Group 1 - Ukraine's drone attack on the Orenburg helium plant in Russia is significant as helium is essential for defense, military, and aerospace industries [1][2] - The Orenburg helium plant accounts for approximately 62.5% of Russia's helium production, with an annual production capacity of 5 million cubic meters [4] - Russia is the fourth largest helium resource holder globally, with 6.8 billion cubic meters of helium reserves, contributing to 5% of the world's helium production in 2023 [3] Group 2 - In 2023, China has a helium import dependency of 87.6%, with 7.7% of its helium imports coming from Russia, amounting to 1.78 million cubic meters [5] - The helium supply chain may face disruptions due to the attack, prompting attention towards domestic helium-related companies [6] - Companies like Guanggang Gas and Jinhong Gas are positioned to benefit from the helium supply situation, with Guanggang Gas projected to account for 13.4% of national helium imports in 2024 [6][7]

Investment Rating - Industry rating is Neutral (maintained rating) [7] Core Viewpoints - The recent drone attack on the Orenburg helium plant in Russia, which is a key military industrial enterprise, has raised concerns about potential disruptions in helium supply [1][3] - Russia is the fourth largest helium resource holder and producer globally, with helium resources amounting to 6.8 billion cubic meters, accounting for 13% of the world's total [2] - The Orenburg helium plant contributes approximately 62.5% of Russia's helium production, with an annual production capacity of 5 million cubic meters [3] - In 2023, Russia accounted for 7.7% of China's helium imports, with imports from Russia totaling 1.78 million cubic meters [4] Company Summaries - Guanggang Gas is a major domestic supplier of ultra-pure electronic gases, with helium imports expected to reach 13.4% of the national total in 2024, supporting key sectors like semiconductors and new display panels [5] - Jinhong Gas focuses on gas R&D, production, and sales, with helium product revenue projected to exceed 100 million yuan in 2024, showing a year-on-year increase of 125.53% [5] - Huate Gas aims to localize special gases for high-end industries, with a helium project completed in 2022 and a planned production capacity of 720,000 standard cubic meters [6]