金宏气体(688106.SH) 2024 年 3 月 26 日 推荐（维持） 现价：19.88 元 行情走势图 公司发布 2023 年年报，全年实现营收 24.27 亿元，yoy+23.40%；实现归母净利 润 3.15 亿元，yoy+37.48%；归母扣非净利润 2.87 亿元，yo+49.9%；销售毛利 率为 37.73%。2023 年利润分配预案：每 10 股派发现金红利 3.5 元（含税）。 年公司特种气体实现营收 10.9 亿元，同比增长 46.50%，占主营业务收入 比重由 2022 年的 39.23%升至 2023 年 46.34%，毛利率为 40.36%，特气 产销同比增加 70.49%和 118.08%，主要系超纯氨、高纯氢气、高纯氧化亚 氮、混合气等高纯特气在下游光伏电池等领域需求旺盛带动下，销量实现同 比高增；另外，公司在建新品全氟丁二烯、一氟甲烷、八氟环丁烷、二氯二 氢硅、六氯乙硅烷、乙硅烷、三甲基硅胺等 7 款高纯特气产品正在产业化过 程中。2023 年，公司大宗气体业务实现营收 8.52 亿元，同比增加 7.5%， 毛利率为 34.2%，大宗气产销同比增加 27.98%和 10.0 ...

Production Capacity and Utilization - The company's design capacity for ultra-pure ammonia is 12,000 tons with a utilization rate of 99.58%, and an additional 16,000 tons of capacity is under construction, expected to be completed by 2024[11] - Hydrogen production capacity is 61,800 thousand cubic meters with a utilization rate of 64.79%, and 34,400 thousand cubic meters of additional capacity is under construction, expected to be completed by 2024[11] - Nitrogen production capacity is 37,260 tons with a utilization rate of 85.49%, and 56,250 tons of additional capacity is under construction, expected to be completed by 2024[11] - Oxygen production capacity is 14,811.43 tons with a utilization rate of 76.30%, and 23,581 tons of additional capacity is under construction, expected to be completed by 2024[11] - Carbon dioxide production capacity is 120,000 tons with a utilization rate of 105.45%, and 400,000 tons of additional capacity is under construction, expected to be completed by 2024[11] Financial Performance and Targets - The company's investment in the reporting period was 127,009,000 yuan, an increase of 34.88% compared to the same period last year[12] - The company aims to achieve a revenue target of 2.888 billion yuan in 2024, representing a growth rate of 19%, and a net profit target of 410 million yuan, with a growth rate of 25%[33] - In 2023, the company's revenue from terminal customers was 2.104 billion yuan, an increase of 24.02% year-on-year, while revenue from gas companies was 247.97 million yuan, up 23.91% year-on-year[35] - In 2023, the company achieved a total revenue of 2.427 billion yuan, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% year-on-year[61] - Full-year revenue reached 2,427,353,257.03 yuan, a year-on-year increase of 23.40%[69] - Operating costs increased by 20.01% to 1,511,442,628.75 yuan, driven by expanded sales and market development[69] - Net cash flow from operating activities increased by 20.00% to 462,453,058.21 yuan, primarily due to higher cash receipts from sales[69] - Net cash flow from investing activities increased by 86.55% to -1,296,864,423.79 yuan, mainly due to increased payments for fixed assets and long-term investments[69] - Net cash flow from financing activities surged by 162.05% to 734,613,879.33 yuan, driven by the issuance of convertible bonds[69] Market Expansion and Strategy - The company plans to focus on its core gas industry, leveraging its leading brand, technology, quality, and professional marketing team to seize growth opportunities in 2024[24] - The company aims to explore new application scenarios for hydrogen energy, including hydrogen production, storage, and transportation, as well as expand the application of CCUS (Carbon Capture, Utilization, and Storage)[23] - The company is committed to developing innovative and sustainable gas solutions, positioning itself as a leader in the gas industry through its vertical (technology-driven) and horizontal (market expansion) development strategies[31] - The company plans to expand its product categories and enhance its service capabilities, including replacing foreign monopolies in areas such as electronic bulk gas and TGCM services[32] - The company will continue to deepen its presence in the Yangtze River Delta region while actively expanding into cross-regional markets within China[32] - The company is following the national "Belt and Road" strategy to establish production bases overseas and participate in international market competition[48] - The company expanded its overseas business in 2023, breaking into 22 new countries, bringing the total export coverage to 32 countries[105] - In 2023, the company established JINHONG GAS (VIETNAM) CO., LTD. to build an ultra-pure ammonia production project, targeting the Southeast Asian market[106] - The company acquired Jishan County Mingfu Gas Co., Ltd., gaining 3 air separation units in Yuncheng City, Shanxi Province, marking a breakthrough in medium-sized on-site gas production (air separation cluster) projects[107] - The company signed 5 small and medium-sized on-site gas production projects in 2023, including Zhejiang Hongxi, Maxell Technology, and Zhejiang Guokang, and successfully put into operation 9 on-site gas production projects[108] Industry Competition and Market Share - The domestic gas market is highly competitive, with foreign giants, domestic professional gas suppliers, and air separation equipment manufacturers all vying for market share[15] - The global industrial gas market is highly concentrated, with the top three producers—Linde Group, Air Liquide, and Air Products—holding approximately 70% of the market share[37] - The company's market share in the domestic electronic specialty gas market is 3.22%, with the market size reaching 23.1 billion yuan in 2022, a year-on-year increase of 6.94%[96] - The gas market in East China is highly competitive, dominated by foreign giants like Linde Group, Air Liquide, Air Products, and Taiyo Nippon Sanso in the electronic gas sector[135] Revenue Breakdown by Industry and Region - Revenue from the semiconductor industry grew by 58.41% to 743,293,670.68 yuan, with a gross margin increase of 3.70 percentage points[71] - Revenue from special gases increased by 46.50% to 1,089,908,304.58 yuan, though gross margin decreased by 0.87 percentage points[73] - Overseas revenue grew by 92.72% to 80,334,219.77 yuan, but gross margin decreased by 2.49 percentage points[73] - Terminal customers accounted for 2,103,837,136.25 yuan in revenue with a gross margin of 39.04%, an increase of 2.15 percentage points year-over-year[126] - Gas companies contributed 247,968,348.62 yuan in revenue with a gross margin of 27.99%, a decrease of 1.35 percentage points year-over-year[126] - Semiconductor industry revenue increased by 58.41% year-over-year, driven by expansion in photovoltaic and integrated circuit customers[128] - Environmental and new energy revenue grew by 54.49% year-over-year, attributed to the integration of sales channels in Jiangsu, Zhejiang, and Shanghai[128] - Revenue in the East China region reached 1,613,828,884.32 yuan with a gross margin of 36.66%, an increase of 2.50 percentage points year-over-year[127] - Revenue in the North China region was 146,722,015.58 yuan with a gross margin of 53.46%, a decrease of 10.04 percentage points year-over-year[127] - Revenue in the South China region was 60,463,138.19 yuan with a gross margin of 38.33%, a decrease of 5.64 percentage points year-over-year[127] - Revenue in the Central China region was 256,548,274.55 yuan with a gross margin of 34.26%, an increase of 6.11 percentage points year-over-year[127] R&D and Innovation - The company will increase R&D investment in 2024 to accelerate the development of new products and meet market demand, while also focusing on talent acquisition and collaboration with research institutions[50] - R&D expenses increased by 1.94% to 86,301,355.80 yuan, mainly due to higher material consumption in pilot projects[81] - The company collaborates with universities and research institutions, such as Dalian University of Technology and East China Normal University, to build a high-level "industry-university-research" cooperation platform[103] - The company has an independent R&D department and a comprehensive R&D management system, focusing on market trends and customer needs to drive product development and performance improvement[99] Supply Chain and Production Methods - The company's Supplier Relationship Management (SRM) system was officially launched in January 2023, enhancing supplier management efficiency and optimizing the supply chain[82] - The company has established a stable raw material supply chain through a comprehensive supplier evaluation system and procurement processes[115] - The company's production methods include chemical reactions or physical purification of purchased raw materials, as well as air separation or liquid gas purchases for on-site gas production[117] Talent Development and Employee Structure - The company conducted 211 training sessions, involving 2,878 participants, through various talent development programs, including the "Jinhong Management Academy" and the "Jinhong Gas Cloud Academy"[83] - The company introduced a total of 302 senior technicians, technicians, and senior technicians through professional technical title and vocational skill level assessments[83] - The company's total number of employees is 2,495, with 516 production personnel, 369 sales personnel, and 