Group 1 - The company reported a revenue of 51.46 million yuan for Q1 2025, representing a year-on-year increase of 28.10%, marking the highest revenue level for the same period since 2023 [1] - The company is progressing with an acquisition plan to purchase 65.43% of Henan Keyi Gas Co., Ltd., which will allow it to gain control over the company [1] - Keyi Gas specializes in industrial gas production, sales, and gas application technology services, enabling the company to quickly enter the industrial gas investment and operation sector [1] Group 2 - The company has been actively developing its hydrogen energy business, with significant results [2] - A joint venture named Shudao Toyota Hydrogen Energy Technology Co., Ltd. is being established with Shudao Group and Toyota Motor, focusing on hydrogen fuel cell systems and components [2] - The signing of the hydrogen fuel cell intelligent manufacturing base project occurred on April 18 [3]

Core Viewpoint - Guanggang Gas (688548.SH) announced a court ruling regarding its subsidiary's bankruptcy claim against Junhua Co., confirming a debt of 168 million yuan, which is significantly lower than the claimed 321 million yuan [2][3]. Company Summary - Guanggang Gas's subsidiary, Henan Guanggang, had a 20-year supply contract with Junhua Co. since 2014, which was disrupted when Junhua entered bankruptcy restructuring in 2022 [5][6]. - The court ruling recognized a bankruptcy claim of 168 million yuan, leaving a gap of 153 million yuan from the original claim [3][4]. - The company has not recognized revenue from Junhua since 2021 and has already accounted for asset impairment losses related to this contract [4]. Industry Summary - The helium gas market has faced challenges, with prices dropping by 32% in 2023 due to supply outpacing demand [8]. - Guanggang Gas's revenue from helium decreased in 2024, with total revenue reported at 2.48 billion yuan, a 22.42% decline year-on-year [8]. - The helium market is expected to see a compound annual growth rate of around 10% over the next five years, driven by demand from sectors like semiconductors and renewable energy [8].

杭氧股份 20250415 摘要 • 中国工业气体市场潜力巨大，独立供应商占比远低于发达国家，管道气和 零售气盈利能力有提升空间。外资企业占据存量市场主导地位，但杭氧股 份等本土龙头在增量市场份额快速提升，未来市场份额有望显著增长。 • 短期内，通缩导致工业气体价格下跌影响企业盈利，但中国制造业在全球 占比 30%，杭氧股份等龙头企业市值被低估。可通过 CPI、PPI 等指数衡 量价格变动，关注全球通胀差异带来的投资机会。 • 杭氧股份市值与全球巨头存在显著差距，PB 估值处于周期底部，ROE 水 平较高。从周期视角看，在 PB 低点买入具有较高潜力，随着行业景气度 回升，赔率角度看具备较高投资价值。 • 中国制造业的全球地位决定了工业气体行业的发展前景。随着经济结构转 型和技术升级，对高附加值产品需求增加，将推动国内龙头企业如杭氧股 份持续增长。 • 杭氧股份作为纯内需标的，贸易摩擦风险较小，攻防兼备。目前 P/E 和 PB 估值均处于低位，业绩拐点向上。即使在气体价格大幅下跌的情况下，仍 能保持盈利，防御能力强。 Q&A 工业气体行业的中长期投资逻辑是否发生变化？ 工业气体行业的中长期投资逻辑并没有发生变 ...

Core Insights - The company reported a total revenue of 2.103 billion yuan for 2024, representing a year-on-year increase of 14.6% [2][3] - The net profit attributable to shareholders decreased to 248 million yuan, down 22.42% year-on-year, while the net profit after deducting non-recurring gains and losses was 230 million yuan, a decline of 25.69% [2][3] - By the end of 2024, total assets reached 7.944 billion yuan, and net assets attributable to shareholders were 5.824 billion yuan, reflecting a slight increase of 1.63% from the previous year [2][3] Business Development - The company focused on core business development, solidifying its leading position in the domestic market and actively participating in the national semiconductor industry development strategy [4] - It successfully secured multiple electronic bulk gas projects, achieving a 41% market share in new on-site gas production projects for integrated circuit manufacturing and semiconductor display, ranking first in the industry [4] - The company enhanced its collaboration with existing customers in the general industrial gas sector, successfully obtaining new on-site gas production projects, thereby increasing its market share in the large pipeline gas supply market [4] Research and Development - The company increased its R&D investment, with total spending reaching 101 million yuan, a year-on-year growth of 13.79% [5] - It focused on the actual gas needs of key downstream customers and industry development trends, continuously improving core technologies and optimizing industrial structure [5] - The company emphasized independent research and development of core technologies to address critical challenges in the industrial gas sector, supporting domestic substitution efforts [5]

Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]

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]

