研选 | 光大研究每周重点报告 20250315-20250321

Industry Research - The industrial gas industry in China is developing rapidly, with continuous market expansion and a focus on companies with stable cash flow and revenue scale [3] - There is a significant wave of domestic substitution in the electronic specialty gas sector, prompting attention to the product development and capacity expansion of industrial gas companies entering this field [3] Company Research - LiuGong (000528.SZ), established in 1958, has evolved into a major manufacturer of various machinery, including excavators and loaders, and ranks 19th globally and 4th domestically in the engineering machinery sector [3][4] - In 2023, LiuGong achieved a revenue of 27.52 billion yuan, maintaining a leading market share in the domestic loader segment [3] - For the first three quarters of 2024, LiuGong reported a net profit attributable to shareholders of 1.32 billion yuan, reflecting a year-on-year growth of 59.8% [3]