Investment Rating - The report assigns a "Buy" rating for the company, with expected net profits for 2023-2025 projected at 350 million, 467 million, and 610 million respectively, corresponding to PE ratios of 38x, 28x, and 22x [3][10]. Core Views - The company focuses on electronic bulk gases, helium, and electronic specialty gases, aiming to become a world-class comprehensive gas company. It emphasizes technological innovation to enhance core competitiveness and provide greener, energy-efficient gas solutions. The gradual implementation of projects is expected to lead to steady growth in performance [3][10]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit of 320 million, up 35.73% year-on-year. The growth is attributed to the ongoing construction and production of electronic bulk gas projects and an improved helium supply chain [19][26]. Financial Summary - Revenue projections for 2023-2026 are as follows: 1.835 billion (2023), 2.260 billion (2024), 2.858 billion (2025), and 3.655 billion (2026), with growth rates of 19.20%, 23.11%, 26.49%, and 27.88% respectively [12][14]. - The net profit forecasts for the same period are 320 million (2023), 350 million (2024), 467 million (2025), and 610 million (2026), with corresponding net profit growth rates of 35.73%, 9.44%, 33.57%, and 30.66% [12][14]. - The company has increased its R&D expenditure to 88.76 million in 2023, a 23.79% increase year-on-year, and has filed 39 patents, receiving 22 authorizations [26].

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：2024-002 □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） China Merchants Fund Management Company, 参与单位名称 Limited 、 China Pacific Insurance(group) ...

2024 年 03 月 29 日 公司研究 评级：增持(维持) 最近市场走势 2024 年 3 月 25 日，广钢气体发布 2023 年年报：2023 年，公司实现营 业收入 18.35 亿元，同比增长 19.20%；实现归母净利润 3.20 亿元，同 比增长 35.73%；实现扣非净利润 3.09 亿元，同比增长 39.09%。 新增项目投产带动电子大宗及现场制气营收增长。2023 年，公司实现营 业收入 18.35 亿元（YoY+19.20%），增长主因电子大宗新建项目陆续供 气，以及氦气市场开发力度持续加大。按产品分类，电子大宗气体收入 12.11 亿 元 （ YoY+25.14% ， 占 比 65.96% ）， 毛 利 率 为 39.10% （YoY-5.42pct）；通用工业气体收入 5.15 亿元（YoY+15.60%，占比 28.03%），毛利率为 24.35%（YoY-5.05pct）。按销售模式分，现场制气 收入 8.40 亿元（YoY+41.42%，占比 45.78%），毛利率为 41.42% （YoY+1.44pct）；零售供气收入 8.85 亿元（YoY+4.33%，占比 48.22% ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 12.71-14.13 RMB per share, based on a 2024 PE valuation of 45.0-50.0X [8][10][24] Core Views - The company has established a "1+3" competitive landscape in the electronic bulk gas business, competing with three major foreign gas companies (Linde, Air Liquide, and Air Products) [2] - The company's electronic bulk gas market share reached 11.75% in 2023, with a domestic bid-winning capacity share of 24.6%, ranking second in the industry [2] - The company is the first domestic gas company to directly participate in the global helium supply chain, with new production bases in Guangzhou and Wuhan enhancing its market supply capabilities [2] - The company's R&D investment in 2023 increased by 23.79% YoY, reaching 88.76 million RMB, with significant achievements in digitalization, intelligent operation, and helium supply chain technology [23] - The company's revenue in 2023 grew by 19.20% YoY to 1.835 billion RMB, with electronic bulk gas contributing 65.96% of total revenue and helium business showing steady growth [29] Financial Performance and Valuation - The company's revenue is expected to grow to 2.242 billion RMB in 2024, 2.749 billion RMB in 2025, and 3.398 billion RMB in 2026, with net profits of 373 million RMB, 469 million RMB, and 611 million RMB, respectively [10][18] - The EPS is projected to be 0.28 RMB in 2024, 0.36 RMB in 2025, and 0.46 RMB in 2026, with a reasonable market valuation of 16.77-18.64 billion RMB [10][18] - The company's gross margin is expected to stabilize at around 34.4%-35.1% from 2024 to 2026, with a net profit margin of 16.6%-18.0% [18][25] - The company's ROE is forecasted to improve from 5.6% in 2023 to 9.0% in 2026, driven by operational efficiency and revenue growth [18][25] Industry and Competitive Analysis - The company is positioned as a leading domestic supplier of electronic bulk gas, with significant advantages in technology and management, and a clear trend of domestic substitution [24] - The average PE ratio for comparable companies in the electronic bulk gas and specialty gas industry is 27.12X for 2024E and 21.28X for 2025E, reflecting the company's premium valuation due to its competitive edge [24] - The company's helium business is expected to further consolidate its leading position in the domestic market, supported by its global supply chain capabilities [2][23] Operational Highlights - The company secured multiple electronic bulk gas projects in 2023, including Xi'an Xinxin, Guangzhou Zengxin, and Shenzhen STMicroelectronics, contributing to its revenue growth [29] - The company's helium production bases in Guangzhou and Wuhan have been completed and put into operation, enhancing its supply capacity and market competitiveness [2][29] - The company has made breakthroughs in key technologies such as "Super-N" and "Fast-N" nitrogen generation systems, as well as subcritical CO2 transportation technology, strengthening its R&D capabilities [23]

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]