点击注册小程序 我国工业气体行业发展迅速，市场规模由2018年的1,350亿元增长至2022年的1,966亿元，CAGR约10%， 根据金宏气体公司公告援引的亿渡数据，预计到2026年将增至2,842亿元。与此同时，目前我国的大宗供气 市场由外资巨头、国内专业气体供应商以及空分设备制造商占据主要的市场份额，零售气体市场则较为分 散，存在少数专业气体生产企业与大量中小经销商共存的现象。 电子特气国产化浪潮已至，集成电路端的国产化率仍有提升空间 工业气体 被誉为 "工业 的 血液 " ，随产业结构的升级其应用领域正在持续拓宽 根 据制备方式和应用领域的不同，工业气体可以划分为大宗气体和特种气体。工业 气体 下游 应用领域广 泛，化工、冶金、钢铁等 传统行业一直以来是最为主要的需求来源，半导体、显示面板、 光纤通信等电 子领域，以及医疗健康、新能源等多个新兴 行业的持续发展有望进一步提升对工业 气体需求 。 全球气体巨头通过并购、投资等方式拓展份额，也是我国气体企业崛起必由之路 全球工业气体行业发展起步早，历经百余年的发展变迁后已较为成熟，市场集中度不断提高，几家气体巨 头占据了全球工业气体市场主要份额。而经过多年 ...

Macro - The U.S. retail data for February showed a month-on-month increase of 0.2%, which was below the expected 0.6%, indicating weak consumer momentum [4] - The January retail growth rate was revised down from -0.9% to -1.2%, suggesting ongoing economic pressure influenced by policy misalignment [4] - The overall weak retail data aligns with expectations of two to three potential interest rate cuts in 2025 [4] Industrial Gas - The industrial gas industry in China is rapidly developing, with a continuously expanding market size [5] - There is a focus on companies with stable cash flow and certain revenue scale, particularly those entering the electronic specialty gas sector amid domestic substitution trends [5] Real Estate - In February, the transaction area of new residential properties in 30 core cities reached 8.21 million square meters, a year-on-year increase of 22.5% [6] - For January-February, the cumulative transaction area in these cities increased by 5.7%, with average transaction prices up by 7.3% year-on-year [6] - The second-hand housing market also saw significant growth, with a 75.2% year-on-year increase in transaction area in 15 core cities for February [6] Nonferrous Metals - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin production by 5.3% [7] - The supply tightness in the tin market is likely to persist, with low inventory levels in both Shanghai and London [7] Construction Materials - Fixed asset investment data for January-February indicates a potential economic recovery, with infrastructure investment growing by 9.95% year-on-year [9] - Narrowly defined infrastructure investment (excluding certain utilities) also saw a year-on-year increase of 5.6% [9] Electric Vehicles - BYD launched its new generation pure electric technology platform, the Super e platform, on March 17, 2025 [10] - The pre-sale prices for the Han L and Tang L models are set between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan, respectively, with an official launch scheduled for April [10] Company Analysis - Zhongzi Technology reported a revenue of 1.562 billion yuan for 2024, a year-on-year increase of 1.18%, but faced a net loss of 26.86 million yuan [11] - The decline in performance is attributed to weakened downstream demand and increased investment in new business development [11] - The production capacity for composite material structural components is expected to be operational by the end of the year, potentially expanding into the humanoid robot sector [11]

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas sector, consistent with the previous rating [1]. Core Insights - The report highlights a rebound in demand from downstream manufacturing industries, leading to a continuous increase in oxygen prices for five consecutive weeks. The prices of major gases such as oxygen, nitrogen, and argon have shown a week-on-week increase, indicating a positive trend in gas pricing [3][4]. Summary by Sections Price Trends - The average price of liquid oxygen as of March 14 is 412.9 RMB/ton, with a daily increase of 2.4%, weekly increase of 6.8%, monthly increase of 21.4%, and a year-on-year decrease of 3.3% [8]. - The average price of liquid nitrogen is 401.9 RMB/ton, with a daily increase of 0.6%, weekly increase of 0.7%, monthly increase of 11.1%, and a year-on-year decrease of 15.0% [8]. - The average price of liquid argon is 477.1 RMB/ton, with a daily increase of 2.9%, weekly increase of 6.0%, monthly increase of 16.4%, and a year-on-year decrease of 57.1% [8]. Demand and Supply Dynamics - Downstream demand from industries such as metallurgy, machinery manufacturing, and new materials has increased, contributing to the rise in gas prices. The report notes that the production of rebar steel reached 2.271 million tons for the week, reflecting a week-on-week increase of 4.75% and a year-on-year increase of 3.92% [7][8]. - The supply side shows an upward trend in the operating load rate of air separation units, leading to increased liquid oxygen production and a sufficient supply in the market [7]. Recommended Stocks - The report recommends stocks such as Hangzhou Oxygen Plant Co., Ltd. and Shaanxi鼓动力, while benefiting stocks include Huate Gas, Qiaoyuan Co., Ltd., Guanggang Gas, China Shipbuilding Special Gas, Kaimete Gas, Jinhong Gas, and Heyuan Gas [7][20].

股票简称：广钢气体 股票代码：688548 广州广钢气体能源股份有限公司 Guangzhou Guanggang Gases&Energy Co.,Ltd. 广州市南沙区万顷沙镇红钢路 5 号(钢铁基地内) 首次公开发行股票 科创板上市公告书 保荐人（联席主承销商） 上海市广东路 689 号 联席主承销商 广州市天河区珠江东路 11 号 18、19 楼全层 2023 年 8 月 14 日 特别提示 广州广钢气体能源股份有限公司（以下简称"广钢气体"、"发行人"、"公司"、 "本公司"）股票将于 2023 年 8 月 15 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.c ...