广钢气体：公司首次覆盖报告：国内电子大宗龙头企业，加速推进国产替代

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its future performance [44]. Core Insights - The company is positioned as a leading domestic supplier of electronic bulk gases, primarily used in high-end manufacturing sectors such as semiconductors, displays, and photovoltaics. The report suggests that the company is likely to benefit from domestic policy support and expanding downstream demand, marking a window for domestic substitution in electronic bulk gas supply [44]. - The company has a robust technology system for electronic bulk gases, which includes high-purity nitrogen, oxygen, argon, carbon dioxide, and helium. The sales model encompasses both onsite gas production and retail supply [62][44]. - The company has successfully acquired Lind's helium business, enabling it to break the foreign monopoly in the helium market and establish itself as a leading helium supplier in China [59][44]. Summary by Sections Electronic Bulk Gases - The company’s electronic bulk gas revenue is expected to grow steadily, with projected revenues of CNY 1.64 billion, CNY 2.32 billion, and CNY 2.93 billion for 2024, 2025, and 2026, respectively, reflecting growth rates of 35.98%, 40.81%, and 26.56% [43]. - The gross margin for electronic bulk gases is anticipated to recover slightly in 2024, reaching 40.00%, after a decline due to falling helium prices [43][44]. Market Position and Competitive Landscape - The company has a significant market share in the domestic semiconductor and display sectors, with a 25.4% share of newly built electronic bulk gas stations from 2018 to September 2022, ranking first in the industry [36]. - The company has established long-term stable partnerships with major clients, ensuring strong profitability and reinforcing its leading position in the industry [33]. Technology and Innovation - The company has developed a comprehensive technology system for electronic bulk gases, achieving ppb-level purity in its products, which aligns with international standards [52]. - The company’s proprietary technologies include advanced gas production, storage, transportation, and digital operation technologies, enhancing its operational efficiency and product quality [52]. Future Outlook - The company is expected to see significant growth in its electronic bulk gas business over the next few years, with a strong pipeline of projects and a favorable market environment [62][44]. - The report forecasts net profits of CNY 347 million, CNY 499 million, and CNY 672 million for 2024, 2025, and 2026, respectively, indicating a positive growth trajectory [44].