551 technical personnel[157] - The company's employee education breakdown includes 5 PhDs, 33 master's degrees, 484 bachelor's degrees, and 581 associate degrees[157] - The company provides comprehensive employee benefits, including social insurance, housing provident fund, commercial insurance, and various welfare policies[182] - The company has established a robust training system, including new employee orientation, corporate culture training, and management enhancement programs, with an increasing training budget[184] Corporate Governance and Leadership - Jin Jianping, born in August 1953, has been a director of Jinhong Gas since November 2014 and has served as the general manager of Jinhong Investment since the same period[120] - Liu Bin, born in February 1977, has been a director and vice president of Jinhong Gas since October 2015, with extensive experience in the gas industry[120] - Shi Dongsheng, born in April 1974, has been a director and vice president of Jinhong Gas since June 2020, with a background in chemical engineering and senior engineering roles[120] - Gu Yuewen, born in November 1992, has held various financial and managerial roles in Suzhou Xiangcheng Financial Holding Group since 2021[120] - Ding Weiping, born in November 1961, is a professor at Nanjing University and has been an independent director of Jinhong Gas since November 2021[120] - Dong Yiping, born in June 1987, has been an independent director of Jinhong Gas since November 2021, with a legal background in capital markets[120] - Chen Zhong, born in August 1963, is an associate professor at Soochow University and has been an independent director of Jinhong Gas since November 2021[120] - The company held 8 board meetings in 2023, all of which were conducted through a combination of on-site and teleconference methods[151] - The company's board of directors approved the 2023 annual remuneration standards for directors, senior management, and supervisors during the first meeting of the Remuneration and Assessment Committee on April 11, 2023[146] - The company's board of directors held 8 meetings in 2023, with all directors attending all meetings without any absences[149] - The company held 5 audit committee meetings during the reporting period, reviewing key reports including the 2022 Annual Report, 2022 Financial Final Report, and 2023 Financial Budget Report[153] - The company's nomination committee approved the appointment of Ms. Gu Yuewen as a board director on October 9, 2023[153] - The company's compensation and assessment committee held one meeting during the reporting period to review executive compensation and equity incentive plans[178] - The company's board members attended 8 out of 8 board meetings, demonstrating full participation and commitment[176] - The company's audit committee strictly adhered to regulatory requirements and unanimously passed all proposals during the reporting period[153] Profit Distribution and Shareholder Policies - The company plans to distribute a cash dividend of RMB 3.50 per 10 shares, totaling RMB 167,951,812.70 (tax included), representing 53.32% of the net profit attributable to the parent company's shareholders[191] - The total share capital of the company is 486,943,322 shares, with 7,081,000 shares in the repurchase account excluded from the dividend distribution[191] - The 2021 restricted stock incentive plan granted 3,840,742 shares, accounting for 0.79% of the total shares, to 95 employees, representing 3.81% of the total employees[194] - The 2022 restricted stock incentive plan granted 5,250,000 shares, accounting for 1.08% of the total shares, to 51 employees, representing 2.04% of the total employees[194] - The company's cash dividend policy requires a minimum cash dividend ratio of 80% when the company is in a mature stage with no significant capital expenditure arrangements[185] - The company's profit distribution policy adjustment requires approval by at least two-thirds of the voting rights at the shareholders' meeting[190] - The company's profit distribution policy ensures a minimum of 10% of distributable profits is allocated annually, with a preference for cash dividends[162] - The company defines "significant capital expenditure" as investments or cash outflows exceeding 100 million yuan in a single fiscal year[174] - The company's profit distribution policy considers the company's development stage, current operations, and capital needs, balancing short-term and long-term interests[187] - The company's profit