以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 合肥又要在芯片上发力了。 作者丨 杨博宇 来源丨 LP波谱 最近合肥又增加了一家CVC：一只名为"合肥晶汇创芯投资基金"成立。虽然规模并不大，只有3亿元人民币，但是它的LP和管 理机构倒值得市场关注。 工商信息显示，该基金是由晶合集成、汇成股份、广钢气体3家市值共计约600亿元的科创板上市公司共同设立。其中，晶合 集成出资2亿元、汇成股份出资5000万元、广钢气体出资5000万元。管理人为"合肥晶合汇信"，这是去年晶合集成与汇成股 份合资设立的私募股权投资机构。 熟悉合肥产业生态的朋友肯定知道，晶合集成是全国第三大、合肥最大的晶圆厂，在2023年上市时，还创下了安徽有史以来 最大的IPO。汇成股份则是显示驱动芯片先进封装龙头企业，广钢气体是国内最大高纯电子大宗气体供应商。3家公司都是半 导体产业链企业。 晶合集成是全国第三大、合肥最大的晶圆厂。于2015年由合 ...

内容概况：中国电子大宗气体行业正经历从技术追赶到局部突破的关键转型期，市场规模持续扩张，国 产替代进程加速。2024年，中国电子大宗气体市场规模约为112亿元，同比增长8.74%。以半导体为 例，随着全球半导体产业向中国转移，中芯国际、长江存储等本土晶圆厂加速扩产，12英寸先进制程产 线对超高纯氮气、氩气等大宗气体需求激增。数据显示，单个12英寸晶圆厂氮气用量可达5万立方米/小 时，直接拉动电子大宗气体市场规模扩张。 相关上市企业：广钢气体（688548）、金宏气体（688106）、至纯科技（603690） 相关企业：中煤能源集团有限公司、中国神华能源股份有限公司、杭氧集团股份有限公司、北京京城机 电股份有限公司、贝肯能源控股集团股份有限公司、中远海运能源运输股份有限公司、中芯国际集成电 路制造有限公司、长江存储科技有限责任公司、长鑫存储技术有限公司、华虹半导体有限公司、阳光电 源股份有限公司、利亚德光电股份有限公司、中兴通讯股份有限公司 关键词：电子大宗气体、电子大宗气体市场规模、电子大宗气体行业现状、电子大宗气体发展趋势 一、行业概述 广义的"电子气体"指可用于电子工业生产中使用的气体，通常分为电子大宗气 ...

Core Viewpoint - The gas industry is capital-intensive and requires continuous investment for development, with 2025 expected to be a challenging year for the sector [1] Group 1: Company Overview - Jin Hong Gas Co., Ltd. was established in 1999 and specializes in gas research, production, sales, and integrated service solutions [1] - The company provides over a hundred types of gas products, including specialty gases, bulk gases, and fuels, serving industries such as electronics, healthcare, energy conservation, new energy, and high-end equipment manufacturing [1] Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 623 million yuan, a year-on-year increase of 5.62%, while net profit attributable to shareholders was 44.0032 million yuan, a year-on-year decrease of 42.47% [1] - The decline in net profit is attributed to increased market competition leading to lower product prices and gross margins, alongside higher capital expenditures and R&D investments [2] Group 3: Market Strategy and Future Outlook - The company is focusing on the electronic specialty gas market, which is crucial for semiconductor manufacturing, and plans to accelerate its market positioning to capture more business opportunities [2] - Jin Hong Gas is expanding its overseas business, having signed a gas production project in Thailand and acquired Singapore's CHEM-GAS to enhance its Southeast Asian market presence [3] - The company aims to stabilize revenue through new projects in bulk gas and on-site gas production, while also enhancing product lines in specialty gases through strategic collaborations [3] - In Q1 2025, R&D investment reached 27.734 million yuan, a year-on-year increase of 16.97%, accounting for 4.46% of revenue [3]

