证券代码：688548 证券简称：广钢气体 公告编号：2024-019 广州广钢气体能源股份有限公司 关于投资建设合肥经开区电子特气研发生产项目的 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： 1、本次投资项目是根据公司战略规划需求和电子气体市场发展的判断， 但行业的发展趋势及市场行情等均存在不确定性，可能对投资项目的建设运 营和预期收益产生不确定性影响。 2、本次投资项目尚需通过有关政府部门审批程序，能否通过相关部门审 批存在不确定性；同时，建设过程中可能会面临各种不确定因素，如资金筹 措不到位等，可能导致项目的实施存在顺延、变更、中止或终止的风险； 3、投资项目投入生产后，受宏观经济、行业政策、市场环境变化等因素 的影响，最终实际实施、生产情况具有不确定性，项目可能存在未能达到预期 收益的风险。 4、本次投资项目涉及的投资金额等数值均为预估数，实际投资金额存在 不确定性，公司将根据实际情况和项目进度分步审慎投资，加强内部管理和费 投资项目名称：合肥经开区电子特气研发生产项目 投资金额：不超过39 ...

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"）坚持贯彻"广钢气智造中国芯、广钢气点亮中国屏"的战 略发展目标，始终秉持"担当、合作、正直、创新、进取"的核心 价值观，以先进的气体运营技术、创新的解决方案，向社会和客户 提供可持续的环境与经济价值创造，助力中国经济社会的转型发展。 广钢气体持续推动高质量发展，致力成为具有世界一流运营能力、 并以最佳绩效回馈利益相关方的综合性气体公司。 公司高度重视投资者利益，关注投资者长期回报，并积极践行 "以投资者为本"的发展理念。为进一步促进公司经营绩效增长， 切实提升投资者的获得感和满意度，实现管理层与股东利益的共担 共享约束，现特制定 2024 年度"提质增效重回报"行动方案，具体 行动措施如下： 一、 聚焦主责主业，推动高质量发展 广钢气体是一家国内领先的电子大宗气体综合服务商，是国务 院"科改示范企业"及广州市国资委重点混合所有制改革项目企业。 公司的主营业务是研发、生产和销售以电子大宗气体为核心的工业 气体。 目前，公司成功打造了全方位、自主可控的气体供应体系，专 业和能力涵盖从气体制备装置的设计到投产运行、气体储运、数字 广州广钢气体能源股份有 ...

1、基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901- 22 至 901-26，首席合伙人肖厚发。 2、人员信息 截至 2023 年 12 月 31 日，容诚会计师事务所共有合伙人 179 人，共有注册 会计师 1395 人，其中 745 人签署过证券服务业务审计报告。 3、业务规模 广州广钢气体能源股份有限公司 关于对容诚会计师事务所（特殊普通合伙） 2023 年度履职情况评估报告 广州广钢气体能源股份有限公司（以下简称"公司"）聘请容诚会计师事务 所（特殊普通合伙）（以下简称"容诚会计师事务所"）作为对公司 2023 年度财 务报告出具审计报告的会计师事务所。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会颁 布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对容诚会计师事 务所在 2023 年度的审计工 ...

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。 证券代码：688548 证券简称：广钢气体 公告编号：2024-020 广州广钢气体能源股份有限公司 关于投资建设三氟化氮电子特气 研发生产项目的公告 重要内容提示： 1、本次投资项目是根据公司战略规划需求和电子气体市场发展的判断， 但行业的发展趋势及市场行情等均存在不确定性，可能对投资项目的建设运 营和预期收益产生不确定性影响。 2、本次投资项目尚需通过有关政府部门审批程序，能否通过相关部门审 批存在不确定性；同时，建设过程中可能会面临各种不确定因素，如资金筹 措不到位等，可能导致项目的实施存在顺延、变更、中止或终止的风险； 3、资项目投入生产后，受宏观经济、行业政策、市场环境变化等因素的影 响，最终实际实施、生产情况具有不确定性，项目可能存在未能达到预期收益的 风险。 4、本次投资项目涉及的投资金额等数值均为预估数，实际投资金额存在不 确定性，公司将根据实际情况和项目进度分步审慎投资，加强内部管理和费用 投资项目名称：三氟化氮电子特气研发生产项目 投资金额：不超过53,4 ...

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].