导期间， | | 协议相关方对协议内容做出修改的，应于修改 | 未发生对协议内容做出修改或终止协议的情 | | 后五个交易日内报上海证券交易所备案。终止 | | | 协议的，协议相关方应自终止之日起五个交易 | 况。 | | 日内向上海证券交易所报告，并说明原因。 | | | 3、持续督导期间，按照有关规定对上市公司 | | | 违法违规事项公开发表声明的，应于披露前向 | 本持续督导期间，上市公司未发生需公开发表 | | 上海证券交易所报告，并经审核后予以披露。 | 声明的违法违规事项。 | | 4、持续督导期间，上市公司或相关当事人出 | | | 现违法违规、 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is recognized as a leading domestic electronic bulk gas provider, with significant growth driven by previous orders and project investments [6][12] - The company achieved a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.20%, and a net profit attributable to shareholders of 320 million yuan, up 35.73% year-on-year [6][12] - The company is focusing on expanding its helium supply chain and enhancing its electronic specialty gas product offerings to meet diverse customer needs [12][46] Financial Forecasts and Metrics - Revenue projections for the company are as follows: - 2024E: 2.398 billion yuan (+30.6%) - 2025E: 3.299 billion yuan (+37.6%) - 2026E: 4.064 billion yuan (+23.2%) [3] - Net profit forecasts are: - 2024E: 410 million yuan (+28.4%) - 2025E: 492 million yuan (+19.9%) - 2026E: 612 million yuan (+24.3%) [3] - Earnings per share (EPS) estimates are: - 2024E: 0.31 yuan - 2025E: 0.37 yuan - 2026E: 0.46 yuan [3] - The company’s price-to-earnings (PE) ratios are projected to be: - 2024E: 32.5 - 2025E: 27.1 - 2026E: 21.8 [3] Business Development and Strategy - The company is actively developing new helium supply sources and has signed long-term procurement agreements with suppliers in the US and Russia, aiming for 64% of its helium supply to come from self-developed sources by 2025 [12][39] - The company is focusing on the semiconductor sector, leveraging its electronic bulk gas business to support the introduction of electronic specialty gas products [12][46] - The company has ongoing projects for electronic specialty gases, including high-purity hydrogen and trifluorine nitrogen, which are expected to enhance its competitive position in the market [12][46]

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：2024-001 □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） 景顺长城基金管理有限公司、国泰基金管理有限公司、太 平资产管理有限公司、华宝基金管理有限公司、国联安基 参与单位名称 金管理有限公司、华泰保兴基金管理有限公司、GIC 新加 （排名不分先 坡政府投资公司、银河基金管理有限公司、宁银理财有限 后） ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a revenue of 1.835 billion yuan in 2023, a year-on-year increase of 19%, and a net profit attributable to shareholders of 320 million yuan, up 36% year-on-year [2] - The significant growth in performance is attributed to the gradual supply of gas from newly established electronic bulk gas projects and the ongoing development of the helium market, which has maintained a growth trend in sales [2] - The company has successfully secured several electronic bulk gas projects, reinforcing its leading position in the field, and is actively advancing multiple key electronic bulk gas station projects [2] - The company plans to distribute a cash dividend of 0.76 yuan per 10 shares to all shareholders [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a gross profit margin of 35.06% (down 3.21 percentage points year-on-year) and a net profit margin of 17.42% (up 1.96 percentage points year-on-year) [2] - The fourth quarter of 2023 saw a revenue of 480 million yuan (down 7% year-on-year, up 4% quarter-on-quarter) and a net profit of 93 million yuan (down 21% year-on-year, up 36% quarter-on-quarter) [2] - The company’s fixed assets increased to 2.288 billion yuan, with an addition of 809 million yuan compared to the end of 2022 [2] Revenue Breakdown - The on-site gas production business generated revenue of 840 million yuan (up 49% year-on-year) with a gross margin of 41.42% [2] - Revenue from electronic bulk gases reached 1.211 billion yuan (up 25% year-on-year) with a gross margin of 39.10% [2] - The company’s end-user client revenue increased to 1.501 billion yuan (up 28% year-on-year) with a gross margin of 36.26% [2] Future Outlook - The domestic semiconductor and panel sectors are expected to enter a new round of capital expenditure, which the company is likely to benefit from [2] - The company is expanding its product range by developing electronic specialty gases and has announced investments for new projects in this area [2] - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is set at 414 million yuan, 600 million yuan, and 837 million yuan respectively, with corresponding price-to-earnings ratios of 33, 23, and 17 times [2][4]

