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]

Investment Rating - The report maintains an "Outperform" rating for the company [3][5]. Core Views - The company's Q2 performance is under pressure, with revenue of 973 million yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 136 million yuan, a year-on-year decrease of 14% [3][5]. - The decline in helium prices has impacted performance, but the electronic bulk on-site gas projects are expected to continue growing, benefiting from new project orders [3][5]. - The company is establishing a self-controlled equipment manufacturing base to strengthen its competitive advantage in the on-site gas sector and is expanding into electronic specialty gases [3][5]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 512 million yuan, a year-on-year increase of 6% and a quarter-on-quarter increase of 11% [3][5]. - The gross profit margin for Q2 2024 was 29.44%, with a year-on-year decrease of 7.40 percentage points [3][5]. - The company plans to distribute a cash dividend of 0.42 yuan per share [3][5]. Market Trends - Helium prices have decreased from 1000 yuan per bottle at the beginning of the year to 750 yuan per bottle by the end of Q2 2024 [3][5]. - The company is enhancing its supply chain management and expanding its market share in helium despite the price decline [3][5]. Future Outlook - The company has secured several key projects in the electronic bulk gas sector, which are expected to contribute to stable revenue growth [3][5]. - New investments in electronic specialty gas projects are underway, with planned investments of up to 53.475 million yuan for a nitrogen trifluoride project and 39.324 million yuan for an electronic specialty gas project in Hefei [3][5]. - The projected net profits for 2024-2026 have been adjusted to 321 million, 449 million, and 608 million yuan respectively, reflecting a cautious outlook on helium prices and project uncertainties [3][5].

Investment Rating - The investment rating for the company is "Accumulate" [2][8]. Core Views - The company's revenue growth slowed down to 6.25% year-on-year in Q2 2024, primarily due to a significant drop in helium prices, despite new electronic bulk gas projects being commercialized [2]. - 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 high barriers to entry [2]. - The company is expected to achieve revenues of 2.239 billion, 2.703 billion, and 3.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 354 million, 425 million, and 511 million yuan [2]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 973 million yuan, a year-on-year increase of 8.60%, while the net profit decreased by 14.39% to 136 million yuan [20]. - The gross margin declined by 7.40 percentage points to 29.44% due to the impact of helium price fluctuations [2]. - The company maintained stable sales, management, and R&D expense ratios, with a financial expense ratio decreasing by 3 percentage points due to interest income from idle funds [2]. Revenue and Profit Forecast - The forecast for operating revenue is 1.835 billion yuan for 2023, increasing to 2.239 billion yuan in 2024, 2.703 billion yuan in 2025, and 3.312 billion yuan in 2026, with growth rates of 19%, 22%, 21%, and 23% respectively [4]. - The forecast for net profit attributable to the parent company is 320 million yuan for 2023, increasing to 354 million yuan in 2024, 425 million yuan in 2025, and 511 million yuan in 2026, with growth rates of 36%, 11%, 20%, and 20% respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a steady revenue growth with a revenue of 973 million yuan for H1 2024, representing a year-on-year increase of 8.60%. However, the net profit attributable to the parent company decreased by 14.39% year-on-year, primarily due to the decline in helium prices [2][10] - The company is expected to achieve net profits of 347 million yuan, 499 million yuan, and 672 million yuan for the years 2024, 2025, and 2026 respectively, with current stock prices corresponding to P/E ratios of 32.9, 22.9, and 17.0 times [2][10] - The company is optimistic about the long-term development of its on-site gas production projects and maintains a "Buy" rating [2] Financial Performance Summary - For H1 2024, the company achieved a revenue of 973 million yuan, with a quarter-on-quarter increase of 11.04% and a year-on-year increase of 6.25%. The net profit attributable to the parent company was 69 million yuan, with a year-on-year decrease of 19.67% [2][10] - The company’s gross profit margin for 2024H1 was 29.44%, a decrease of 7.41 percentage points year-on-year and a decrease of 1.31 percentage points quarter-on-quarter [2] - The company’s R&D expenses for Q2 2024 were 26 million yuan, with a quarter-on-quarter increase of 2.40%, and the R&D expense ratio reached 5.01% [6] Strategic Developments - The company is focusing on expanding its electronic bulk gas business and has secured projects such as Wuhan Chuxing (Phase II) and Zhuhai Huacai in H1 2024 [10] - The company is transitioning its retail gas business to on-site gas production, successfully converting existing high-quality bottled gas customers [10] - The company is enhancing its helium supply chain management and construction of a strategic reserve center to increase market share [10]

