金宏气体股份有限公司 2024 年年度股东大会会议资料 2025 年 04 月 金宏气体股份有限公司 2024 年年度股东大会会议资料 目 录 | 金宏气体股份有限公司 2024 年年度股东大会会议须知………………………………1 | | --- | | 2024 金宏气体股份有限公司 年年度股东大会会议议程………………………………3 | | 议案一：关于《2024 年度董事会工作报告》的议案 …………………………………5 | | 议案二：关于《2024 年度监事会工作报告》的议案 …………………………………6 | | 议案三：关于《金宏气体股份有限公司 2024 年年度报告》及摘要的议案…………7 | | 议案四：关于《2024 年度财务决算报告》的议案 ……………………………………8 | | 议案五：关于《2025 年度财务预算报告》的议案 ……………………………………9 | | 2025 议案六：关于授权公司董事长基于生产经营需要在 年度财务预算范围内签署银 | | 行借款合同和相关担保协议的议案……………………………………………………10 | | 议案七：关于《2024 年年度利润分配方案》的议案……… ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][22]. Core Views - The company achieved a revenue of 2.53 billion yuan in 2024, representing a year-on-year growth of 4.0%. However, the net profit attributable to shareholders was 200 million yuan, down 36.1% year-on-year [5][15]. - The report highlights that the company's specialty gas business faced pressure due to price declines and goodwill impairment, while the bulk gas business showed steady growth [6][7]. - The company is positioned as a leading private industrial gas supplier in China, focusing on both bulk and specialty gases to drive growth [6][7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.53 billion yuan, with a year-on-year growth rate of 4% [5]. - The net profit attributable to shareholders was 200 million yuan, reflecting a significant decline of 36% compared to the previous year [5][15]. - The fourth quarter of 2024 saw a revenue of 670 million yuan, which is a 3.1% increase year-on-year and a 6.7% increase quarter-on-quarter [11]. Business Segments - The specialty gas segment's gross margin was 27.7% in 2024, down 12.7 percentage points year-on-year, primarily due to price declines in key products like ultra-pure ammonia and helium [6]. - The bulk gas segment achieved a sales volume of 956,000 tons in 2024, up 54.3% year-on-year, with revenue of 970 million yuan, a 14.2% increase [6]. - The company is expanding its market presence through acquisitions and new retail points, particularly in the East China region [6][7]. Future Outlook - The company expects to maintain strong growth in its bulk gas business, supported by a robust order book and ongoing projects [7]. - The specialty gas business is anticipated to recover as prices stabilize, with a focus on increasing sales volume and product variety [6][7]. - The company aims to enhance its cash flow stability through the development of on-site gas production and electronic bulk gas projects, which have significant market potential [7].

