证券研究报告 | 公司点评 | 电子化学品Ⅱ 金宏气体(688106) 报告日期：2025 年 08 月 26 日 营收稳步增长， 特气短期盈利承压拖累业绩 ——金宏气体 25H1 点评报告 事件： 公司发布 2025 中报，实现营收 13.14 亿元，同比增 6.65%，归母净利润 0.82 亿元， 同比降 48.65%。其中 25Q2 单季度营收 6.91 亿元，同比增 7.60%，环比增 11.07%， 归母净利润 0.38 亿元，同比降 54.30%，环比降 13.19%。 点评： ❑ 内生增长+外延并购，看好公司长期发展 公司严守纵横发展战略，近年来沿"大宗零售-电子特气-电子大宗-现场制气"的 发展路径持续稳步推进，形成多业务协同发展局面，依托一站式供气服务能力， 具备了对标海外气体龙头的产业基础。25 年以来公司持续寻求收购整合优质标 的，2 月 7 日完成收购 CHEM-GAS，进一步加速拓展东南亚大宗零售市场，进一 步提高公司的市场占有率，巩固公司的行业地位；2 月 15 日完成收购汉兴气体为 公司现场制气业务注入新的动力。内生发展方面，25H1 公司电子特气新增导入 18家半导体客户，电子 ...

Core Viewpoint - The company, Pucheng Clean Energy Chemical Co., Ltd., exemplifies the green development concept in modern coal chemical industry through innovative practices and significant environmental investments, achieving notable environmental performance and industry recognition [1][3]. Environmental Investment and Management - Pucheng Clean Energy has invested a total of 1.77 billion yuan in environmental protection, establishing a comprehensive environmental management system that serves as a model for industry transformation [1]. - The company has achieved a leap from standard emissions to ultra-low emissions, with its four 240t/h coal-fired boilers consistently outperforming national standards in emissions of particulate matter, sulfur dioxide, and nitrogen oxides [1]. Emission Control and Efficiency - The company has implemented a desulfurization and denitrification system with an investment of 4 million yuan, successfully controlling sulfur dioxide emissions to below 20 mg/m³ and achieving a sulfur recovery efficiency of 99.8% [1]. - Pucheng Clean Energy has constructed a differentiated treatment network for volatile organic compounds, effectively recovering methanol and controlling odors within the plant [2]. Energy Utilization and Production Efficiency - The company has saved over 10,000 tons of standard coal annually through intelligent boiler optimization and burner modifications, while also generating over 400 million kilowatt-hours of electricity from waste heat and pressure [2]. - In 2023, Pucheng Clean Energy achieved an energy consumption index of 2358 kg of standard coal per ton of ethylene and propylene, ranking among the industry's leaders and earning the title of "Benchmark Enterprise" for coal-to-olefins energy efficiency [2]. Water and Waste Management - The company has optimized its water system operations, achieving a water resource reuse rate of over 98%, with all discharged water meeting the standards of the Shaanxi Province Yellow River Basin [2]. - Pucheng Clean Energy innovatively converts gasification fine slag into usable resources, recovering 50,000 tons of premium coal annually, equivalent to saving 43,000 tons of standard coal, while ensuring 100% compliant disposal of hazardous waste [2]. Industry Recognition and Future Initiatives - The company has received multiple industry certifications for its outstanding environmental performance, including an A-level production line rating for its polyolefin unit in 2023 [2]. - Pucheng Clean Energy is actively pursuing energy-saving and emission reduction projects, such as high flash gas energy conservation and CO2 purification, contributing to sustainable development and setting a precedent for the coal chemical industry [3].