证券代码：688548 证券简称：广钢气体 公告编号：2024-033 广州广钢气体能源股份有限公司 2024 年半年度募集资金存放与实际使用情况 专项报告 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。 （一）实际募集资金金额、资金到位情况 根据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），并经上海证券交易所 同意，公司首次公开发行人民币普通股（A 股）32,984.9630 万股，每股发行价 格 9.87 元，本次募集资金总额为人民币 3,255,615,848.10 元，扣除各项发行费 用人民币 187,801,211.38 元（不含增值税）后，实际募集资金净额为人民币 3,067,814,636.72 元。上述募集资金已全部到位，并由容诚会计师事务所（特殊 普通合伙）于 2023 年 8 月 10 日对本次发行的资金到账情况进行了审验，出具了 《验资报告》（容诚验字[2023]518Z0120 号）。 （二）本报告期使用金额及期末余额 ...

56 / 232 三、 违规担保情况 □适用 √不适用 □适用 √不适用 □适用 √不适用 八、 上市公司及其董事、监事、高级管理人员、控股股东、实际控制人涉嫌违法违规、受到处罚 及整改情况 □适用 √不适用 3、 临时公告未披露的事项 (三) 共同对外投资的重大关联交易 1、 已在临时公告披露且后续实施无进展或变化的事项 □适用 √不适用 (四) 关联债权债务往来 1、 已在临时公告披露且后续实施无进展或变化的事项 □适用 √不适用 2、 已在临时公告披露，但有后续实施的进展或变化的事项 □适用 √不适用 (六) 其他重大关联交易 □适用 √不适用 | --- | --- | --- | |-------|------------------------------------------------|-------| | | | | | | 十一、 重大合同及其履行情况 | | | (一) | 托管、承包、租赁事项 | | | □适用 | √不适用 | | | | (二)报告期内履行的及尚未履行完毕的重大担保情况 | | | □适用 | √不适用 | | | (三) | 其他重大合同 | | | | | ...

为践行"以投资者为本"的上市公司发展理念，积极响应上海 证券交易所《关于开展科创板上市公司"提质增效重回报"专项行 动的倡议》，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"）已于 2024 年 3 月 26 日正式披露公司《2024 年度"提质 增效重回报"行动方案》（以下简称"《《行动方案》"）。 关于公司 2024 年度"提质增效重回报" 行动方案的半年度评估报告 为进一步落实有关工作安排，切实维护全体股东利益，公司对 《行动方案》在报告期内的执行情况进行全面评估并编制本报告， 具体内容如下： 一、 执行情况评估 1. 立足主责主业，夯实发展根基 核心业务发展：报告期内，公司持续以电子大宗气体业务为核 心开拓市场，成功获取了武汉楚兴（二期）、珠海华灿等电子大宗气 体项目，夯实公司在国内电子大宗气体业务的领先地位。同时，公 司加强存量项目建设进度管理，陆续实现北京集电、方正微、武汉 楚兴（一期）等多个项目的商业化运营，助力公司经营业绩稳步提 升。 氦气供应链完善：公司持续完善氦气供应链全球布局，依托现 有氦气供应链，加强对原料供应的管理和维护能力。同时，公司持 续推动核心供应链以及液氦战略 ...