Peric Special Gases (SH:688146) 光大证券研究·2026-02-24 23:03Core Viewpoint - The company is experiencing steady growth in 2025, driven by the rapid development of artificial intelligence and increasing demand for high-end chips and displays, which boosts sales of electronic specialty gases [4][6]. Group 1: Financial Performance - In 2025, the company achieved a revenue of 2.26 billion, representing a year-on-year growth of 15.88% compared to the adjusted figure of 1.95 billion in 2024 [4]. - The net profit attributable to shareholders reached 347 million, marking a year-on-year increase of 12.92% from the adjusted 307 million in 2024 [4]. - The net profit after deducting non-recurring items was 239 million, reflecting a year-on-year growth of 15.82% compared to the adjusted 206 million in 2024 [4]. Group 2: Project Developments - The company’s high-purity electronic gas project in Inner Mongolia, with an annual production capacity of 75,000 tons of nitrogen, has completed its environmental protection acceptance [5]. - The company has received safety production licenses for its high-purity electronic gas projects, ensuring the release of sales for the entire year [6]. Group 3: Product and Capacity Expansion - The company leads the world in production capacity for trifluorine (18,500 tons/year) and has the largest production base for hexafluorotungsten (2,000 tons/year) [7]. - The company is expanding its product offerings, including high-purity hydrogen sulfide and various precursor materials, with significant investments planned to enhance production capabilities [8]. - The company’s fluorocarbon gas products have reached a purity level of 4N and are now in bulk supply, while other inorganic gases have achieved purity levels of 5N or higher [8]. Group 4: Industry Trends - The global 12-inch wafer monthly capacity is projected to reach 11.1 million pieces by 2028, with a CAGR of approximately 7% from 2024 to 2028, driven by the expansion of advanced process capacities [9]. - The demand for electronic chemicals is increasing due to the stringent purity and stability requirements in advanced processes, indicating a potential concentration of market share among leading suppliers like the company [9].