证券代码：688268 证券简称：华特气体 公告编号：2025-035 转债代码：118033 转债简称：华特转债 广东华特气体股份有限公司 （zhengqb@huategas.com）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 广东华特气体股份有限公司（以下简称"公司"）已于 2025 年 4 月 10 日和 广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务 状况，公司计划于 2025 年 05 月 27 日 （星期二） 09:00-10:00 举行 2024 年度 暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: ? 会议召开时间：2025 年 05 月 27 日 （星期二） 09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo. ...

截至公告披露日，华特气体股东厦门华弘多福投资合伙企业(有限合伙)、厦门华和多福投资合伙企业(有 限合伙)、厦门华进多福投资合伙企业(有限合伙)合计直接持有公司20,412,600股股份，占公司总股本的 16.96%，均为无限售条件流通股。 华特气体2024年年度报告显示，华特气体的控股股东是广东华特投资管理有限公司，实际控制人是石平 湘、石思慧。厦门华弘多福投资合伙企业(有限合伙)、厦门华和多福投资合伙企业(有限合伙)、厦门华 进多福投资合伙企业(有限合伙)受同一主体广东华特投资管理有限公司控制。 2019年12月26日，华特气体在上交所科创板上市，发行数量3,000万股，发行价格为22.16元/股。华特气 体的保荐机构(主承销商)为中信建投（601066）证券股份有限公司，保荐代表人为李少杰、温家明。华 特气体本次发行募集资金总额为66,480.00万元，募集资金净额为58,306.11万元。 中国经济网北京5月15日讯华特气体(688268.SH)昨晚发布的股东减持股份计划公告显示，公司股东厦门 华弘多福投资合伙企业(有限合伙)、厦门华和多福投资合伙企业(有限合伙)、厦门华进多福投资合伙企 业(有限合伙) ...

Core Viewpoint - The company, Jin Hong Gas Co., Ltd., has approved a differentiated profit distribution plan, which includes a cash dividend of 1.00 yuan per 10 shares for the fiscal year 2024, with no stock dividends or bonus shares [2][4]. Group 1: Profit Distribution Plan - The net profit attributable to the parent company for 2024 is projected, and the cash dividend will be distributed based on the total shares held by shareholders as of the record date [2][3]. - The company plans to maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds, share buybacks, or other corporate actions [2][3]. Group 2: Share Buyback Details - The company initiated a share buyback program starting from August 27, 2021, and has continued to approve additional buyback plans in subsequent years, with the latest buyback completed on February 12, 2025, totaling 2,465,747 shares [3][4]. - As of the upcoming profit distribution, the company will hold 4,829,996 shares in the buyback account, which will not participate in the profit distribution [3][4]. Group 3: Special Ex-Dividend Treatment - The company has applied for special ex-dividend treatment based on the regulations that state repurchased shares do not have rights to dividends or voting [4][5]. - The impact of the differentiated profit distribution on the ex-dividend reference price is calculated to be minimal, with an absolute value impact of approximately 0.0059% [5]. Group 4: Compliance and Verification - The sponsor, Dongwu Securities, has verified that the differentiated profit distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company or its shareholders [5].

Core Viewpoint - The company has adjusted its 2024 annual profit distribution plan, maintaining a cash dividend of 1.00 yuan per 10 shares while modifying the total share capital and corresponding distribution amount due to changes in share count from convertible bond conversions and share buybacks [1][4][5] Summary by Sections Profit Distribution Adjustment - The profit distribution for 2024 will be based on the total share capital after deducting shares held in the company's repurchase account, with a cash dividend of 1.00 yuan per 10 shares remaining unchanged [1][2] - The total share capital has been adjusted from 481,977,235 shares to 481,977,391 shares, resulting in a revised total cash dividend amount of 47,714,739.50 yuan (including tax) [1][4] Reasons for Adjustment - The adjustment is due to changes in the number of shares eligible for distribution caused by the conversion of convertible bonds and the implementation of a share buyback plan [1][3] Share Buyback and Convertible Bonds - The company completed a share buyback of 2,465,747 shares on February 12, 2025, with a total of 4,829,996 shares in the repurchase account as of the announcement date [3][4] - The convertible bonds entered the conversion period on January 21, 2024, with a total of 156 shares converted by May 8, 2025 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [9][10]. Core Views - Increased competition has led to a decline in product prices and gross profit margins, resulting in a year-on-year decrease in net profit. The company is increasing R&D investments to strengthen its market competitiveness [10][11]. - The company achieved a revenue of 620 million RMB in Q1 2025, representing a year-on-year growth of 5.62%, while the net profit attributable to shareholders was 40 million RMB, down 42.47% year-on-year [10][11]. - The focus on electronic semiconductor specialty gases is progressing, with significant import substitution achieved for several products, and the company has added 21 semiconductor clients in 2024 [11]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 2,427 million RMB (2023A), 2,525 million RMB (2024A), 3,216 million RMB (2025E), 3,753 million RMB (2026E), and 4,419 million RMB (2027E), with a growth rate peaking at 27.4% in 2025E [3][5]. - Net profit attributable to shareholders is projected to decline from 315 million RMB in 2023A to 266 million RMB in 2025E, before recovering to 445 million RMB by 2027E [3][5]. - The report adjusts the earnings per share (EPS) estimates for 2025-2027 to 0.55 RMB (2025E), 0.73 RMB (2026E), and 0.92 RMB (2027E) [9][10]. Market Position and Strategy - The company is actively expanding its presence in the electronic semiconductor field, focusing on specialty gases and achieving domestic substitution for key products [11]. - The company has secured multiple projects in bulk carrier gases and on-site gas operations, indicating a steady operational performance [11].

