Investment Rating - The report assigns a "Buy" rating to the company with a current price of 9.70 CNY and a reasonable value of 10.93 CNY per share [2]. Core Insights - The company focuses on the development of industrial gases in China, aiming to become a leading enterprise in electronic bulk gases. It has established a strong position in the helium market and has achieved significant domestic substitution in the semiconductor display and integrated circuit manufacturing sectors [3][10]. Summary by Sections Company Overview - The company originated from the Guangzhou Steel Plant and has evolved through foreign cooperation to focus on domestic substitution since 2014. It has developed its main business around electronic bulk gases, particularly excelling in the helium sector [3][19][20]. Financial Performance - The company’s revenue has shown substantial growth, with a projected increase in operating income from 1,540 million CNY in 2022 to 3,086 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 66.2% from 2019 to 2023. The net profit is expected to rise from 235 million CNY in 2022 to 559 million CNY in 2026 [9][39]. Market Position - The company holds an 8.03% market share in the domestic electronic bulk gas market as of 2021 and has been ranked first in new on-site gas projects in the integrated circuit and semiconductor display sectors from 2018 to September 2022 [10][19]. Research and Development - The company has consistently increased its R&D investment, which grew from 27.5 million CNY in 2020 to 71.7 million CNY in 2022, with a CAGR of 61.5%. The revenue generated from core technologies has also increased significantly, accounting for 87.8% of the main business income in 2022 [36][37]. Product Portfolio - The company’s product range includes six major types of electronic bulk gases and key general industrial gases, such as nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide, which are widely used in various sectors including semiconductor manufacturing and general industry [24][25]. Growth Drivers - The growth in the electronic bulk gas business is driven by the increasing demand from the semiconductor industry, with revenue growth rates exceeding 40% from 2020 to 2022. The general industrial gas segment has remained stable, contributing to the overall revenue growth [39][40]. Competitive Advantage - The company has broken the foreign monopoly on helium supply by developing a self-controlled technology capability and is the only domestic gas company with long-term, large-scale helium procurement resources [10][19].

证券研究报告 [Table_Page] 跟踪分析|银行 [Table_Title] 银行行业 阶段性流动性偏紧，长端利率接近底部 ——银行资负跟踪 20250112 [Table_Summary] 核心观点： ⚫ 本期:2025/1/6~1/12,上期:2024/12/30~1/5,下期:2025/1/13~1/19。 ⚫ 央行动态：本期央行公开市场共开展 309 亿元 7 天逆回购操作，利率 1.50%，逆回购到期 2,909 亿元，整体实现净回笼 2,600 亿元。下期央 行公开市场将有 309 亿元逆回购到期。另外，下周有 9,950 亿元 MLF 到 期。本期央行 7 天逆回购小额投放，整体实现净回笼，资金面转紧。下 期适逢缴税、缴准，叠加大额 MLF 到期、春节临近，预计阶段性流动性 偏紧，1 月 10 日央行发布公告称" 鉴于近期政府债券市场持续供不应 求， 2025 年 1 月起暂停开展公开市场国债买入操作 "，关注春节前央行 公开市场操作情况和有无择机降准降息。 ⚫ 政府债融资：本期政府债净缴款 1,297.98 亿元，预计下期净缴款约 3,719.03 亿元，较本期有所回升。25 年 1 月 ...

[Table_Page] 投资策略报告|电子 证券研究报告 [Table_Title] AI 的进击时刻系列 1 AI 的下一个前沿是物理 AI [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-12 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]王亮 SAC 执证号：S0260519060001 SFC CE No. BFS478 021-38003658 gfwangliang@gf.com.cn 分析师： 耿正 SAC 执证号：S0260520090002 021-38003660 gengzheng@gf.com.cn 分析师： 谢淑颖 SAC 执证号：S0260520080005 021-38003656 xieshuying@gf.com.cn -24% -10% 3% 17% 30% 44% 01/24 03/24 06/24 08/24 10/24 01/25 电子 沪深300 请注意，耿正,谢淑颖并非香港证券及 ...

