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侨源气体(300646)新股询价报告

Overseas Chinese Source Gas (300646) New share Inquiry report

華鑫證券 ·  Apr 11, 2017 00:00  · Researches

Company profile

The company's main business is the production and sales of oxygen, nitrogen, argon and other air separation gases. The company has the largest all-liquid air separation gas production line in southwest Sichuan, and currently has an annual production capacity of about 370000 tons of oxygen, 110000 tons of nitrogen and 15000 tons of argon. For steel, petrochemical, machinery, electronic information, medical, new energy and new materials and many other industries to provide industrial gas. The company's liquid product retail takes the Sichuan-Chongqing Economic Zone as the core, covering the southwest region. At present, the company has become the largest all-liquid professional air separation gas supplier and service provider in southwest China. The company has a set of air separation gas production line based on 25000Nm3/h air separation plant in Fujian. Through on-site gas production, Fujian Minguang Iron and Steel Company provides oxygen and other industrial gases to its main customers, while the surplus gas produced is sold in Fujian.

The highlight of the company

(1) for more than ten years, the company has been focused on the retail market in Sichuan and Chongqing, has a deep understanding and grasp of the personalized needs of local customers, has accumulated rich experience in operation and management, and established a good brand image. has established a long-term and stable cooperative relationship with many high-quality customers. Through years of rapid development, the company has become the largest professional supplier and service provider of all-liquid air separation gas in western China, and has outstanding first-mover advantages in the retail market of air separation gas in Sichuan and Chongqing, building high barriers to entry.

(2) the company's current production system is complete and efficient, with an annual production capacity of about 500000 tons of liquid gas, ranking first in southwest China.

Large-scale production can significantly reduce the production cost and the sales cost per unit product. Taking power consumption as an example, according to the production and technical department of the company, the unit energy consumption of small air separation equipment with capacity of 2200Nm/h is about 950KWh/Nm, while the unit energy consumption of large air separation equipment with capacity of 30000Nm/h is 620KWh/Nm, which is significantly lower than that of small air separation equipment. Through large-scale production, the company has reduced production costs and marketing costs, and further expanded its competitive advantage.

(3) Air separation gas transportation needs low temperature and high pressure environment, and downstream retail customers have high requirements for timeliness of supply. The logistics and distribution ability of professional retail gas suppliers determines their market competitiveness. As the largest retail supplier and service provider of all-liquid professional air separation gas in southwest China, the company has a professional transport team and a strong logistics and distribution system, which can meet the gas needs of customers in a round-the-clock and timely manner. The company now has a total of 53 gas distribution vehicles, which can start about 50 times a day on average.

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