证券研究报告 | 2025年11月03日 广钢气体（688548.SH） 优于大市 电子大宗驱动高质增长，盈利拐点或已显现 公司前三季度盈利水平及经营质量持续改善。2025 年 10 月 30 日晚，公司发 布《2025 年第三季度报告》。报告显示，公司 2025 年前三季度实现营业收 入 17.21 亿元，同比增长 14.85%；实现归母净利润 2.01 亿元，同比增长 10.64%；实现扣非归母净利润 1.76 亿元，同比增长 3.86%；实现经营活动产 生的现金流量净额达 6.50 亿元，同比增长 71.99%，主要是公司加强应收账 款管理，客户回款增加所致。从第三季度来看，公司实现营业收入 6.07 亿 元，同比增长 15.40%，环比增长 7.24%；实现归母净利润 0.83 亿元，同比 增长 82.47%，环比增长 36.07%；实现扣非归母净利润 0.72 亿元，同比大幅 增长 90.01%，环比增长 33.33%；实现销售毛利率 27.34%，同比提升 3.33pct， 环比提升 0.37pct；实现销售净利率 14.04%，同比提升，环比提升 5.00pct， 环比提升 3.40pct。第三 ...

证券研究报告 | 2025年11月03日 广钢气体（688548.SH） 优于大市 电子大宗驱动高质增长，盈利拐点或已显现 公司前三季度盈利水平及经营质量持续改善。2025 年 10 月 30 日晚，公司发 布《2025 年第三季度报告》。报告显示，公司 2025 年前三季度实现营业收 入 17.21 亿元，同比增长 14.85%；实现归母净利润 2.01 亿元，同比增长 10.64%；实现扣非归母净利润 1.76 亿元，同比增长 3.86%；实现经营活动产 生的现金流量净额达 6.50 亿元，同比增长 71.99%，主要是公司加强应收账 款管理，客户回款增加所致。从第三季度来看，公司实现营业收入 6.07 亿 元，同比增长 15.40%，环比增长 7.24%；实现归母净利润 0.83 亿元，同比 增长 82.47%，环比增长 36.07%；实现扣非归母净利润 0.72 亿元，同比大幅 增长 90.01%，环比增长 33.33%；实现销售毛利率 27.34%，同比提升 3.33pct， 环比提升 0.37pct；实现销售净利率 14.04%，同比提升，环比提升 5.00pct， 环比提升 3.40pct。第三 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The Q1 performance of the company is in line with expectations, with helium prices expected to recover from the bottom, and on-site gas production is steadily advancing [5] - The company achieved a revenue of 548 million yuan in Q1 2025, representing a year-on-year growth of 19% but a quarter-on-quarter decline of 9% [5] - The company is expected to benefit from the ongoing capital expenditure in the domestic semiconductor and panel industries, with helium prices projected to rise by 10%-25% or more starting December 2024 [5] - The company is enhancing its global supply chain and has signed a long-term helium procurement agreement with Qatar Energy, aiming for an annual procurement volume of approximately 100 million standard cubic feet [5] - The company is establishing a self-controlled equipment manufacturing base to strengthen its advantages in on-site gas production and is expanding into electronic specialty gases [5] Financial Data and Profit Forecast - Total revenue is projected to reach 2,650 million yuan in 2025, with a year-on-year growth rate of 26% [4] - The net profit attributable to the parent company is forecasted to be 306 million yuan in 2025, with a year-on-year growth rate of 23.5% [4] - The earnings per share (EPS) is expected to be 0.23 yuan in 2025, with a projected price-to-earnings (PE) ratio of 46 [4] - The gross profit margin is anticipated to be 28.1% in 2025, improving from 25.8% in Q1 2025 [4] - The return on equity (ROE) is expected to increase to 5.1% in 2025 [4]