Core Viewpoint - The establishment of a joint venture, Luoyang Hangyang Longze Hydrogen Energy Co., Ltd., aims to build a complete hydrogen energy industry chain, enhancing the company's capabilities in the hydrogen sector and contributing to the national "dual carbon" strategy [1][2]. Group 1: Joint Venture and Investment - Hangyang Co., Ltd. plans to invest in a joint venture with Longze Energy and Shanghai Qinfeng, with a registered capital of 15 million yuan, where Hangyang will contribute 7.65 million yuan, holding a 51% stake [1]. - The joint venture will invest in a hydrogen production and filling facility with a capacity of 2825 Nm3/h, with a total project investment of approximately 45.5 million yuan [1]. Group 2: Industry Context and Strategic Importance - The hydrogen energy sector is becoming a crucial part of global energy transition, supporting deep decarbonization in industries and aligning with China's energy production and consumption revolution [2]. - The National Energy Administration's report indicates that China's hydrogen production and consumption scale will exceed 36.5 million tons by 2024, positioning the country as a leader in renewable energy hydrogen production [2]. Group 3: Technological Advancements and Achievements - Hangyang Co., Ltd. has a strong foundation in technology innovation and R&D in the hydrogen sector, with successful product certifications and the establishment of a hydrogen refueling station [3]. - The company has achieved significant milestones, including the largest daily hydrogen refueling capacity in the country at 9000 kg/day, showcasing its leadership in the hydrogen industry [3]. Group 4: Long-term Goals and Market Position - The establishment of the joint venture is a strategic move to deepen the company's presence in the hydrogen energy market and enhance its competitive advantage [5]. - Hangyang Co., Ltd. aims to become a world-class enterprise in the gas industry, leveraging its strong position in air separation equipment and a diversified gas product matrix to drive innovation and contribute to the green upgrade of the global gas industry [5].

Group 1: Company Performance - Shunluo Electronics reported a net profit of 486 million yuan for the first half of 2025, a year-on-year increase of 32.03% [1] - Yiwai Communication's net profit for the first half of 2025 was 31.02 million yuan, a year-on-year decrease of 68.57% [1] - CATL achieved a net profit of 30.485 billion yuan in the first half of 2025, reflecting a year-on-year growth of 33.33% [2] - Huijia Times reported a net profit of 67.0481 million yuan for the first half of 2025, a year-on-year increase of 62.64% [15] - Zhimi Intelligent's net profit for the first half of 2025 was 102 million yuan, a year-on-year increase of 80.08% [23] Group 2: Company Announcements - Shunluo Electronics' revenue for the first half of 2025 was 3.224 billion yuan, up 19.80% year-on-year [1] - Yiwai Communication's revenue decreased to 360 million yuan, down 24.62% year-on-year [1] - CATL proposed a cash dividend of 10.07 yuan per 10 shares based on a total share capital of 4.537 billion shares [2] - Vanke A received a loan of up to 869 million yuan from Shenzhen Metro Group for debt repayment [7] - Lideman is planning to acquire up to 70% of Beijing Xiansheng Xiangrui Biological Products Co., Ltd. [8] Group 3: Industry Developments - The pharmaceutical industry is seeing advancements with Zhendong Pharmaceutical's clinical trial reaching a major research endpoint for a new product [3] - The construction industry is witnessing new orders, with Zhongyan Dadi signing 22 new contracts worth 257 million yuan in Q2 [4] - The energy sector is expanding with Hangyang Co. planning to establish a joint venture for hydrogen energy production [16] - Watson Bio signed a revised exclusive licensing agreement to expand its technology collaboration into non-patient areas [17]

Group 1 - The company has maintained growth in the production of major gases such as oxygen, nitrogen, and argon, while leveraging resources and technological advantages to innovate and upgrade its supply chain [3] - The company has invested over 3 billion yuan to establish two electronic specialty gas industrial parks in Yichang and Qianjiang, focusing on six business areas including electronic specialty gases and industrial chemicals [3] - As of the first half of the year, the Qianjiang electronic specialty gas industrial park has achieved stable production of high-purity ammonia, hydrogen, and carbon monoxide, with sales of high-purity hydrogen showing growth [3] Group 2 - The Yichang electronic specialty gas and functional materials industrial park has reached stable operation for its main production lines, with all planned products expected to be in stable production by the end of the year [3] - The company anticipates steady growth in operations due to the gradual production ramp-up of the two industrial parks and an increase in industrial gas projects [3] - Investors are encouraged to focus on the company's long-term value as it continues to expand its production capabilities [3]

