证券代码：688548 证券简称：广钢气体 广州广钢气体能源股份有限公司 投资者关系活动记录表 编号：2024-002 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 电话会议 □其他 （请文字说明其他活动内容） China Merchants Fund Management Company, 参与单位名称 Limited 、 China Pacific Insurance(group) ...

2024 年 03 月 29 日 公司研究 评级：增持(维持) 最近市场走势 2024 年 3 月 25 日，广钢气体发布 2023 年年报：2023 年，公司实现营 业收入 18.35 亿元，同比增长 19.20%；实现归母净利润 3.20 亿元，同 比增长 35.73%；实现扣非净利润 3.09 亿元，同比增长 39.09%。 新增项目投产带动电子大宗及现场制气营收增长。2023 年，公司实现营 业收入 18.35 亿元（YoY+19.20%），增长主因电子大宗新建项目陆续供 气，以及氦气市场开发力度持续加大。按产品分类，电子大宗气体收入 12.11 亿 元 （ YoY+25.14% ， 占 比 65.96% ）， 毛 利 率 为 39.10% （YoY-5.42pct）；通用工业气体收入 5.15 亿元（YoY+15.60%，占比 28.03%），毛利率为 24.35%（YoY-5.05pct）。按销售模式分，现场制气 收入 8.40 亿元（YoY+41.42%，占比 45.78%），毛利率为 41.42% （YoY+1.44pct）；零售供气收入 8.85 亿元（YoY+4.33%，占比 48.22% ...

公 司 研 究 证券研究报告 ＃industryId＃ 电子化学品 请务必阅读正文之后的信息披露和重要声明 主要财务指标 请务必阅读正文之后的信息披露和重要声明 - 2 - | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|-------|---------------------|-------|---------------|------------------|--------|---------------------|--------|-------------| | 附表 ＄ 公司财务报表＄ \n资产负债表 gscwbb\| | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | | 2023 2024E | 2025E | 2026E | 会计年度 | | 2023 2024E | 2025E | 2026E | | 流动资产 | | 3152 3574 3248 3929 | | ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 12.71-14.13 RMB per share, based on a 2024 PE valuation of 45.0-50.0X [8][10][24] Core Views - The company has established a "1+3" competitive landscape in the electronic bulk gas business, competing with three major foreign gas companies (Linde, Air Liquide, and Air Products) [2] - The company's electronic bulk gas market share reached 11.75% in 2023, with a domestic bid-winning capacity share of 24.6%, ranking second in the industry [2] - The company is the first domestic gas company to directly participate in the global helium supply chain, with new production bases in Guangzhou and Wuhan enhancing its market supply capabilities [2] - The company's R&D investment in 2023 increased by 23.79% YoY, reaching 88.76 million RMB, with significant achievements in digitalization, intelligent operation, and helium supply chain technology [23] - The company's revenue in 2023 grew by 19.20% YoY to 1.835 billion RMB, with electronic bulk gas contributing 65.96% of total revenue and helium business showing steady growth [29] Financial Performance and Valuation - The company's revenue is expected to grow to 2.242 billion RMB in 2024, 2.749 billion RMB in 2025, and 3.398 billion RMB in 2026, with net profits of 373 million RMB, 469 million RMB, and 611 million RMB, respectively [10][18] - The EPS is projected to be 0.28 RMB in 2024, 0.36 RMB in 2025, and 0.46 RMB in 2026, with a reasonable market valuation of 16.77-18.64 billion RMB [10][18] - The company's gross margin is expected to stabilize at around 34.4%-35.1% from 2024 to 2026, with a net profit margin of 16.6%-18.0% [18][25] - The company's ROE is forecasted to improve from 5.6% in 2023 to 9.0% in 2026, driven by operational efficiency and revenue growth [18][25] Industry and Competitive Analysis - The company is positioned as a leading domestic supplier of electronic bulk gas, with significant advantages in technology and management, and a clear trend of domestic substitution [24] - The average PE ratio for comparable companies in the electronic bulk gas and specialty gas industry is 27.12X for 2024E and 21.28X for 2025E, reflecting the company's premium valuation due to its competitive edge [24] - The company's helium business is expected to further consolidate its leading position in the domestic market, supported by its global supply chain capabilities [2][23] Operational Highlights - The company secured multiple electronic bulk gas projects in 2023, including Xi'an Xinxin, Guangzhou Zengxin, and Shenzhen STMicroelectronics, contributing to its revenue growth [29] - The company's helium production bases in Guangzhou and Wuhan have been completed and put into operation, enhancing its supply capacity and market competitiveness [2][29] - The company has made breakthroughs in key technologies such as "Super-N" and "Fast-N" nitrogen generation systems, as well as subcritical CO2 transportation technology, strengthening its R&D capabilities [23]

