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 2023 年度持续督导现场检查报告 上海证券交易所： 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。 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》等有关法律、法 规要求，海通证券作为持续督导保荐机构，于 2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [10][20]. Core Viewpoints - The company is positioned as a comprehensive, platform-type gas company with significant long-term growth potential. It has a prominent position in electronic bulk gases, and with the ramp-up of new projects and ongoing expansions in downstream sectors, it is expected to maintain a certain and rapid growth trajectory. Additionally, the company is enhancing its helium production capacity and logistics, aiming to become the largest domestic and a tier 1 global helium supplier. The expansion of electronic specialty gases is progressing steadily, and the company is also increasing its focus in key areas of general industrial gases [2][4]. Financial Summary - The company achieved a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.2%. The net profit attributable to shareholders was 319 million yuan, with a year-on-year increase of 35.7% [19][20]. - The projected net profits for 2023-2025 are 319 million yuan, 413 million yuan, and 611 million yuan, respectively, with corresponding PE ratios of 44.9, 34.7, and 23.5 [20]. - The gross margin for 2023 is estimated at 36.0%, with expectations to rise to 40.1% by 2025 [11][20]. Market Performance - The company reported a quarterly revenue of 480 million yuan in Q4 2023, a 4.4% increase from the previous quarter, driven by the ramp-up of new electronic bulk gas projects and a stabilization in helium prices [12][14]. - The net profit for Q4 2023 was 93 million yuan, reflecting a 35.6% quarter-on-quarter growth, attributed to reduced volatility in helium prices and the contribution from high-margin electronic bulk gas projects [14]. Company Overview - The company is recognized as a leading player in the domestic electronic bulk gas market, benefiting from the ongoing expansion in semiconductor manufacturing and display industries, which are expected to continue driving demand for its products [4][19].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][8][40]. Core Views - The company is the only domestic gas company with long-term, large-scale, and multiple gas source helium procurement resources. Since entering the global helium supply chain in 2020, the company has actively built a self-controlled capability across the entire supply chain [5]. - The electronic bulk gas sector, where the company operates, has strong stability and barriers, with a solid order backlog ensuring strong growth prospects. The company adjusted its 2023 revenue forecast to 1.835 billion yuan, with a net profit of 319 million yuan, and maintained revenue forecasts for 2024 and 2025 at 2.598 billion yuan and 3.369 billion yuan, respectively [8][26]. - The company is expanding its helium supply capacity significantly, with plans to increase the number of liquid helium cold boxes from 25 at the end of 2022 to over 100 by the end of 2025, which will double its helium supply capacity [6][27]. Financial Performance - In 2023, the company achieved a revenue of 1.835 billion yuan, a year-on-year increase of 19.20%, and a net profit of 319 million yuan, a year-on-year increase of 35.68%. The fourth quarter of 2023 saw a revenue of 480 million yuan, a quarter-on-quarter increase of 4.4% [25][41]. - The company expects to reach an annual helium supply capacity of approximately 4.5 million cubic meters in 2024 and 8-9 million cubic meters in 2025, supported by its expanding helium source [6][27]. Project Developments - The company is actively developing electronic specialty gas projects, including a 3.9 billion yuan electronic specialty gas project in Hefei, expected to start construction in March 2024 and be completed by December 2025. This project will produce various high-purity gases [14][29]. - Key projects such as those for Crystal Integrated A3, Huaxing Optoelectronics T9, and Hefei Changxin Storage are set to commence gas supply in 2024, laying a solid foundation for future performance growth [27].

