Core Viewpoint - The article discusses the competitive landscape of the global electronic gases market, highlighting the dominance of companies from Europe, the United States, and Japan in this sector [3]. Group 1: Major Companies in Europe and the United States - Linde Group (Germany/Ireland) is a leading industrial gas company with a projected revenue of $33 billion for the fiscal year 2024, where electronic gases account for approximately $3 billion, or 9% of its total revenue [6]. - Air Liquide (France) anticipates a revenue of €27.058 billion for the fiscal year 2024, with electronic gases contributing around €2.4 billion, also representing 9% of its total revenue [6]. - Air Products and Chemicals (USA) reported a total revenue of $12.6 billion in 2023, focusing on the sale of industrial gases and specialty gases [6]. - Merck KGaA (Germany) has a strong position in high-purity electronic specialty gases, particularly in the semiconductor processing sector [6]. - Entegris (USA) expects a revenue of $3.2 billion in 2024, with its electronic gas revenue scale unspecified [6]. - Messer Group (Germany) has a projected revenue of €4.5 billion in 2024, with electronic gas revenue details not disclosed [6]. - Solvay (Belgium) is a leading producer of advanced materials and specialty chemicals, including electronic chemicals [6]. - REC Silicon (Norway) is a major producer of high-purity polysilicon and silane gases, with a projected revenue of $140 million in 2024 [6]. Group 2: Major Companies in Japan - Taiyo Nippon Sanso is Japan's largest industrial gas and air separation equipment manufacturer, with a projected revenue of ¥1.31 trillion for the fiscal year 2024 [7]. - Resonac (formerly Showa Denko) has electronic gas products including high-purity gases, with an expected revenue of ¥1.39 trillion in 2024 [7]. - Kanto Denka is a major supplier of fluorinated gases, focusing on semiconductor cleaning and etching processes, with an overall revenue of approximately ¥380 billion in 2023 [7]. - Sumitomo Seika offers a wide range of electronic specialty gases, with a projected revenue of ¥150 billion for the fiscal year 2025 [7]. - Iwatani Corporation specializes in rare gases and semiconductor specialty gases, contributing significantly to the electronic gas market [7]. - Central Glass focuses on high-purity fluorinated gases for semiconductor manufacturing [7]. - ADEKA Corporation has a strong position in high-end fluorinated chemicals and electronic functional materials [7]. - Daikin Industries is a major supplier of fluorinated electronic specialty gases, with significant production capacities [7]. Group 3: Major Companies in South Korea - Daesung Industrial Gases is a key supplier of electronic specialty gases, with a projected revenue of approximately 1.48 trillion KRW (around $1.12 billion) for the fiscal year 2024 [8]. - SK Specialty focuses on semiconductor gases, with major products including trifluorine and hexafluorotungsten, serving major clients like Samsung and SK Hynix [8]. - Wonik Materials is a leading manufacturer of electronic specialty gases, with a focus on ammonia and nitrous oxide [8]. - Foosung specializes in fluorinated electronic gases, particularly hexafluorotungsten and trifluorine [8]. - Hyosung TNC has a strong position in the electronic specialty gas market, particularly in trifluorine [8]. Group 4: Major Companies in China - TEAN is the largest domestic electronic specialty gas company, with a revenue of 1.695 billion CNY in 2024, covering over 80 products [9]. - Yingde Gases is a leading independent industrial gas producer, with a revenue of 16.1 billion CNY in 2021 [9]. - Jiangsu Nanda Optoelectronic Materials is a leading manufacturer of phosphine and arsine, with a revenue of 1.506 billion CNY in 2024 [9]. - Wu Hua Chemical Technology Group is a major supplier of fluorinated electronic gases, with significant production capacities [9]. - Guangdong Huate Gas is a comprehensive service provider of electronic bulk gases, with a projected revenue of 1.84 billion CNY in 2024 [9].

Investment Rating - The report assigns an "Accumulate" rating to the company [1][5]. Core Views - The company is recognized as a leading provider of electronic bulk gases in China, actively promoting domestic substitution in the electronic gas market, which is projected to reach approximately 19.5 billion RMB in 2024 [3][8]. - The company has established three core barriers that enhance its competitive advantage: technological superiority, stable raw material supply, and strong customer relationships [8][55]. Summary by Sections Company Overview - The company, Guangzhou Guanggang Gas Energy Co., Ltd., has evolved into a leading electronic bulk gas service provider in China, with a product range that includes nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide [17][18]. Financial Performance - The company's revenue grew from 867 million RMB in 2020 to 2.103 billion RMB in 2024, with a CAGR of approximately 25% [18][21]. - The projected EPS for 2025, 2026, and 2027 is 0.26 RMB, 0.34 RMB, and 0.43 RMB, respectively, with corresponding PE ratios of 38.4, 29.4, and 22.9 [5][7]. Market Potential - The electronic gas market in China is expected to grow from 19.5 billion RMB in 2024 to 29.8 billion RMB by 2030, with a CAGR of about 7.3% [48][49]. - The company is positioned to benefit from the increasing demand in the semiconductor and display industries, which are critical for the growth of electronic gases [26][48]. Competitive Landscape - The market is characterized by a "stronger gets stronger" effect, with high entry barriers and long customer onboarding cycles, making it difficult for new entrants to replace established suppliers [55][56]. - The company has secured a significant share of new on-site gas projects in the semiconductor and display sectors, increasing its market presence [55][57]. Shareholder Structure - The company is controlled by the Guangzhou Municipal Government, which holds a 36.19% stake, providing long-term resource support and enhancing risk resilience [33][34].