| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-125 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于子公司开立募集资金专项账户并签订募集资金 四方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2020 年 5 月 20 日出具的《关于同意苏州金 宏气体股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕941 号）， 公司获准向社会公开发行人民币普通股（A 股）12,108.34 万股，每股面值为人 民币 1 元，发行价格为每股人民币 15.48 元，募集资金总额为人民币 187,437.10 万元。扣除发行费用人民币 11,486.04 万元后，公司本次募集资金净额为人民币 175,951.06 万元。截至 2020 年 6 月 11 日，上述募集资金已全部到位，并经容诚 会计师事务所（特殊普通合伙）审验，于 2020 年 6 月 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-124 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 于 2024 年 6 月 5 日在上海证券交易所网站（www.sse.com.cn）披露的《金宏气 体股份有限公司关于债券持有人可转债持有比例变动达到 10%的公告》（公告编 号：2024-060）。 2024 年 6 月 5 日至 2024 年 10 月 18 日期间，公司实际控制人金向华先生、 金建萍女士，及其一致行动人朱根林先生、金小红女士，及公司实际控制人金向 华先生控制的金宏投资通过上海证券交易所系统合计减持"金宏转债"1,572,240 张，占发行总量的 15.47%。具体内容详见公司于 2024 年 10 月 21 日在上海证券 交易所网站（www.sse.com.cn）披露的《金宏气体股份有限公司关于债券持有人 可转债持有比例变动达到 10%的公告》（公告编号：2024-119）。 关于债券持有人可转债持有比例 变动达到 10%的公告 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 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-123 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于召开2024 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 15 日（星期五）至 11 月 21 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dongmi@jinhonggroup.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 （一）会议线上交流时间：2024 年 11 月 22 日 下午 13:00-14:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司董事长、总经理：金向华先生 公司董事、副总经理：刘斌先生 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][6]. Core Views - The company reported a revenue of 1.86 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.4%. However, the net profit attributable to shareholders decreased by 18.7% to 210 million yuan, and the net profit after deducting non-recurring gains and losses fell by 25.9% to 170 million yuan [3][4]. - In Q3 alone, the company achieved a revenue of 630 million yuan, down 3.1% year-on-year and 2.6% quarter-on-quarter. The net profit for Q3 was 50 million yuan, a significant drop of 48.1% year-on-year and 39.7% quarter-on-quarter [3][4]. - The company faced intensified competition, leading to a decline in overall gross profit margin, which was 33.1% for the first three quarters, down 5.3 percentage points year-on-year. The net profit margin was 12.0%, down 3.4 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company’s revenue was 1.86 billion yuan, with a net profit of 210 million yuan and a net profit after non-recurring items of 170 million yuan. In Q3, revenue was 630 million yuan, with a net profit of 50 million yuan [3][4]. - The gross profit margin for the first three quarters was 33.1%, while the net profit margin was 12.0%. In Q3, the gross profit margin dropped to 30.7% and the net profit margin to 8.8% [3][4]. Market and Product Development - The company has made significant progress in the electronic specialty gas sector, achieving breakthroughs in the localization of specialty gases for the semiconductor industry. It has successfully replaced imports with products like ultra-pure ammonia and high-purity nitrous oxide, supplying major semiconductor clients [4][5]. - The company has also secured new orders in the electronic bulk gas business and has made advancements in its retail business for bulk gases, leveraging its experience in regional market integration [5][6]. Future Outlook - The company is expected to see net profits of 290 million yuan, 390 million yuan, and 480 million yuan for the years 2024 to 2026, respectively. The outlook remains positive, with a maintained "Buy" rating [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing short-term pressure in specialty gases, while large industrial and electronic bulk gases are steadily advancing [1] - The company reported a revenue of 1.86 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 4.4% [3] - The net profit attributable to the parent company for the same period was 210 million yuan, a decrease of 18.7% year-on-year [3] - The report highlights significant price reductions in specialty gases impacting profitability, with a gross margin of 30.7% in Q3 2024, down 6.4 percentage points year-on-year [1][3] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 2,427 million yuan - 2024E: 2,465 million yuan - 2025E: 3,208 million yuan - 2026E: 3,843 million yuan - Year-on-year growth rates for revenue are projected at: - 2023A: 23% - 2024E: 2% - 2025E: 30% - 2026E: 20% [1] - Net profit attributable to the parent company is forecasted as: - 2023A: 315 million yuan - 2024E: 278 million yuan - 2025E: 332 million yuan - 2026E: 433 million yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 37% - 2024E: -12% - 2025E: 19% - 2026E: 31% [1] Market Position and Strategy - The company is positioned as a leading private industrial gas supplier in China, focusing on a dual-driven strategy of bulk and specialty gases [1] - The report indicates that the company is expanding its presence in the integrated circuit sector, with revenue from this sector growing by 30% year-on-year [1] - The company aims to mitigate the impact of declining specialty gas prices by increasing sales volume and diversifying its product offerings [1]

Company Overview - Jin Hong Gas Co., Ltd. was established in 1999 and listed on the Sci-Tech Innovation Board in 2020 with stock code 688106, specializing in integrated gas solutions for research, production, sales, and services [1] - The company adheres to a vertical and horizontal development strategy, focusing on technology to provide innovative and sustainable gas solutions, aiming to be a leader in the gas industry [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of CNY 1.858 billion, a year-on-year increase of 4.37% [2] - The net profit attributable to shareholders was CNY 210 million [2] - As of September 30, 2024, total assets amounted to CNY 6.920 billion, reflecting a growth of 10.91% compared to the end of the previous year [2] Product Sales and Market Structure - Bulk gas product sales increased by 36% year-on-year, while specialty gas product sales rose by 42% [2] - In the customer structure, the semiconductor industry accounted for 31% of revenue, with the integrated circuit sector contributing 13%, marking a 30% increase year-on-year [2][3] - The machinery manufacturing industry represented 15% of revenue, and the new materials industry accounted for 13% [3] Product