distribution policy can be adjusted in response to significant external changes or internal operational shifts, such as war or natural disasters[188] Awards and Recognitions - The company was recognized as a national-level green factory and received multiple awards, including the Jiangsu Province May 1st Labor Certificate and the Innovation Unit Award from the China Industrial Gas Association[82] Inventory and Goodwill - Inventory value increased to 145.34 million yuan in 2023, accounting for 5.94% of current assets, with a low risk of inventory impairment[129] - Goodwill value stood at 329.33 million yuan as of December 31, 2023, with potential impairment risks due to macroeconomic or operational challenges[132] - The net book value of customer relationship intangible assets is RMB 153.67 million as of December 31, 2023, related to acquisitions of Changsha Mande, Shanghai Shennan, and Haining Lishen[133] - The company faces a risk of impairment of customer relationship intangible assets if major customer orders decline significantly or partnerships deteriorate[133] Tax and Financial Risks - Jin Hong Gas and its subsidiary Changsha Mande are high-tech enterprises subject to a 15% corporate income tax rate, which could increase if high-tech qualifications are not maintained[134] Shareholder and Executive Compensation - The total shareholding of key personnel amounts to 167,096,357 shares, with a total market value of approximately RMB 1.06 billion[136] - The total actual remuneration for directors, supervisors, and senior management at the end of the reporting period was 9.4243 million RMB[146] - The total actual remuneration for core technical personnel at the end of the reporting period was 1.1701 million RMB[146] Business Model and Product Portfolio - The company's product portfolio includes over 100 gas varieties, categorized into special gases, bulk gases, and fuels, with key products such as ultra-pure ammonia, high-purity nitrous oxide, and high-purity hydrogen[86] - The company's supply modes include cylinder supply, tank supply, and on-site gas production, with on-site gas production being the most efficient and largest supply method[90] - The company operates under a "sales-driven, order-driven" business model, with sales as the central focus of production and procurement activities[90] - The company serves two main types of downstream customers: end-users who use the gases in their manufacturing processes, and gas companies that resell the gases[93] Global Market Trends - The global industrial gas market size was approximately 161.4 billion USD in 2022, with a projected growth to 170.3 billion USD in 2023 and 184.2 billion USD in 2024[113] Strategic Investments and Acquisitions - The company plans to strengthen its market share through acquisitions, mergers, or cooperative production to enhance its product and technological development[50] - The company's retail business has grown significantly, with local enterprises gaining a competitive advantage[46]

北京西城区金融大街兴盛街 6 号国信证券 9 层 邮编：100032 证券研究报告 | 2024年03月26日 电子气体占比提升，产品结构持续优化 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|-------|-------|-------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,967 | 2,427 | 2,979 | 3,637 | 4,412 | | (+/-%) | 13.0% | 23.4% | 22.7% | 22.1% | 21.3% | | 净利润(百万元) | 229 | 315 | 401 | 497 | 614 | | (+/-%) | 37.1% | 37.5% | 27.2% | 24.0% | 23.6% | | 每股收益（元） | 0.47 | 0.65 | 0.82 | 1.02 | 1.26 | | EBIT Margin | 12. ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 电子/电子化学品Ⅱ 公 司 研 究 金宏气体（688106.SH） 2024 年 03 月 26 日 2023 年业绩大幅增长，产品结构持续优化 ——公司信息更新报告 投资评级：买入（维持） -32% -16% 0% 16% 32% 2023-03 2023-07 2023-11 金宏气体 沪深300 数据来源：聚源 相关研究报告 《2023 年业绩高增长，电子大宗+特气 双 轮 驱 动 — 公 司 信 息 更 新 报 告 》 -2024.2.26 《Q3 盈利能力持续回升，特气收入占 比创历史新高—公司信息更新报告》 -2023.11.14 罗通（分析师） 刘天文（分析师） luotong@kysec.cn 证书编号：S0790522070002 liutianwen@kysec.cn 证书编号：S0790523110001 2023 年业绩大幅增长，盈利能力持续提升，维持"买入"评级 公司发布 2023 年年报，2023 年公司实现营收 24.27 亿元，同比+23.40%；归母 净利润 3.15 亿元，同比+37.48%；扣非归母净利润 2.87 ...

➢ 事件：3 月 25 日，金宏气体发布 2023 年年度报告，2023 年公司实现营收 24.27 亿元，同比提升 23.40%；实现归母净利润 3.15 亿元，同比提升 37.48%； 实现扣非归母净利润 2.87 亿元，同比提升 49.90%。 ➢ 特气业务贡献显著，新品研发进程顺利。公司特种气体业务营收同比增长 46.50%，占主营业务收入比重由 39.23%提升至 46.34%。电子特种气体是半导 体制造的关键材料，公司致力于电子半导体领域的特种气体产业化，已逐步实现 了超纯氨、高纯氧化亚氮、电子级正硅酸乙酯、高纯二氧化碳等一系列产品的进 口替代。公司优势产品超纯氨、高纯氧化亚氮等产品已正式供应了中芯国际、海 力士、联芯集成、积塔、华润微电子、华力集成等一批知名半导体客户。投产新 品电子级正硅酸乙酯、高纯二氧化碳正在积极导入集成电路客户，均已实现部分 客户小批量供应。在建新品全氟丁二烯、一氟甲烷、八氟环丁烷、二氯二氢硅、 六氯乙硅烷、乙硅烷、三甲基硅胺等 7 款产品正在产业化过程中。 ➢ 获得多个大宗载气订单，彰显综合性气体公司优势。公司进一步加强电子大 宗载气业务的服务能力，取得主要进展包括：1) ...