电子 2024 年 02 月 25 日 广钢气体 (688548) 报告原因：有业绩公布需要点评 增持（维持）投资要点： 公司发布 2023 年业绩快报，Q4 单季度业绩略超预期。报告期内，公司实现营收 18.35 亿元（YoY+19.20%），实现归母净利润 3.19 亿元（YoY+35.68%），实现扣非归母净 利润 3.09 亿元（YoY+39.32%），业绩略超预期。2023 年公司业绩同比增长明显，主要 原因：1）前期新建电子大宗气体项目陆续供气，带动业绩稳步增长；2）公司持续加大氦 气市场开发力度，销量保持增长态势；3）所得税税率变化。其中 23Q4 单季度实现营收 4.80 亿元（YoY-6.86%，QoQ+4.36%），实现归母净利润 0.93 亿元（YoY-21.09%， QoQ+35.63%），实现扣非归母净利润 0.88 亿元（QoQ+35.50%），单季度业绩略超预 期。23Q4 公司单季度业绩环比改善显著，主要原因：1）陆续进入供气阶段的电子大宗气 体项目用气量逐步爬升；2）氦气价格逐步趋稳。 电子大宗气体业务：优质赛道大有可为，公司突破外资垄断，长坡厚雪未来可期。公司凭 借自主研发 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][15]. Core Insights - The company is projected to achieve a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.20%. The expected net profit attributable to shareholders is 319 million yuan, reflecting a growth of 35.68% [2][26]. - The company is focusing on the electronic bulk gas market, with several key projects expected to contribute to revenue growth, including those from major clients in the semiconductor and advanced manufacturing sectors [2][15]. - The helium business is also expected to see increased sales volume, with the company enhancing its transportation capabilities to become a Tier 1 global helium supplier [2][15]. Financial Summary - The company forecasts revenues of 1.835 billion yuan for 2023, 2.331 billion yuan for 2024, and 3.003 billion yuan for 2025, with corresponding net profits of 319 million yuan, 416 million yuan, and 601 million yuan respectively [4][15]. - The projected EBITDA for 2023 is 602.09 million yuan, with a growth rate of 19.20% [4]. - The earnings per share (EPS) are expected to be 0.24 yuan in 2023, increasing to 0.46 yuan by 2025 [4][5]. Market Performance - The stock's current price corresponds to a price-to-earnings (P/E) ratio of 44 times for 2023, which is expected to decrease to 23 times by 2025, indicating a potential for valuation improvement [15][26]. - The company has a market capitalization of 14.1 billion yuan and a circulating market value of 2.8 billion yuan [25].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [25][8]. Core Views - The company has signed an investment agreement with the government of Jiande City to establish an air separation gas intelligent equipment manufacturing base, with an initial investment of approximately 157 million yuan [4][8]. - The company aims to enhance its core competitiveness by developing its own equipment design technology and production capacity, thereby establishing a self-controlled manufacturing base [8]. - The company is recognized as a leading comprehensive service provider for electronic bulk gases, leveraging its proprietary technology and extensive operational experience in gas production [8]. Financial Summary - Total shares outstanding: 1.319 billion; circulating shares: 0.262 billion [2]. - Debt-to-asset ratio stands at 37.4% [3]. - Projected revenue for 2022A is 1,540 million yuan, with expected growth rates of 30.72% in 2022, 22.30% in 2023, 25.44% in 2024, and 27.15% in 2025 [5][11]. - Projected EBITDA for 2022A is 508.17 million yuan, with a forecasted increase to 1,007.36 million yuan by 2025 [5]. - The net profit attributable to the parent company is projected to grow from 235.47 million yuan in 2022A to 596.54 million yuan in 2025, reflecting a growth rate of 95.22% in 2022 [5][11]. - Earnings per share (EPS) is expected to rise from 0.18 yuan in 2022A to 0.45 yuan in 2025 [5]. - The current price-to-earnings (P/E) ratio is 60.46, expected to decrease to 23.86 by 2025 [5][25]. Market Performance - The latest closing price is 10.79 yuan, with a 52-week high of 13.69 yuan and a low of 9.33 yuan [6][7]. - The company's market capitalization is 14.2 billion yuan, with a circulating market value of 2.8 billion yuan [20].

证券代码：688548 证券简称：广钢气体 公告编号：2024-015 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： 1 投资标的名称：智能装备制造基地项目（一期）。（具体以备案项目名称 为准） 本项目预计总投资金额约为15,687万元人民币（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，本次投资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。 特别风险提示： 1. 本项目的实施，尚需向政府有关主管部门办理项目备案、环评审批等前 置审批工作，如遇国家或地方有关政策调整、项目审批等实施程序条件 发生变化等情形，本项目实施可能存在变更、延期、中止或终止的风险。 2. 本项目投资是基于公司战略发展的需要及对行业市场前景的判断，但行 业的发展趋势及市场行情的变化 ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-014 广州广钢气体能源股份有限公司 关于合肥启航恒鑫投资基金合伙企业（有限合伙） 完成基金备案的进展公告 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。 一、对外投资概述 广州广钢气体能源股份有限公司(以下简称"公司")已于 2024 年 1 月 4 日 经第二届董事会第二十四次会议审议通过了《关于参与设立合肥启航恒鑫投资基 金合伙企业（有限合伙）的议案》，同意公司参与设立合肥启航恒鑫投资基金合 伙企业（有限合伙）（以下简称"合肥启航恒鑫基金"）。前述事项具体内容及其 后续进展情况详见公司于 2024 年 1 月 6 日和 2024 年 1 月 13 日在上海证券交易 所网站（www.sse.com.cn）披露的《广州广钢气体能源股份有限公司关于参与设 立合肥启航恒鑫投资基金合伙企业（有限合伙）的公告》（公告编号：2024-002）、 《广州广钢气体能源股份有限公司关于参与设立合肥启航恒鑫投资基金合伙企 业（有限合伙）的进展公告》（公告编号：2024-011 ...

证券代码：688548 证券简称：广钢气体 公告编号：2024-013 广州广钢气体能源股份有限公司 首次公开发行网下配售限售股上市流通公告 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限售股份；股票认购方式为网下，上市股数为 18,983,819 股，限售期为自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"）首次公开发行股票上市之日起 6 个月。 本次股票上市流通总数为 18,983,819 股。 本次股票上市流通日期为 2024 年 2 月 19 日（原解除限售日期 2024 年 2 月 15 日为非交易日，上市流通日期顺延至 2024 年 2 月 19 日）。 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 ...

海通证券股份有限公司 1 将于 2024 年2 月 19日起上市流通。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 本次上市流通的限售股属于公司首次公开发行网下配售限售股，自公司首次 公开发行股票限售股形成至今，公司未发生因利润分配、公积金转增等导致股本 数量变化的情况。 关于广州广钢气体能源股份有限公司 首次公开发行网下配售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网下配售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 ...