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 火电陆续破净，评估煤价与利润稳定性 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-01-12 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/24 03/24 06/24 08/24 10/24 01/25 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | | --- | --- | | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师： | 姜涛 | | | SAC 执证号：S0260521070002 | | | 021-38003624 | | | shjiangtao@gf.com.cn | | 分析师： | 许子怡 | | | SAC 执证号：S0260524010002 | | | 0 ...

[Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产行业:24 年 12 月 REITs 月报 完善审核规则，低息预期助推行情 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 郭镇 SAC 执证号：S0260514080003 SFC CE No. BNN906 021-38003639 guoz@gf.com.cn -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 房地产 沪深300 [Table_Contacts] 联系人： 胡正维 huzhengwei@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 36 [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2025-01-13 12 月交易所完成了常态化发行阶段下审核体系最后一环的建设。12 月 27 日，沪深交易所修订《REITs 业务指引—审核关注事项》，在原有 框架下根据发改委最新政策要求以及三年以来的审核实 ...

[Table_Title] 基础化工行业 香兰素反倾销初裁落地，海外布局企业受益 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-13 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]吴鑫然 SAC 执证号：S0260519070004 SFC CE No. BPW070 0755-23942150 wuxr@gf.com.cn [Table_ 相关研究： DocReport] -20% -10% 0% 10% 20% 30% 01/24 03/24 06/24 08/24 10/24 01/25 基础化工 沪深300 | 基础化工行业:美国对香兰素 | 2025-01-12 | | --- | --- | | 反倾销初裁落地，油价重回 | | | 高位 | | | 基础化工行业:涤纶长丝库存 | 2025-01-05 | | 低位，制冷剂季度长协价稳 | | | 步上行 | | | 基础化工行业 2025 年投资策 | 202 ...

[Table_Page] 跟踪分析|银行 [Table_ 相关研究： DocReport] | 银行行业:阶段性流动性偏 | 2025-01-12 | | --- | --- | | 紧，长端利率接近底部—— | | | 银行资负跟踪 20250112 | | | 银行投资观察 20250112:中 | 2025-01-12 | | 美利差，汇率与货币的核心 | | | 症结 | | | 跨境流动性跟踪 20250112: | 2025-01-12 | | 人民币升值，中美利差大幅 | | | 走扩 | | [联系人： Table_Contacts]李文洁 021-38003644 gfliwenjie@gf.com.cn 证券研究报告 [Table_Title] 银行行业 央行调整跨境融资参数点评 核心观点 [Table_Summary ： ] [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 许洁 SAC 执证号：S0260518080004 SFC ...

金融工程|定期报告 2025 年 1 月 12 日 证券研究报告 | | | | 由工程:成交热度边际减弱 | | | 分析师: | | 安宁宁 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | A 股量化择时研究报告 | | | | | | SAC 执证号: S0260512020003 | SFC CE No. BNW179 | | | | 市场回顾（本期是指 2025年１月６日—2025年１月10日） | | | | | | | 0755-23948352 | | | 结构表现 | 中证 沪深 | | 中证 | 中证 | 中证 | 国证 分析师: | anningning@gf.com.cn | 张钰东 | | | | 100 500 800 1000 2000 | 300 | | | | | | | | | (涨幅) | -0.99% -1.13% -1.08% -1.12% -1.43% -0.89% | | | | | | SAC 执证号: S0260522070006 | | | | | | | | | | ...

[Table_Title] 证券Ⅱ行业 国际投行全球布局的共性经验与个性选择 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [相对市场表现 Table_PicQuote] [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-88286912 yanyilan@gf.com.cn -14% 1% 16% 30% 45% 60% 01/24 03/24 06/24 08/24 10/24 01/25 证券Ⅱ 沪深300 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_ 相关研究： DocReport] | | | --- | --- | | 证券Ⅱ行业:从 ETF 视角看券 | 2024-12-1 ...

[Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 从农作物国审新品种看种业发展趋势 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]钱浩 -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 农林牧渔 沪深300 | | SAC 执证号：S0260517080014 | | --- | --- | | | SFC CE No. BND274 | | | 021-38003634 | | | shqianhao@gf.com.cn | | 分析师： | 周舒玥 | | | SAC 执证号：S0260523050002 | | | 021-38003537 | | | zhoushuyue@gf.com.cn 请注意，周舒玥并非香港证券及期货事务监察委员会的注 ...