广钢气体（688548）：电子大宗气体龙头，受益国产替代红利

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 11.88 CNY, based on a 45 times PE for 2025 [7][11]. Core Insights - The company is a leading domestic supplier of high-purity electronic gases, benefiting from the domestic substitution trend in the semiconductor industry. It has achieved a market share of 15.3% in the bulk gas market by 2024, breaking the foreign monopoly [1][2][20]. - The company's revenue is projected to grow significantly, with expected revenues of 7.8 billion CNY in 2025 and 20.2 billion CNY in 2027, driven by major projects coming online [2][11]. - The helium price cycle is showing signs of recovery, which is expected to improve the company's profitability in the coming years [4][11]. Summary by Sections Company Overview - The company has a history of over 50 years in the gas industry, transitioning from a gas supply plant for a steel factory to a specialized gas supplier. It has successfully broken the foreign monopoly in the electronic gas sector [1][20]. - Revenue increased from 867 million CNY in 2020 to 2.103 billion CNY in 2024, with a CAGR of 24.8%. However, net profit decreased from 270 million CNY to 248 million CNY during the same period due to helium price fluctuations [16][19]. Electronic Bulk Gas Market - The electronic bulk gas market in China is expected to reach 9.7 billion CNY in 2024, with a projected CAGR of 7.5% from 2025 to 2030. The company has a leading position with a 41% new bid rate in 2024 [2][45]. - The company’s bulk gas business accounted for 71% of its revenue in 2024, with a significant increase in sales driven by the semiconductor industry [1][24]. General Industrial Gas - The general industrial gas segment remains stable, generating 4-5 billion CNY in revenue, with key clients including major corporations in various industries [3][31]. Helium Price Recovery - The company is the largest domestic helium importer, with 13.4% of the national import volume in 2024. The current helium prices are at historical lows, but a recovery is anticipated, which will enhance profit margins [4][11][24]. Financial Projections - The company is expected to achieve net profits of 348 million CNY, 582 million CNY, and 842 million CNY for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 41%, 67%, and 45% [11][12].