作为电子大宗气体综合服务商，广钢气体(688548)5月28日举行业绩说明会，公司高管对行业发展持积 极态度，并预计电子大宗现场制气重大项目二阶段装置陆续投产后，将为公司带来新增营收与利润贡 献。 邓韬介绍，2023年主要受半导体行业订单不足的影响，中国电子气体市场规模增速有所放缓，至187亿 元，2024年市场规模增速略有恢复，规模增速略提升至4.28%，市场规模达195亿元。 分产品来看，去年公司电子大宗气体营业收入同比增长约两成，通用工业气体同比下降近6%，但毛利 率均同比下降近10个百分点。 董事会秘书贺新表示，预计公司今年在合肥、北京、青岛、武汉等地布局的电子大宗现场制气重大项目 二阶段装置陆续投产后，将为公司带来新增营收与利润贡献。 目前广钢气体形成了ppb级超高纯电子大宗气体的制备及稳定供应能力。公司自主研发的"Super-N"系列 超高纯制氮装置，可以稳定生产并持续供应ppb级超高纯氮气，能够满足集成电路制造对气体供应能力 的严苛要求。另外，围绕氦气完整供应链形成了自主可控的技术能力，成为进入全球氦气供应链的第一 家内资气体公司。 去年广钢气体实现营业收入21亿元，同比增加14.6%，归属净利 ...

电子 | 证券研究报告 — 首次评级 2025 年 5 月 26 日 688548.SH 增持 原评级：未有评级 市场价格:人民币 9.93 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 1.6 (13.4) (7.5) 1.6 相对上证综指 (2.0) (15.8) (7.5) (5.4) 发行股数 (百万) 1,319.40 流通股 (百万) 681.31 总市值 (人民币 百万) 13,101.63 3 个月日均交易额 (人民币 百万) 119.21 主要股东(%) 广州工业投资控股集团有限公司 20.66 资料来源：公司公告， Wind ，中银证券 (26%) (16%) (6%) 3% 13% 22% May-24 Jun-24 Jul-24 Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 广钢气体 上证综指 以 2025 年 5 月 22 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：电子化学品Ⅱ 证券分析师：苏凌瑶 lingyao.su@bocich ...

Core Viewpoint - The financial performance of Jin Hong Gas Co., Ltd. has been impacted by a significant decline in gross profit margins, particularly in the specialty gas segment, despite an increase in revenue [2][3]. Financial Performance - The company's overall gross profit margin decreased by 36.12% year-on-year, primarily due to a drop in gross margins for both bulk and specialty gas businesses [2]. - In 2024, the gross margin for bulk gas was 31.26%, down by 2.94 percentage points, while the specialty gas gross margin was 27.69%, down by 12.67 percentage points [2]. Sales and Revenue Breakdown - The sales volume and revenue for major products in 2024 were as follows: - Bulk gas: 956,037.01 tons, with a revenue of 97,293.39 million yuan and a gross margin of 31.26% [3]. - Specialty gas: 261,898.03 tons, with a revenue of 96,261.97 million yuan and a gross margin of 27.69% [3]. Specialty Gas Segment Analysis - The decline in specialty gas gross margins was attributed to various factors, including increased production costs and decreased sales prices due to market conditions [6][10]. - Specific products such as ultra-pure ammonia, hydrogen, and nitrous oxide experienced significant gross margin declines, with ultra-pure ammonia's margin dropping by 12.77 percentage points [7][9]. Market Trends and Risks - The specialty gas market is influenced by the semiconductor and photovoltaic industries, which are currently facing challenges such as overcapacity and price declines [11][12]. - Despite the current challenges, the semiconductor market is projected to grow, with a compound annual growth rate (CAGR) of 5.6% expected from 2023 to 2028 [10]. Customer Base and Strategic Initiatives - The company has expanded its customer base, adding 21 new semiconductor clients in 2024 and 16 in the first quarter of 2025 [12]. - Jin Hong Gas is focusing on enhancing its service capabilities and product offerings to meet the evolving needs of its clients in the semiconductor and photovoltaic sectors [14][15].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the significant decline in profit margins despite revenue growth, primarily due to a drop in gross margins in both bulk and specialty gas segments [1][2]. Summary by Sections Gross Margin Analysis - The company's gross margin for bulk gas business in 2024 was 31.26%, down by 2.94 percentage points, while the specialty gas business gross margin was 27.69%, down by 12.67 percentage points [2][3]. - The inquiry requested detailed sales data for 2022, 2023, and 2024, including sales revenue, sales volume, average selling price, and gross margin for both bulk and specialty gases [2]. Specialty Gas Business Challenges - The decline in specialty gas gross margin was attributed to various factors, including increased production costs and market competition, particularly in the photovoltaic sector, which affected demand and pricing [4][5]. - Specific products like ultra-pure ammonia and hydrogen saw significant gross margin declines of 12.77 and 11.00 percentage points, respectively, due to lower selling prices and increased costs [6][7]. Market Trends and Customer Base - The specialty gas market is influenced by the semiconductor and photovoltaic industries, with expected growth in semiconductor materials driven by AI demand, while the photovoltaic sector faces challenges due to overcapacity and price declines [9][10]. - The company has established relationships with major clients in the semiconductor and photovoltaic sectors, including significant new customer acquisitions in 2024 [10][11]. Customer Dynamics - The company’s top five customers have changed significantly over the past three years, with new entrants like Northern Integrated Circuit and Peak View International, reflecting shifts in market demand and customer needs [14][18]. - The sales model primarily involves direct sales to end-users and gas companies, with no significant related party transactions noted [17]. Acquisition Strategy - The company has engaged in multiple equity acquisitions from 2022 to 2024, with a total goodwill of 334 million yuan, indicating a strategic focus on expanding market share and enhancing operational capabilities [20][21].