Investment Rating - The report maintains an "Outperform" rating for the company [9][10]. Core Views - Increased competition has led to a decline in product prices and gross profit margins, resulting in a year-on-year decrease in net profit. The company is increasing R&D investments to strengthen its market competitiveness [10][11]. - The company achieved a revenue of 620 million RMB in Q1 2025, representing a year-on-year growth of 5.62%, while the net profit attributable to shareholders decreased by 42.47% year-on-year [10][11]. - The focus on electronic semiconductor specialty gases is progressing, with the company achieving import substitution for several products and securing new clients in the semiconductor sector [11]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 2,427 million RMB (2023A), 2,525 million RMB (2024A), 3,216 million RMB (2025E), 3,753 million RMB (2026E), and 4,419 million RMB (2027E), with growth rates of 23.4%, 4.0%, 27.4%, 16.7%, and 17.8% respectively [3][5]. - Net profit attributable to shareholders is projected to decline from 315 million RMB in 2023A to 201 million RMB in 2024A, before recovering to 266 million RMB in 2025E, 353 million RMB in 2026E, and 445 million RMB in 2027E [3][5]. - The report adjusts the earnings per share (EPS) estimates for 2025-2027 to 0.55 RMB (previously 0.89 RMB), 0.73 RMB (previously 1.09 RMB), and 0.92 RMB respectively [9][10]. Market Position and Strategy - The company is focusing on the electronic semiconductor field, with a commitment to domestic substitution of specialty gases, having added 21 semiconductor clients in 2024 [11]. - The company has secured multiple projects in bulk carrier gases and on-site gas operations, indicating a steady operational performance in these segments [11].

投资者关系活动记录表 湖北和远气体股份有限公司 编号：2025-001 | | ☑ 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 □新闻发布会 | □业绩说明会 | | 活动类别 | | □路演活动 | | | ☑ 现场参观 | | | | □其他(请文字说明其他活动内容) | | | 活动参与人员 | 前海人寿 刘远程 | 投资经理 | | | 前海联合基金 胡毅发 | 投资经理 | | 上市公司 | 董事会秘书：李吉鹏 | | | 参与人员 | 证券事务代表：崔若晴 | | | 时间 | 2025 年 5 月 8 日 上午 | 9：00-11：00 | | 地点 | 公司总部、宜昌电子特气及功能性材料产业园 | | | 形式 | 现场参观交流 | | | | 董秘李吉鹏先生带领投资者一行参观了公司文化展厅、信 息化中心，投资者还深入宜昌电子特气及功能性材料产业园中 | | | | 控楼和检验检测分析中心，实地察看了产业园发展情况。董秘 | | | | 向投资者简要介绍了公司基本情况、发展历程、行业情况和两 | | | | 大产业园产品、产能、市 ...

Group 1 - The company announced a cash dividend distribution plan for the year 2024, where shareholders will receive a cash dividend of 1.00 yuan per 10 shares, with no stock bonus or additional shares issued [2][3] - The convertible bond "Jinhong Convertible Bond" will have its conversion price adjusted from 19.07 yuan per share to 18.97 yuan per share due to the cash dividend distribution [2][7] - The adjustment of the conversion price will take effect on the first trading day after the equity distribution registration date [4][7] Group 2 - The company will stop the conversion of "Jinhong Convertible Bond" from May 9, 2025, until the equity distribution registration date, with conversion resuming on the first trading day after the registration [4][6] - The adjusted cash dividend per share, calculated based on the total share capital after deducting shares in the repurchase account, is approximately 0.0990 yuan per share [6][7] - The total share capital as of April 28, 2025, is 481,977,391 shares, with 4,829,996 shares in the repurchase account, resulting in 477,147,395 shares participating in the distribution [6][7]

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]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 57.60 RMB [6][7]. Core Views - The company reported Q1 2025 revenue of 340 million RMB, a year-on-year increase of 2% and a quarter-on-quarter increase of 0.4%. However, the net profit attributable to the parent company was 44.4 million RMB, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 15% [1]. - The company is expected to benefit from the growth of several specialty gas products and the acceleration of domestic semiconductor production, leading to a new growth phase [1]. - The company is transitioning to an overseas direct sales model, with a comprehensive gross margin of 33.7% in Q1 2025, reflecting a year-on-year increase of 0.7% and a quarter-on-quarter increase of 1.7 percentage points [2]. - The introduction of products into leading semiconductor companies is progressing smoothly, with a focus on high-end electronic specialty gases such as silane and hydrogen bromide [3]. Summary by Sections Financial Performance - For 2025, the company is projected to achieve net profits of 216.84 million RMB, with a year-on-year growth of 17.35%. The earnings per share (EPS) are expected to be 1.80 RMB [4]. - The company maintains a gross margin of 33.7% in Q1 2025, with an increase in expense ratio to 18.7% [2]. Product Development - The company has successfully integrated its products into the supply chains of major GaN and SiC manufacturers, and its germane product has achieved industrialization [3]. - The company plans to focus on advanced process application gas materials and high-purity hydrocarbons to meet the needs of semiconductor manufacturing at 14nm and below [3]. Valuation - The company is valued at a PE ratio of 32 times for 2025, with a target price of 57.60 RMB, reflecting a decrease from the previous target of 59.40 RMB [4].