Compensation and Remuneration - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 13.23 million RMB[3]. - The total remuneration for core technical personnel at the end of the reporting period was 2.92 million RMB[3]. - The remuneration and assessment committee strictly followed the relevant regulations and unanimously approved all proposals during meetings held on March 17, 2023, and August 1, 2023[9]. - The company has not established any stock incentive plans or other employee incentive measures during the reporting period[15]. Environmental Compliance and Sustainability - The company has not been included in the list of key pollutant discharge units published by environmental protection departments during the reporting period[20]. - The company has implemented measures for the treatment of waste gases, wastewater, and solid waste, ensuring compliance with discharge standards[23]. - The company is actively exploring new technologies and products related to carbon reduction[25]. - The company is committed to reducing water consumption by implementing water management systems and optimizing cooling water usage, aiming to minimize wastewater discharge[27]. - The company is utilizing supercritical carbon dioxide technology for cleaning semiconductor devices, which significantly reduces harmful solvent usage and wastewater generation[26]. - The company has implemented measures to recycle mixed solvents and organic materials, enhancing safety and promoting a green circular economy[26]. - The company is committed to sustainable practices, including reducing emissions and enhancing energy efficiency, while also responding to the rural revitalization strategy through procurement assistance[51]. - The company has developed several innovative technologies, including pure oxygen combustion technology, snow cleaning technology, and VOCs condensation technology, aimed at improving efficiency and reducing environmental impact[57]. Corporate Governance and Compliance - The company has not faced any penalties from securities regulatory agencies in the past three years[5]. - The company actively fulfills information disclosure obligations, ensuring that all shareholders have equal access to information[29]. - The company’s governance practices are aligned with the latest regulations to protect investor rights and promote market health[70]. - The company has established a governance structure to enhance operational management and internal controls, aiming to improve overall profitability in the coming years[75]. - The company commits to not interfere with management activities as a controlling shareholder and will bear compensation responsibilities for any losses caused by violations[75]. - The company will ensure compliance with legal and regulatory requirements when reducing shareholdings, including prior announcements and adherence to trading rules[102]. Financial Performance and Projections - The company reported a significant increase in annual revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[83]. - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected total revenue of $C million[83]. - The company reported a decrease in operational costs by K%, improving overall profitability margins[83]. - Future outlook remains positive, with management expressing confidence in achieving long-term growth objectives[83]. Investment and Fund Management - The total amount raised from the initial public offering (IPO) was approximately ¥325.56 million, with net proceeds after deducting issuance costs amounting to ¥306.78 million[138]. - The company has committed to invest a total of ¥115 million from the raised funds, with an adjusted total investment amount of ¥306.78 million[138]. - The company has established a fundraising management system to ensure that raised funds are used specifically for designated projects, enhancing the efficiency of fund utilization[104]. - The effective amount approved for cash management of raised funds is ¥240 million, with a cash management balance of ¥167 million at the end of the reporting period[142]. Shareholder Information and Structure - The company completed its initial public offering (IPO) of 329,849,630 shares, increasing total share capital from 989,548,891 shares to 1,319,398,521 shares[156]. - The largest shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., holds 272,619,213 shares, representing 20.66% of total shares[168]. - The number of limited sale condition shares increased from 989,548,891 to 1,076,178,956, representing 81.57% of total shares post-IPO[156]. - The company has a total of 1,076,178,956 shares with limited sale conditions, which includes state-owned and other domestic investors[156]. Strategic Development and Market Expansion - The company is focused on developing new products and technologies to drive future growth and market expansion[35]. - The company plans to continue its strategic investments and market expansion efforts in the upcoming fiscal year[174]. - Market expansion efforts include entering G new regions, which are expected to enhance market share by H%[83]. - The company is considering strategic acquisitions to bolster its product offerings and market presence, with potential targets identified[83].

RSM 容诚 审计报告 广州广钢气体能源股份有限公司 容诚审字|2024]518Z0285 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mb.com.com.com.com.cn 。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://accs.mb.com.cn）"进行查报 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10 - 11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15 - 16 | | 10 | 财务报表附注 | 17 - 142 | 容诚审字[2024]518Z0285 号 广州广钢气体能源股份有限公司全体股东: 一、审计意见 我 ...

公司独立董事在报告期内始终保持高度独立性，有关履职行为符合《上 市公司独立董事管理办法》《上市公司治理准则》以及《公司章程》中关于 独立董事独立性的严格规定和相关要求，在内部控制、规范运作以及中小投 资者权益保护等方面有效地履行独立董事职责，为公司决策提供了公正、独 立的专业意见。 广州广钢气体能源股份有限公司 关于公司独立董事独立性自查情况的专项意见 广州广钢气体能源股份有限公司 一、关于公司独立董事独立性自查情况介绍 董事会 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"） 现有独立董事3人，分别为马晓茜、黄晓霞、陈耕云。根据《上市公司独立 董事管理办法》第六条有关规定，广钢气体独立董事对自身独立性情况进行 自查，并将自查情况提交董事会。根据提交的自查结果显示，公司独立董事 均符合《上市公司独立董事管理办法》第六条的独立性要求，不存在直接或 者间接利害关系，或者其他可能影响其进行独立客观判断关系的情形，能够 独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人的影响。 2024年3月25日 二、董事会关于对独立董事独立性情况的评估意见 董事会已对独立董事马晓茜、黄晓霞、陈耕云的任职经 ...

公司代码：688548 公司简称：广钢气体 广州广钢气体能源股份有限公司 2023 年度内部控制评价报告 广州广钢气体能源股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况 ...