而维信诺8.6代AMOLED生产线项目总投资550亿元，是全球首条采用无 FMM（精细金属掩模版）技 术（即 ViP 技术）的生产线，设计产能为每月 3.2 万片玻璃基板，产品覆盖平板、笔电、车载显示等 中尺寸应用领域。项目设计产能每月3.2万片玻璃基板（尺寸为2290mm×2620mm）。 今年3月10日，维信诺8.6代AMOLED生产线项目已完成3.5万余根桩基作业，进入厂房主体建设阶段， 土建工程B项目房、综合动力站等工程施工被上海宝冶中标，相关施工单位已进场施工。 【 WitsView整理 】 5月8日，德国梅塞尔集团与合肥新站高新区举行项目签约仪式，据悉，该项目建 设运营后，将进一步丰富高新区乃至全市半导体显示大宗气体供应主体，有效增加外商投资。 图片来源：合肥新站区 据介绍，梅塞尔计划投资新建大宗气站系统工程项目总占地面积约2.6万平方米，计划总投资3.4亿元， 预计2026年下半年实现一期项目投产，主要为维信诺8.6代AMOLED生产线项目提供大宗气体供应服 务。 资料显示，梅塞尔集团成立于1898年，总部位于德国巴佐登，业务范围涵盖工业气体、医用气体和特 种气体生产制造，其产品广泛应用于化工、 ...

[Table_Info1] 广钢气体(688548) 电子 [Table_Title] 证券研究报告 / 公司点评报告 短期利润承压，产能扩张+供应稳定促进电子气体增长 报告摘要： [Table_Summary] 事件： 2025 年 4 月 22 日，公司发布 2025 年第一季度报告，实现营收 5.48 亿 元，同比+18.95%，环比-9.37%；归母净利润 0.56 亿元，同比-15.95%， 环比-15.33%；扣非归母净利润 0.49 亿元，同比-24.42%，环比-18.49%。 点评： 产能释放支撑收入增长，行业扰动压制利润表现，盈利拐点有望临近。 2025Q1，公司营收同比持续增长，主要受益于电子大宗气体多个新增产 能项目的陆续投产。受毛利率下滑及费用率上升影响，扣非归母净利润 同比大幅下滑。毛利率同比下降 4.99pcts 至 25.75%，公司在更高营收下 毛利润基本与去年同期持平，主要由于氦气业务影响，氦气售价下降导 致该业务毛利率下滑超 30%。不过，2025Q1 整体毛利率环比回升 1.36pcts，表明氦气业务负面影响已基本出清。期间费用方面，销售/管理 / 财 务 / 研 发 ...

金宏气体 20250428 摘要 • 2025 年一季度，受光伏行业景气度下降影响，特种气体氨气销量和毛利 率显著下降，氨气毛利率从去年同期的 60%降至 30%，氧化亚氮（笑 气）销量略有下降，毛利率小幅下降至 40%。 • 公司综合毛利率有所下降，一季度约为 28%-29%，主要受制造业景气度 不高导致液体销售价格下降以及特种气体产品受光伏行业影响销量和价格 大幅下降所致。 • 公司经营活动现金流净额同比增长 21.82%至 9,600.1 万元，同时增加了 资本性支出和研发投入，研发投入同比增长 16.97%至 2,770 万元，占收 入比重为 4.46%。 • 公司未来几年将重点发展特种气体、大宗零售及现场制气三大业务，特种 气体品种预计每年保持可观增长，大宗零售受益于大型线氧制器项目增速 加快。 • 公司在电子大宗气体市场面临金宏和广钢的竞争，但凭借年轻专业的团队、 高效的决策机制以及已投产项目的经验，仍保持了约 11%的投资回报率。 Q&A 金宏气体 2025 年一季度的财务状况如何？ 2025 年一季度，金宏气体实现营业收入 6.23 亿元，同比增长 5.62%。归母 净利润为 4,000.4 ...