（文章来源：证券日报） 证券日报网讯 2月27日，华特气体发布2025年度业绩快报公告称，公司2025年度实现营业总收入 141902.81万元，同比上升1.72%；实现归属于母公司股东的净利润14380.88万元，同比下降22.17%。 ...

格隆汇2月27日丨华特气体(688268.SH)公布2025年度业绩快报，2025年度公司实现营业总收入14.19亿 元，同比上升1.72%，实现归属于母公司股东的净利润1.44亿元，同比下降22.17%，实现归属于母公司 股东的扣除非经常性损益的净利润1.31亿元，同比下降25.07%；报告期末，公司总资产35.95亿元，较 报告期初增长8.9%，归属于母公司股东的所有者权益20.25亿元，较报告期初增长3.86%。 ...

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2026-010 | | --- | --- | --- | | 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 2025 年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以公司2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 1 单位：人民币 万元 项目 本报告期 上年同期 增减变动幅度 （％） 营业总收入 141,902.81 139,500.81 1.72 营业利润 16,221.28 22,166.63 -26.82 利润总额 17,095.97 22,129.74 -22.75 归属于母公司所有者的净利润 14,380.88 18,478.03 -22.17 归属于母公司所有者的扣除非 经常性损益的净利润 13,071.81 17,444.94 -25.07 基本每股收益（ ...

华特气体发布业绩快报，2025年度实现营业总收入14.19亿元，同比上升1.72%；净利润1.44亿元，同比 下降22.17%。报告期内，行业呈现"需求端回暖、价格端承压"的显著特征。公司虽凭借稳定的供应能 力，推动核心特气产品销量明显提升，但激烈的市场竞争导致销售价格持续下滑，与销量增长形成明显 对冲。面对价格下行压力，公司的应对策略取得积极成效：通过高盈利新产品的产能释放与成果转化， 有效优化了盈利结构。报告期内，公司综合毛利率实现同比提升0.6个百分点，经营韧性得以验证，产 品结构优化成效持续显现。 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The industrial gas market is expected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [3] - The competitive landscape is becoming more concentrated, with the top four companies holding 54% of the global market share and the top six in China holding 72% [3] - Growth drivers include increased outsourcing of gas supply, accelerated demand from sectors like semiconductors and new energy, and short-term benefits from macroeconomic recovery and gas price elasticity [3] Market Space - The global industrial gas market is valued at over 1 trillion, while the domestic market is around 200 billion [3] - The market is projected to grow to 284.2 billion yuan in China by 2026, with a CAGR of 9.68% from 2022 to 2026 [21] - The market is characterized by high concentration, with the top five companies holding approximately 69% of the market share [21] Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a growth rate of 25% year-on-year [4] - The market is expected to grow at a CAGR of 22% from 2019 to 2024, driven by larger equipment sizes and increased export demand [4] Electronic Specialty Gases - The semiconductor market is expected to remain strong, with a projected 30% year-on-year increase in global semiconductor sales by November 2025 [5] - There is significant potential for domestic electronic specialty gas manufacturers to replace imports and expand into global markets [5] Investment Recommendations - The report recommends focusing on leading companies in the industrial gas sector, such as Hangyang Co., and key players in electronic specialty gases like China Shipbuilding Gas and Guanggang Gas [6]

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor materials industry Core Insights - The global semiconductor materials market is characterized by "long-term growth and cyclical fluctuations," with the market size expected to grow from $27.5 billion in 2000 to $67.47 billion by 2024, driven by the demand for advanced semiconductor materials in various high-tech applications [3][5] - China's semiconductor materials industry has made significant progress in mid-to-low-end products but still relies heavily on imports for high-end materials, indicating a substantial opportunity for domestic production and technological breakthroughs [1][10] - The report emphasizes the need for a dual approach of technological breakthroughs and ecosystem building to drive the development of the semiconductor materials industry, supported by government policies and strategic collaborations [1][23] Industry Overview - Semiconductor materials are critical strategic materials for the semiconductor industry, with the market experiencing long-term growth and cyclical fluctuations due to factors such as industry cycles and end-user demand [2][3] - The market structure is shifting as the industry chain relocates and domestic production increases, with China rapidly expanding its market share driven by local demand and government policies [5][10] - The report highlights the significant market concentration in the semiconductor materials sector, with a few leading companies dominating the market [10] Industry Bottlenecks - Despite achieving local supply capabilities in mid-to-low-end products, China still faces challenges in high-end semiconductor materials, which remain heavily reliant on imports [10][13] - Key areas such as silicon wafers, electronic specialty gases, and photoresists are identified as critical segments where domestic production is lagging behind, with high-end products still largely imported [13][18][21] - The report notes that the domestic supply of electronic specialty gases is weak, with an overall localization rate of about 15% expected in 2024, indicating a significant gap in high-end product capabilities [16] Path to Breakthrough - The semiconductor materials industry must focus on technological advancements and ecosystem development, emphasizing collaboration between academia, research institutions, and leading enterprises to address core technological challenges [23][24] - Establishing a robust and efficient results transformation chain is crucial, with a focus on concept validation, pilot testing, and mass production to enhance the commercialization of technological innovations [24][25] - The report advocates for a self-sufficient and sustainable industry ecosystem, extending upstream to secure high-purity raw materials and key equipment while deepening collaboration with downstream chip design and manufacturing companies [25] Policy Empowerment - National policies are increasingly directing the industry towards key areas, with a focus on advanced semiconductor materials as a strategic priority [26][27] - The establishment of pilot platforms for new materials is highlighted as a key initiative to support the industry's development, with plans to create approximately 300 local pilot platforms by 2027 [28] - Financial policies are also being implemented to support innovation and market transformation in the new materials sector, including insurance compensation for high-risk areas [29] Future Outlook - The semiconductor materials industry is expected to evolve towards a high-quality development phase, balancing quality and safety while fostering collaboration between domestic and international players [34] - The focus will shift from isolated breakthroughs to collaborative ecosystems, with an emphasis on meeting the increasing demands for material purity, performance, and stability from downstream applications [34]

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 近7个交易日(2026年2月5日至11日)，华特气体股价区间涨跌幅为2.01%，振幅达9.49%。其中，2月9日 股价显著上涨3.73%至64.03元，2月10日主力资金净流入444.2万元，显示短期资金关注度提升。截至2 月11日收盘，股价报64.05元，单日微涨0.06%，成交额1.12亿元。 经济观察网华特气体股东于2026年2月5日通过大宗交易合计减持239.99万股，占公司总股本的2%，减 持价格区间为55.75-57.65元/股。此次权益变动后，一致行动人合计持股比例从12.98%降至10.98%，但 未影响公司控制权稳定。 ...

证券日报网讯2月6日，华特气体在互动平台回答投资者提问时表示，德瑞科技在含氟电子气体领域拥有 深厚的技术积淀，本次收购不仅丰富了公司的产品矩阵，也进一步强化了公司在电子特气行业的领先地 位，公司将会把德瑞科技的氟化气体产品全面纳入整个华特气体的电子气体业务体系，依托公司强大的 品质管理体系和营销网络，加速CLF3、B2H6、SF4等产品在集成电路、医药中间体等关键下游领域的 应用推广，并在研发、生产、物流、管理等环节实现深度协同与高效赋能，尽快推进电子级氟化气体技 术成果的转化与产业化。收购事项均可能存在整合效果和协同效应不及预期、未来市场开拓和商誉减值 风险等不确定性，请投资者注意投资风险。 ...

证券日报网讯2月6日，华特气体在互动平台回答投资者提问时表示，截至2025年12月31日公司股东人数 14546户。 ...