Group 1 - The core viewpoint of the news is that 弘尚资产 has conducted research on 和远气体, highlighting the company's recent developments in the electronic specialty gas industry and its investment in two major production parks [1] - 和远气体 has maintained growth in the production of major gases like oxygen, nitrogen, and argon, while also leveraging its technological advantages in gas synthesis, separation, and purification [1] - The company has invested over 3 billion yuan to establish the 宜昌 and 潜江 electronic specialty gas industrial parks, which are now entering stable production and increasing output [1] Group 2 - The 潜江 electronic specialty gas park has begun mass production of high-purity ammonia, hydrogen, and carbon monoxide, with high-purity hydrogen sales showing growth [1] - The production of electronic-grade hydrogen chloride, chlorine, and carbonyl sulfide is expected to stabilize in the third quarter, with certification for semiconductor and panel enterprises starting in the fourth quarter [1] - The 宜昌 electronic specialty gas and functional materials park has achieved stable operation of its main production lines, with all planned products expected to be in stable production by the end of the year, contributing to revenue generation in the second half [1]

Core Viewpoint - China Petrochemical Corporation (Sinopec) has changed its investment strategy, focusing on established companies and sectors with lower risk, such as waste resource utilization and hydrogen energy, as evidenced by its recent investment in Zhejiang Fengdeng Green Energy Environmental Protection Co., Ltd. [1][6][8] Group 1: Investment Details - Sinopec Capital has invested 200 million RMB in Fengdeng Green Energy, becoming the second-largest shareholder with approximately 9.7% ownership. The funds will be used for the construction of "waste-free parks" in Zhejiang and Shandong [1]. - Fengdeng Green Energy, originally established in 1965, specializes in the efficient resource utilization of waste, successfully converting hazardous waste into high-purity hydrogen and lithium battery materials [1][2]. Group 2: Investment Strategy Shift - Sinopec's investment style has shifted significantly since mid-2024, moving away from early-stage projects to focus on established companies in the new materials sector, such as XCMG Group and Wanrun Co., Ltd. [3][4]. - The change in investment strategy is attributed to the cooling of the capital market and the high failure rate of early-stage projects, leading Sinopec to prefer industry leaders and "little giant" enterprises recognized by the state [6][7]. Group 3: Market Context - The capital market has seen a slowdown in IPOs since last year, with a notable recovery only around June 2024, which has extended the timeline for exit and monetization for investors [6]. - Sinopec's investments in mature companies allow for quicker returns, as demonstrated by the comparable net profits of Sinopec and leading companies like CATL, despite significant differences in revenue [7]. Group 4: Strategic Alignment - Sinopec's investments align with national strategies, particularly in emerging sectors like hydrogen energy and resource recycling, as seen with its establishment of a hydrogen fund and participation in the China Resource Recycling Group [8].

Group 1: Company Performance and Rankings - Company ranked 322nd in the 2025 Fortune China 500 list, improving by 17 positions from the previous year [1] - Revenue reached 47.54 billion yuan, a growth of 3.2% year-on-year, with total assets at 59.841 billion yuan (+11.2%) and net assets at 15.877 billion yuan (+9.7%) [1][2] - Company has been listed in the Fortune China 500 for seven consecutive years since its IPO in March 2019 [1] Group 2: Business Strategy and Global Expansion - Company has established nine production parks in China and Indonesia, focusing on coking and chemical industries, with a total coking capacity of 23.8 million tons per year [2][3] - The overseas coking park in Indonesia achieved a sales volume of 2.22 million tons and generated revenue of 730 million USD in 2024 [3] - Company is expanding its international presence with seven overseas subsidiaries and offices, targeting emerging markets in Mongolia, the Middle East, and South America [3] Group 3: Innovation and R&D - Company is transitioning to a service-oriented and innovation-driven model, establishing a three-tier R&D system with over 1,000 researchers [4][5] - Investment of 1.21 billion yuan in 146 digital projects, leading to the development of an intelligent manufacturing system [7] - Successful launch of a 5,000-ton/year amino alcohol production facility, marking a significant technological breakthrough in high-end fine chemicals [12][13] Group 4: Sustainability and Environmental Responsibility - Company has invested 9.32 billion yuan in environmental protection projects, achieving a 100% wastewater recovery rate and over 99% recycling of cooling water [18][19] - Maintains a record of zero major safety incidents and implements a comprehensive safety management system [18] - Achieved ultra-low emissions in several parks and actively engages in energy-saving technology upgrades [19] Group 5: Product Quality and Market Competitiveness - Company focuses on quality management, developing products that meet high standards, such as the "Xuyang No. 1" coke for large blast furnaces [20] - Achieved significant international market competitiveness with solid products, including solid amine exports doubling [20]