地址：苏州市相城区黄埭镇潘阳工业园安民路6号 电话：400-828-7377 网址：www.jinhonggroup.com 环境、社会及治理（ESG）报告 2023 年度 关于本报告 本报告是金宏气体股份有限公司（以下简称"金宏气体""公司"或"我们"）发布的第1份环境、社会及治理报告 （以下简称"ESG报告"）。本报告依据客观、规范、透明和全面的原则，详细披露了公司2023年度环境、社会 与公司治理的实践及绩效。 报告范围 本报告以金宏气体为主体，相关章节涵盖金宏气体及其下属企业、分支机构等，除特别说明外，本报告范围与 公司年报范围保持一致。 时间范围 2023年1月1日至2023年12月31日（简称"报告期"）。为增强本报告的对比性和前瞻性，部分内容适当追溯以往 年份或具有前瞻性描述。本报告的发布周期为一年一次，与财务年度保持一致。 本报告可以在金宏气体股份有限公司官方网站(www.jinhonggroup.com)、上交所网站（www.sse.com.cn） 查阅和下载。 本报告以中文发布，英文版系根据中文版翻译，若与中文版有任何分歧，概以中文版为准。 01 02 编制依据 数据说明 报告使用数据来源 ...

金宏气体股份有限公司 年度"提质增效重回报" 行动方案 目录 01 聚焦经营主业 铸就企业新优势 01 16 02 提升科技创新 增添产业新动能 06 17 股票代码688106 03 优化财务管理 强化基础新机制 09 20 05 加强投资者沟通 高效传递新价值 06 提高投资者回报 成长红利新提升 07 强化管理层与股东的利益一致性 共担共享新约束 聚焦经营主业 铸就企业新优势 04 完善公司治理 提质增效新部署 13 23 08 强化"关键少数"的责任 激发担当新作为 为贯彻落实关于开展科创板上市公司 "提质增效重回 报"专项行动的倡议，提出落实以投资者为本的理念，推动上 市公司持续优化经营、规范治理和积极回报投资者，大力提 高上市公司质量，助力信心提振、资本市场稳定和经济高质 量发展的精神，特制定金宏气体 2024 年度"提质增效重回 报"行动方案。 公司为践行以"投资者为本"的上市公司发展理念，持续 强化企业价值创造能力，切实履行上市公司的责任和义务， 维护公司全体股东利益，基于对公司价值及未来发展的信 心，开展"提质增效重回报"专项行动。 特别提醒 本报告所涉及的公司规划、发展战略等前瞻性表述，既 ...

金宏气体股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 合并利润表 | 3 | | — | 合并现金流量表 | 4 | | — | 合并股东权益变动表 | 5-6 | | — | 母公司资产负债表 | 7-8 | | — | 母公司利润表 | 9 | | — | 母公司现金流量表 | 10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-153 | 审计报告 XYZH/2024SUAA1B0007 金宏气体股份有限公司 金宏气体股份有限公司全体股东： 一、 审计意见 我们审计了金宏气体股份有限公司（以下简称金宏气体）财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映 了金宏气体 2023 ...

金宏气体股份有限公司 2023 年度董事会审计委员会履职报告 根据《上市公司治理准则》《上海证券交易所科创板股票上市规则》等法律 法规、规范性文件及《金宏气体股份有限公司章程》（以下简称"《公司章程》"） 《董事会审计委员会议事规则》的有关规定，作为金宏气体股份有限公司（以下 简称"公司"）现任审计委员会成员，现就2023年度工作情况汇报如下： 一、审计委员会基本情况 三、审计委员会年度履职情况 （一）监督及评估内部控制的有效性 公司第五届董事会审计委员会由独立董事陈忠先生、独立董事董一平先生和 董事金向华先生组成，并由独立董事陈忠先生担任主任委员。 二、审计委员会年度会议召开情况 2023年度，公司第五届董事会审计委员会共召开5次会议，全体委员均亲自出 席了全部会议，具体如下： | 会议名称 | 召开时间 | 讨论内容 | | --- | --- | --- | | 第五届董事会审计 委员会第五次会议 | 2023-4-11 | 1、审议关于《2022 年年度报告》及摘要的议案 | | | | 2、审议关于《2022 年度财务决算报告》的议案 | | | | 3、审议关于《2023 年度财务预算报告》的议案 ...

| 证券代码：688106 | 证券简称：金宏气体 公告编号：2024-035 | | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | 金宏气体股份有限公司 关于不向下修正"金宏转债"转股价格的公告 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： 截至 2024 年 3 月 25 日，"金宏转债"转股价格已触发向下修正条款。 经金宏气体股份有限公司（以下简称"公司"）董事会决定，本次不向下修正"金 宏转债"转股价格。 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。可转债的期限为自发行之日起六 年，即自202 ...