Investment Rating - The report maintains a "Buy" rating for the company [9][16]. Core Views - The company has shown steady growth in performance, with a revenue of 1.835 billion yuan in 2023, representing a year-on-year increase of 19.20%. The net profit attributable to shareholders reached 320 million yuan, up 35.73% year-on-year [11][12]. - The company is focusing on the electronic specialty gas sector, aiming to create new growth drivers, with a planned investment of 1.224 billion yuan in 2024 [13][16]. - The helium gas sales are increasing, which helps mitigate price risks, and the company aims to capture a 5% share of the global helium market [15][16]. Financial Summary - In 2023, the company achieved a total revenue of 1.835 billion yuan, with a growth rate of 19.20%. The projected revenues for 2024, 2025, and 2026 are 2.301 billion yuan, 2.895 billion yuan, and 3.652 billion yuan, respectively, with growth rates of 25.36%, 25.81%, and 26.16% [19]. - The net profit attributable to shareholders for 2023 was 320 million yuan, with projections of 401 million yuan, 535 million yuan, and 714 million yuan for the following three years, reflecting growth rates of 25.50%, 33.42%, and 33.41% [19]. - The company's earnings per share (EPS) for 2023 was 0.24 yuan, expected to rise to 0.30 yuan in 2024, 0.41 yuan in 2025, and 0.54 yuan in 2026 [19]. Market Position - The company holds an 11.75% market share in the electronic specialty gas market, with a second-place ranking in new on-site gas supply projects in the semiconductor and integrated circuit manufacturing sectors [13]. - The company has established a competitive landscape with major foreign gas companies, forming a "1+3" competitive structure in the electronic specialty gas sector [13]. Strategic Initiatives - The company is strategically expanding into the electronic specialty gas industry, with ongoing projects in Hubei and Shanghai [15]. - The company plans to enhance its service capabilities in the semiconductor industry, aiming for high-quality development through significant investments in electronic specialty gases [15].

海通证券股份有限公司关于广州广钢气体能源股份有限公司 | 项 目 | 工作内容 | | --- | --- | | 2、根据中国证监会相关规定，在持续督导工 | | | 作开始前，与上市公司或相关当事人签署持续 | | | 督导协议，明确双方在持续督导期间的权利义 | 保荐机构已与上市公司签署了保荐协议，协议 | | | 明确了双方在持续督导期间的权利和义务，并 | | 务，并报上海证券交易所备案。持续督导期间， | 已报上海证券交易所备案。本持续督导期间， | | 协议相关方对协议内容做出修改的，应于修改 | 未发生对协议内容做出修改或终止协议的情 | | 后五个交易日内报上海证券交易所备案。终止 | | | 协议的，协议相关方应自终止之日起五个交易 | 况。 | | 日内向上海证券交易所报告，并说明原因。 | | | 3、持续督导期间，按照有关规定对上市公司 | | | 违法违规事项公开发表声明的，应于披露前向 | 本持续督导期间，上市公司未发生需公开发表 | | 上海证券交易所报告，并经审核后予以披露。 | 声明的违法违规事项。 | | 4、持续督导期间，上市公司或相关当事人出 | | | 现违法违规、 ...

证券研究报告 | 2024年03月27日 电子大宗业务增长，看好未来持续成长 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,540 | 1,835 | 2,398 | 3,299 | 4,064 | | (+/-%) | 30.7% | 19.2% | 30.6% | 37.6% | 23.2% | | 归母净利润(百万元) | 235 | 320 | 410 | 492 | 612 | | (+/-%) | 95.2% | 35.7% | 28.4% | 19.9% | 24.3% | | 每股收益（元） | 0.24 | 0.24 | 0.31 | 0.37 | 0.46 | | EBIT Margin | 21.4% | 18.9% | 19.3% | 18.3% | 18.6% | | 净资产收益率（ROE） | ...

证券代码：688548 证券简称：广钢气体 广州广钢气体能源股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 路演活动 动类别 □现场参观 □电话会议 □其他 （请文字说明其他活动内容） 景顺长城基金管理有限公司、国泰基金管理有限公司、太 平资产管理有限公司、华宝基金管理有限公司、国联安基 参与单位名称 金管理有限公司、华泰保兴基金管理有限公司、GIC 新加 （排名不分先 坡政府投资公司、银河基金管理有限公司、宁银理财有限 后） ...

电子 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 公司发布 2023 年报：报告期内，公司实现营收 18.35 亿元（YoY+19%），实现归母净利润 3.20 亿 元（YoY+36%），实现扣非归母净利润 3.09 亿元（YoY+39%）。2023 年公司综合毛利率 35.06% （YoY-3.21pct），净利率 17.42%（YoY+1.96pct），销售、管理、财务费用率 11.51%（YoY-1.54pct）。 2023 年公司业绩同比增长明显，主要原因：1）前期新建电子大宗气体项目陆续供气，带动业绩稳步 增长；2）公司持续加大氦气市场开发力度，销量保持增长态势。23Q4 单季度公司实现营收 4.80 亿 元（YoY-7%，QoQ+4%），实现归母净利润 0.93 亿元（YoY-21%，QoQ+36%），实现扣非归母 净利润 0.88亿元（QoQ+35%），单季度业绩环比改善显著。23Q4 单季度公司综合毛利率 30.70%， 同、环比分别变动-7.35pct、-1.06pct，净利率 19.48%，同、环比分别变动-3.41pct、+4.7pct。费 用方面，23Q4 销售、管理、研发 ...

2023 年年度报告 | --- | --- | --- | --- | |--------|-----------------------------------------|----------------|---------| | | | | | | | | | | | | 材料有限公司 | | | | 陈晓飞 | 广州增芯科技有限公 司 | 执行董事、经理 | 2021 年 | | 陈晓飞 | 常青半导体（湖北）有 限公司 | 执行董事、经理 | 2021 年 | | 陈晓飞 | 国开集成电路（南京） 有限公司 | 执行董事、经理 | 2021 年 | | 陈晓飞 | 广州湾区智能传感器 产业集团有限公司 | 董事长、经理 | 2021 年 | | 陈晓飞 | 湖北省半导体产业投 资基金管理有限公司 | 执行董事、经理 | 2022 年 | | 陈晓飞 | 广东越海集成技术有 限公司 | 董事长 | 2022 年 | | 陈晓飞 | 上海橙临芯伦科技发 展有限公司 | 董事长 | 2023 年 | | 陈晓飞 | 广东越海三维集成技 术有限公司 | 经理 | 2023 年 | | 陈晓飞 | 共青城兴 ...