广钢气体：国内电子大宗气体龙头，引领国产替代

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 9.70 CNY and a reasonable value of 10.93 CNY per share [2]. Core Insights - The company focuses on the development of industrial gases in China, aiming to become a leading enterprise in electronic bulk gases. It has established a strong position in the helium market and has achieved significant domestic substitution in the semiconductor display and integrated circuit manufacturing sectors [3][10]. Summary by Sections Company Overview - The company originated from the Guangzhou Steel Plant and has evolved through foreign cooperation to focus on domestic substitution since 2014. It has developed its main business around electronic bulk gases, particularly excelling in the helium sector [3][19][20]. Financial Performance - The company’s revenue has shown substantial growth, with a projected increase in operating income from 1,540 million CNY in 2022 to 3,086 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 66.2% from 2019 to 2023. The net profit is expected to rise from 235 million CNY in 2022 to 559 million CNY in 2026 [9][39]. Market Position - The company holds an 8.03% market share in the domestic electronic bulk gas market as of 2021 and has been ranked first in new on-site gas projects in the integrated circuit and semiconductor display sectors from 2018 to September 2022 [10][19]. Research and Development - The company has consistently increased its R&D investment, which grew from 27.5 million CNY in 2020 to 71.7 million CNY in 2022, with a CAGR of 61.5%. The revenue generated from core technologies has also increased significantly, accounting for 87.8% of the main business income in 2022 [36][37]. Product Portfolio - The company’s product range includes six major types of electronic bulk gases and key general industrial gases, such as nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, which are widely used in various sectors including semiconductor manufacturing and general industry [24][25]. Growth Drivers - The growth in the electronic bulk gas business is driven by the increasing demand from the semiconductor industry, with revenue growth rates exceeding 40% from 2020 to 2022. The general industrial gas segment has remained stable, contributing to the overall revenue growth [39][40]. Competitive Advantage - The company has broken the foreign monopoly on helium supply by developing a self-controlled technology capability and is the only domestic gas company with long-term, large-scale helium procurement resources [10][19].