侨源股份2025年归母净利润同比预增超50% 三重驱动筑牢行业领跑地位

Core Viewpoint - Sichuan Qiaoyuan Gas Co., Ltd. (Qiaoyuan Shares) expects significant growth in net profit for 2025, driven by expanding gas business, reduced electricity costs, and a low base effect from the previous year [1] Group 1: Financial Performance - For the year 2025, the company anticipates a net profit attributable to shareholders between 226 million to 256 million yuan, representing a year-on-year increase of 51.51% to 71.62% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 215 million to 245 million yuan, reflecting a year-on-year growth of 49.80% to 70.71% [1] - The impact of non-recurring gains and losses on net profit is estimated to be 11 million yuan [1] Group 2: Business Drivers - The growth in performance is attributed to three main factors: continuous expansion of gas business capacity, a decrease in electricity costs improving overall gross margin, and a low base effect from significant long-term asset impairment losses in the previous year [1] - The company has established a comprehensive gas supply and service network, focusing on high-purity gas research, production, and sales, catering to both traditional industries and emerging sectors [1] Group 3: Regional and Technical Development - Qiaoyuan Shares has the largest full liquid air separation gas production line in Southwest China, with ongoing expansions in multiple production bases [2] - In Fujian, the company has set up two air separation gas production lines, primarily serving key clients through pipeline gas supply while also marketing surplus liquid capacity [2] - The company employs strict quality control measures throughout the production process, ensuring stable and compliant product quality [2] Group 4: Competitive Positioning - The company's high growth is supported by a recovery in core business, cost advantages, and a low base effect, positioning it as a leader in the industry [3] - The precise alignment of production capacity with the demands of high-end sectors like renewable energy and semiconductors creates a positive cycle of demand growth, capacity release, and revenue increase [3] - The combination of cost advantages, market share expansion, and scale effects strengthens the company's competitive barriers in emerging fields [3]