广钢气体：科创板公司深度研究：超高纯制氮工艺与氦气资源打造电子大宗气龙头

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company is positioned as a leader in the ultra-pure nitrogen and helium gas market, benefiting from the domestic substitution process in the electronic bulk gas sector. Its self-developed Super-N ultra-pure nitrogen device has a maximum design supply capacity of 37,000 Nm3/h, meeting the needs of most domestic integrated circuit manufacturing industries [1][9]. - The company has established a comprehensive product matrix covering nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, and has been actively expanding its market share in the electronic bulk gas sector, which has been historically dominated by foreign companies [9][10]. - The company has achieved a compound annual growth rate (CAGR) of 28.4% in revenue from 2020 to 2023, with a revenue of 1.84 billion yuan in 2023, reflecting a year-on-year growth of 19.2% [9][12]. Summary by Sections Revenue and Profitability - The company's revenue is projected to reach 2.239 billion yuan in 2024, with a growth rate of 22%. The net profit attributable to the parent company is expected to be 354 million yuan, reflecting a growth rate of 11% [4][12]. - The gross profit margin and net profit margin for 2023 were 35.1% and 17.4%, respectively, with a slight year-on-year fluctuation [9][12]. Market Position and Competitive Landscape - The company ranks second in the market share for newly built on-site gas projects in the domestic integrated circuit manufacturing and semiconductor display sectors, with a market share of 24.6% in 2023 [10][11]. - The domestic market for electronic bulk gases is experiencing accelerated domestic substitution, with the company actively expanding its market presence against established foreign competitors [10][12]. Supply Chain and Technology - The company has achieved a self-controlled helium supply chain, becoming the largest domestic helium supplier. It has secured helium resources through strategic acquisitions and partnerships, allowing it to participate in the global helium supply chain [11][12]. - The report highlights the company's proprietary technology in ultra-pure nitrogen production, which is crucial for achieving domestic substitution in the electronic bulk gas industry [12][58].