Pricing and Development - The company plans to counteract price pressures on specialty gas products by increasing sales volume [3] - Demand for ultra-pure ammonia has declined due to the downturn in the photovoltaic industry, leading to a decrease in market prices [3] - Seven new specialty gas products are currently in the industrialization process, with one product, octafluorocyclobutane, undergoing single-machine debugging [3] Project Progress and Future Plans - Major projects such as the Northern Integrated Circuit Phase I and others have achieved stable supply, with additional projects expected to commence production in Q4 2024 [4] - The company has established divisions for on-site gas production and electronic bulk gas to expand its business in this area [4] - Future mergers and acquisitions will be pursued to enhance growth, leveraging the company's platform for strategic expansion [5] Capital Expenditure and Cash Flow Management - The gas industry is capital-intensive, necessitating continuous investment to support development [5] - The company will focus on managing liquidity to ensure stable growth while matching funding needs for ongoing projects [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [2][8][10]. Core Insights - The company reported a revenue of 2.9 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 380 million RMB, up 21.7% year-on-year. However, Q3 alone saw a revenue decline of 3.1% year-on-year and a net profit drop of 48.1% [2][4]. - The company operates in both bulk gas and electronic gas sectors, providing comprehensive gas solutions for semiconductor clients. The gas sales volume increased by 18.1% year-on-year [2][4]. - The overall gross margin decreased to 30.7% in Q3 2024, down 6.5 percentage points year-on-year, due to intensified market competition and price declines in some products [2][4]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to achieve net profits of 320 million RMB, 400 million RMB, and 530 million RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.66, 0.83, and 1.09 RMB [2][4]. - Revenue Growth Rates: The company expects revenue growth rates of 17.47% in 2024, 24.54% in 2025, and 20.00% in 2026 [4][5]. - Valuation Metrics: The projected P/E ratios are 29x for 2024, 24x for 2025, and 18x for 2026 [2][4]. Market Position and Strategy - The company is one of the few in China that operates in both bulk and electronic gases, focusing on both horizontal and vertical market expansion [2][4]. - The revenue breakdown for gas segments shows that specialty gases account for 41.6%, bulk gases for 38.5%, on-site gas production for 11.3%, and fuel gases for 8.5% [2][4].

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-122 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于股份回购进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/9/27 | | --- | --- | | 回购方案实施期限 | 待第五届董事会第三十四次会议审议通过后 12 个月 | | 预计回购金额 | 4,000 万元~8,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 12.26 万股 | | 累计已回购股数占总股本比例 | 0.03% | | 累计已回购金额 | 234.76 万元 | | 实际回购价格区间 | 18.46 元/股~18.74 元/股 | 截至 2024 年 10 月 31 日，公司通过上海证券交易所 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a total revenue of 1.858 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.37%, while the net profit attributable to shareholders decreased by 18.72% to 210 million yuan [2]. - Despite a 18.08% increase in sales volume, the profit was impacted by a decline in gross margin due to intensified price competition and market volatility [2]. - The integrated circuit business is showing positive progress, with the company increasing its market share in the semiconductor sector and successfully introducing new customers [2]. - The company is focusing on domestic production of specialty gases for the semiconductor industry, achieving import substitution for several key products [2]. - The electronic bulk gas business is advancing steadily, with significant projects in production and supply [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 280 million yuan, with expected revenues of 2.573 billion yuan, reflecting a growth rate of 6% [3]. - The projected net profit for 2025 and 2026 is 373 million yuan and 500 million yuan, respectively, with corresponding price-to-earnings ratios of 24 and 18 [3][5]. - The gross margin is expected to decline to 33.1% in 2024, with a gradual recovery anticipated in subsequent years [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.858 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.37%. However, the net profit attributable to shareholders decreased by 18.72% year-on-year to 210 million yuan [2] - The third quarter of 2024 saw a revenue of 626 million yuan, down 3.14% year-on-year and 2.63% quarter-on-quarter, with a net profit of 50 million yuan, reflecting a significant decline of 48.06% year-on-year [2] - The report emphasizes the company's long-term growth potential in the electronic specialty gases and electronic bulk gases sectors despite short-term performance pressures [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.858 billion yuan, with a year-on-year growth of 4.37%. The net profit attributable to shareholders was 210 million yuan, down 18.72% year-on-year [2] - The third quarter results showed a revenue of 626 million yuan, a decrease of 3.14% year-on-year and 2.63% quarter-on-quarter, with a net profit of 50 million yuan, down 48.06% year-on-year [2] - The gross profit margin for the first three quarters was 33.09%, down 5.34 percentage points year-on-year, while the net profit margin was 11.96%, down 3.39 percentage points year-on-year [2] Business Segments - The electronic specialty gases segment is expanding, with key products like ultra-pure ammonia and high-purity nitrous oxide being supplied to major semiconductor clients such as SMIC and SK Hynix [3] - The company has secured new projects in electronic bulk gases, with significant growth in client projects and product volumes expected in the future [3] - The sales volume increased by 18.08% from Q1 to Q3 of 2024, with specialty gases accounting for 41.63% of revenue and bulk gases for 38.54% [3] Financial Projections - The company has revised its profit forecasts for 2024-2026, now expecting net profits of 299 million yuan, 396 million yuan, and 501 million yuan respectively [2] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 30.3 for 2024, 22.9 for 2025, and 18.1 for 2026 [2][4]