金宏气体股份有限公司 关于可转债转股结果暨股份变动的公告 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： | 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-018 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 一、可转债发行上市概况 根据中国证券监督管理委员会出具的《关于同意金宏气体股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1319号），公司 获准向不特定对象发行可转换公司债券10,160,000张，每张债券面值为人民币100 元，募集资金总额为1,016,000,000.00元，扣除发行费用人民币11,840,377.36元后， 公司本次募集资金净额为1,004,159,622.64元。发行方式采用向公司在股权登记日 （2023年7月14日，T-1日）收市后中国证券登记结算有限责任公司上海分公司（以 下简称中国结算上海分公司）登记在册的原股东优先配售，原股东优先配售后余 额（含原股东放弃 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a revenue of 2.525 billion yuan in 2024, a year-on-year increase of 4.03%, but a net profit attributable to shareholders of 201 million yuan, down 36.12% year-on-year [1]. - The decline in performance is attributed to a decrease in product prices and overall gross margin, along with impairment losses on goodwill and customer relationships from acquisitions, and increased R&D expenditures [1]. - The company has made significant progress in its special gas business, adding 21 semiconductor clients and achieving several key project milestones in 2024 [2]. - The bulk gas business has also seen growth, with revenue from acquired companies in Shanghai and Jiangsu regions increasing by 15.64% and 9.11% respectively [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 2.525 billion yuan, with a gross margin of 32.15%, down 5.58 percentage points year-on-year [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 296 million yuan, 383 million yuan, and 450 million yuan respectively, reflecting a recovery trend after the decline in 2024 [3][4]. - The company’s earnings per share (EPS) for 2024 is projected at 0.42 yuan, with a return on equity (ROE) of 6.57% [4][11]. Business Segment Performance - The bulk gas segment generated revenues of 9.73 billion yuan, with a year-on-year increase of 14.23%, while the special gas segment saw revenues of 9.63 billion yuan, a decrease of 11.68% [1]. - The company has successfully launched several large-scale on-site gas production projects, enhancing service levels and operational efficiency [3]. Future Outlook - The company is expected to continue its focus on electronic bulk gas projects, with a positive outlook for growth in the coming years [3]. - The revenue growth rates for the next few years are projected at 16.22% for 2025, 18.70% for 2026, and 19.23% for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company Jin Hong Gas (688106) [1] Core Views - The company's performance is under short-term pressure, but the on-site gas production business is experiencing rapid growth [1][9] - The company reported a revenue of 2.525 billion yuan for 2024, a year-on-year increase of 4.03%, and a net profit attributable to shareholders of 201 million yuan, a year-on-year decline of 36.12% [4][5] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (before tax) [4] Revenue and Profit Analysis - The revenue breakdown for 2024 includes: - Bulk gases: 973 million yuan - Specialty gases: 963 million yuan - On-site gas production: 278 million yuan - Rental income: 213 million yuan - Clean coal gas: 0.39 million yuan [5] - The gross profit for these segments was: - Bulk gases: 304 million yuan - Specialty gases: 267 million yuan - On-site gas production: 173 million yuan - Rental income: 39 million yuan [5] - The average price of specialty gases dropped from 5.71 yuan/kg in 2023 to 3.68 yuan/kg in 2024, with the gross margin decreasing from 40.36% to 27.69% [5] Future Projections - The company has secured substantial orders in electronic bulk gas and on-site gas production, with total contract amounts reaching 8.8 billion yuan, of which 8.58 billion yuan is pending fulfillment [6] - The projected net profits for 2025, 2026, and 2027 are estimated at 280 million yuan, 370 million yuan, and 419 million yuan respectively, corresponding to PE ratios of 32, 24, and 21 times [6][7] Financial Metrics - The company’s financial metrics for 2024 and projections for 2025-2027 include: - Revenue growth rates: 4.03% for 2024, 14.99% for 2025, 10.30% for 2026, and 7.78% for 2027 [7] - Net profit growth rates: -36.12% for 2024, 39.07% for 2025, 32.12% for 2026, and 13.25% for 2027 [7] - Diluted earnings per share (EPS) are projected to be 0.42 yuan for 2024, increasing to 0.87 yuan by 2027 [7]

金宏气体(688106.SH)近日发布2024年年度报告。报告显示，2024年公司实现营业收入25.25亿元，同比 增长4.03%，并在多个业务板块实现高速增长。在业绩向好的同时，公司今年继续通过分红回报投资 者。 2024年，公司实现营收25.25亿元，净利润2.01亿元。据公司透露，面对复杂多变的市场环境，公司始终 坚持以市场为导向，以客户需求为中心，依托一站式供气服务的优势，加大力度提升服务，努力拓展客 户群体，深挖客户需求，销量持续快速增长。 其中，公司特种气体业务收入增长显著，国产替代与新品研发齐头并进。2024年，金宏气体特种气体业 务实现营业收入9.63亿元，同比增长14.49%。公司专注于超纯氨、高纯氧化亚氮等特种气体的进口替 代，同时布局正硅酸乙酯、高纯二氧化碳等新产品，满足半导体等行业不断增长的需求。通过优化服务 模式，提升客户使用体验，提高生产效率和产品品质，特种气体业务毛利率高达27.69%。 此外，公司氢能项目稳步推进，制氢设备研发与应用拓展同步进行。公司已在氢能领域进行了战略布 局，眉山金宏氢气项目于2024年4月完成验收并取得相关生产资质，株洲华龙氢气项目于2024年1月试生 产 ...

