[Table_Info1] 金宏气体(688106) 电子 [Table_Title] 证券研究报告 / 公司点评报告 电子气体捷报迭出，现场制气持续扩张 [Table_Summary] 事件：据公司公告，2025H1，公司实现营收 13.14 亿元，同比+6.65%， 归母净利润 0.82 亿元，同比-48.65%，扣非归母净利润 0.67 亿元，同比 -45.10%。2025Q2，公司实现营收 6.91 亿元，同比+7.60%，环比+11.07%， 归母净利润 0.38 亿元，同比-54.30%，环比-13.19%，扣非归母净利润 0.38 亿元，同比-47.46%，环比+29.77%。 点评 2025Q2，公司业绩短期承压，主要是（1）2025H1，受部分行业周期性 调整影响，市场环境仍处于阶段性承压状态，行业整体竞争加剧，公司 部分产品的售价及综合毛利率同比有所下滑。但公司积极开拓市场，销 量维持快速增长。2025H1，公司大宗气体/特种气体/现场制气及租金/清 洁煤气业务分别实现营收 5.46/4.16/1.71/1.22 亿元，同比分别+23.3%/- 18.3%/+29.5%/+15.1%，毛利 ...

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 ...

金宏气体（688106.SH）2025 年半年报点评 利润短期承压，电子气体业务稳步推进 2025 年 08 月 24 日 ➢ 事件：金宏气体 8 月 22 日晚发布了 2025 年半年报，2025 年上半年实现 营业收入 13.14 亿元，同比增长 6.65%；实现归母净利润 8220.13 万元，同比 下降 48.65%。 ➢ 市场竞争加剧，利润短期承压。从 2025 年 Q2 单季度来看，收入为 6.91 亿 元，环比增长 10.91%，同比增长 7.60%；归母净利润为 0.38 亿元，同比下滑 54.30%；毛利率和净利率分别为 30.77%、6.35%，同比下降分别为 3.68、7.54 个百分点。根据 25 年半年报，公司上半年利润同比下滑主要系（1）公司为应对 复杂多变的市场环境，积极开拓市场，销量持续快速增长，但市场竞争加剧，导 致部分产品的售价及综合毛利率比上年同期有一定程度的下降；（2）公司进行 逆势布局，持续增加资本性支出，加大研发投入力度；（3）资产处置收益较去年 同期有所下滑。 ➢ 电子特种气持续导入，电子大宗气加速开拓。公司致力于电子半导体领域的 特种气体产业化，已逐步实现了超纯 ...

今年上半年，面对复杂市场环境，中国气体龙头企业金宏气体（股票代码：688106.SH）实现营收稳步 增长，同时聚焦电子特气国产替代、大宗气体区域整合及现场制气业务拓展三大核心方向加码布局，资 产规模与业务竞争力持续提升，长期发展动能充足。 营收稳步扩张 彰显经营定力 2025年8月22日，金宏气体发布2025年半年度报告，核心财务数据呈现"营收增长、战略投入加码"特 征。 值得关注的是，公司在氦气资源保障上持续加码。3月公司与高速飞车山西省实验室、北京京能普华环 保科技达成战略合作，推动氦能源技术研发；6月与阿拉尔市京藤能源合作，拟在新疆建设氦气提取纯 化装置，进一步完善泛半导体、医疗、工业领域的氦气供应链；7月公司成立金宏气体（新疆）有限公 司，推动氦气产业链的完善与发展，为市场提供稳定的氦气产品供应。 大宗气体业务，推进一体化战略。大宗气体业务通过"区域并购+现场制气"双路径实现扩张。区域整合 方面，公司坚定推进横向布局战略，核心区域不断增加零售网点，新区域持续导入产品，以提高零售业 务的服务能力，丰富服务手段。湖南等新增区域并购公司表现亮眼，报告期内营业收入同比增长 11.14%，净利润同比激增646. ...

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].