电子化学品Ⅱ：林德和法液空的发展和并购思路的一点启示

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投资要点：1.0 阶段：龙头企业均从气体液化技术起家，向一体化供应商转型海外气体巨头发展历史长达百年，期间经历多次并购整合，最终在全球范围内成为具有影响力的四家大型企业，这四大巨头分别是德国林德集团、法国液空集团、美国普莱克斯以及美国空气化学产品。其中林德和法液空位列行业前列，细数这两家发家与成长历程相似度较高。林德集团由卡尔林德于1879 年在德国创立，在1895 年发明了一项关于气体液化的专利...

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年之前，法液空牢牢占据全球龙头的地位，在收入方面，法国液空集团遥遥领先，收购Airgas 后，营收有大幅度的提升，2017年达到203.49 亿欧元；德国林德集团紧随其后，2017 年收入为171.13亿欧元。2019 年，林德集团与普莱克斯合并圆满完成后，公司接棒法液空成为全球最大气体龙头企业。据前瞻产业研究院2019 年统计，林德集团与普莱克斯合并后，成为全球第一大气体企业，其在全球工业气体市场中的占比约为22.35%；投资建议我国企业起步时点较晚，当前正处于行业集中度逐步提高时期，建议关注拥有综合服务能力的金宏气体、细分赛道龙头广钢气体、华特气体、中船特气等，我们认为当前时点这些企业已经在原有业务领域充分发挥自身的优势，牢牢占据部分市场份额，后续有望通过收并购进一步扩张自身版图。风险提示下游需求不及预期，产品价格波动风险，行业竞争加剧风险。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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