Group 1: Company Overview and Development - The company has invested over 3 billion CNY to establish two electronic specialty gas industrial parks in Yichang and Qianjiang, focusing on six business directions: electronic specialty gases, electronic chemicals, silicon-based functional materials, bulk gases, industrial chemicals, and waste gas recovery [2] - The company maintains a strong development momentum in bulk gases such as oxygen, nitrogen, and argon, leveraging resources and location advantages from the Yichang and Qianjiang chemical parks [2] Group 2: Production and Market Performance - As of the first half of the year, the Qianjiang electronic specialty gas industrial park has achieved stable production of high-purity ammonia, high-purity hydrogen, and high-purity carbon monoxide, with high-purity hydrogen sales showing growth [2] - The Qianjiang industrial park is expected to reach stable production of electronic-grade hydrogen chloride, chlorine, and carbonyl sulfide in Q3, with certification for semiconductor and panel enterprises starting in Q4 [2] - The Yichang industrial park's main production lines for trichlorosilane, silane, and tetrachlorosilicon have reached stable operation, with all planned products expected to be in stable production by the end of the year [2] Group 3: Future Outlook and Risks - The gradual production ramp-up of the two industrial parks and the increase in industrial gas projects are anticipated to lead to steady growth in the company's operations [2] - Risks include potential delays in project production schedules due to technical complexities and safety audits, as well as market fluctuations affecting product prices [3]

Group 1: Strategic Layout and Industry Advantages - The company builds a full industrial chain circular system based on resources from Yichang and Qianjiang chemical parks, focusing on "electronic specialty gases → electronic chemicals → functional new materials" [2][3] - The regional centralized gas supply and tail gas recovery model reduces customer gas costs, forming a core competitive advantage for park-based enterprises [3] Group 2: Technical Research and Production Capacity - The company possesses core technologies in gas separation, purification, and synthesis, with products benchmarked against international enterprises, covering sectors like semiconductors, photovoltaics, and biomedicine [3] - After reaching full production, the Qianjiang industrial park is expected to generate an annual output value of 1.2-1.5 billion yuan (approximately $170-210 million) from 2025 to 2027, while the Yichang industrial park's first phase is projected to achieve an annual output value of 2.5-4 billion yuan (approximately $350-560 million) from 2025 to 2028 [3] Group 3: Market Expansion and Customer Introduction - The company has completed the introduction of high-purity ammonia products to all major players in the photovoltaic sector by 2024 [3] - A joint venture with Xingfu Electronics has been established to enter the electronic specialty gas market [4] Group 4: Policy and Industry Context - The company aligns with national strategies and is supported by local governments, integrating into the Wuhan "optical core screen terminal network" trillion-level industrial cluster [4] - The industrial gas market in China is growing annually, driven by the demand for electronic specialty gases from the semiconductor and related industries [4] - Multiple financing channels ensure cash flow stability, with the controlling shareholder's private placement project progressing smoothly, aiming to reduce the debt-to-asset ratio to below 70% [4] Group 5: Risk Considerations - Project production schedules may be affected by technical complexity and safety reviews, with potential delays in achieving expected performance in 2024 [4] - The semiconductor certification cycle is lengthy, and there may be delays in capacity release, along with market price fluctuations impacting product pricing [4]