Group 1 - Investment Rating: Strongly Recommended for China Merchants Bank (600036.SH) [2][7][11] - Core Viewpoint: The company's revenue and asset quality are significantly affected by macroeconomic conditions, but its long-term competitive advantage remains solid, with absolute revenue capability still leading the industry [2][11] - Financial Performance: In 2024, the company achieved operating revenue of 337.5 billion yuan, a year-on-year decrease of 0.48%, and a net profit attributable to shareholders of 148.4 billion yuan, a year-on-year increase of 1.22% [7][11] Group 2 - Investment Rating: Recommended for Xiaomi Group-W (1810.HK) [3][12] - Core Viewpoint: The addition of Xiaomi's automotive business creates a "people-car-home" ecosystem, with significant demand for its vehicles, which are currently in short supply [3][13] - Financial Projections: Expected net profits for Xiaomi from 2025 to 2027 are projected to be 35.4 billion, 49.6 billion, and 62.6 billion yuan respectively, indicating strong growth potential [3][14] Group 3 - Investment Rating: Recommended for Chipone Technology (688521.SH) [4][19] - Core Viewpoint: The company is a leading domestic semiconductor IP provider, with a focus on customized chip solutions and semiconductor IP licensing [4][19] - Financial Projections: Revenue forecasts for 2024 to 2026 are adjusted to 2.323 billion, 2.980 billion, and 3.668 billion yuan respectively, reflecting a downward revision from previous estimates [4][19] Group 4 - Investment Rating: Recommended for Jin Hong Gas (688106.SH) [21][24] - Core Viewpoint: The company reported a revenue of 2.525 billion yuan in 2024, with a year-on-year increase of 4.03%, despite a significant drop in net profit [21][24] - Business Growth: The on-site gas production project has become a new growth driver, with a revenue of 278 million yuan in 2024, a year-on-year increase of 39.06% [21][22] Group 5 - Investment Rating: Recommended for Ningde Times (300750.SZ) [30][33] - Core Viewpoint: The company achieved a revenue of 362.01 billion yuan in 2024, with a year-on-year decrease of 9.70%, but net profit increased by 15.0% [30][33] - Market Position: As a leading global lithium battery company, Ningde Times is well-positioned to benefit from the growing demand for power and energy storage batteries [30][33]

现价：18.56 元 主要数据 | 行业 | 电子化学品 | | --- | --- | | 公司网址 | www.jinhonggroup.com | | 大股东/持股 | 金向华/ 25.85% | | 实际控制人 | 金向华,金建萍 | | 总股本(百万股) | 482 | | 流通 A 股(百万股) | 482 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 89 | | 流通 A 股市值(亿元) | 89 | | 每股净资产(元) | 6.02 | | 资产负债率(%) | 50.50 | 公 司 报 告 有色与新材料 2025 年 3 月 26 日 金宏气体(688106.SH) 特气和大宗气产销高增，现场制气成为新增长极 推荐（维持） 行情走势图 -60% -40% -20% 0% 20% 40% 金宏气体 沪深300 24-01 24-04 24-07 24-10 25-01 相关研究报告 《金宏气体(688106.SH)公司首次覆盖报告 ： 纵 横捭 阖，打造国内综合气体头部品牌》2023-7-19 《金宏气体(688106.SH)2023年年报点评：高 纯 氨等 ...

Core Viewpoint - The company experienced a significant decline in net profit by 36.12% in 2024, alongside a dramatic increase in financial expenses by 107.91%, indicating challenges in its operational performance and market conditions [1][3][9]. Revenue - In 2024, the company achieved a revenue of 2.525 billion yuan, a 4.03% increase from 2.427 billion yuan in the previous year, with quarterly revenues showing seasonal fluctuations [2]. - The semiconductor sector saw a revenue decline of 5.34% to 704 million yuan, with a gross margin of 41.62%, down 6.05 percentage points, reflecting intensified competition [2]. - The bulk gas business revenue increased by 14.23% to 973 million yuan, primarily due to acquisitions boosting sales [2]. Net Profit - The net profit attributable to shareholders was 201 million yuan, down from 315 million yuan, primarily due to market competition pressures and asset impairment [3][4]. - The company faced reduced profit margins as increased market competition led to lower product prices and gross margins [3]. Non-Recurring Profit - The net profit excluding non-recurring items was 156 million yuan, a 45.70% decrease from 287 million yuan, indicating a more significant decline than the overall net profit [5]. Earnings Per Share - Basic earnings per share fell to 0.42 yuan from 0.65 yuan, a decrease of 35.38%, reflecting the drop in net profit [6]. - The diluted earnings per share, excluding non-recurring items, decreased to 0.32 yuan from 0.59 yuan, a decline of 45.76%, highlighting the core business's profitability challenges [7]. Expenses - Financial expenses surged to 34.65 million yuan from 16.67 million yuan, an increase of 107.91%, due to rising interest expenses from new loans and convertible bonds [9]. - Research and development expenses rose by 16.78% to 101 million yuan, reflecting the company's commitment to innovation and talent acquisition [9]. Cash Flow - The net cash flow from operating activities increased by 25.38% to 580 million yuan, indicating improved cash generation capabilities [10]. - The net cash flow from investing activities improved to -824 million yuan from -1.297 billion yuan, showing a strategic adjustment in investment [10]. - The net cash flow from financing activities decreased by 50.97% to 360 million yuan, reflecting a focus on debt repayment and profit distribution [10].