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].

Core Opinion - The audit report for Jinhong Gas Co., Ltd. indicates that the financial statements for the year ending December 31, 2024, fairly represent the company's financial position and operating results in accordance with accounting standards [3]. Financial Statements - The audit covered various financial statements including the consolidated balance sheet, income statement, cash flow statement, and changes in equity for both consolidated and parent company [1][3]. - The consolidated revenue for 2024 was reported at 2,525,277,683.91 yuan [4][5]. Key Audit Matters - **Accounts Receivable Provision**: As of December 31, 2024, the accounts receivable balance was 402,012,847.36 yuan, with a provision for bad debts of 22,225,193.12 yuan. The management's judgment on the recoverability of accounts receivable was identified as a key audit matter [3][4]. - **Revenue Recognition**: The recognition of revenue is significant for the financial statements and is subject to inherent risks of manipulation. The revenue recognition process was also deemed a key audit matter [4][5]. - **Goodwill Impairment**: The goodwill balance was reported at 334,402,411.11 yuan, with an impairment provision of 36,684,534.17 yuan. The assessment of goodwill impairment involves significant management judgment and was recognized as a key audit matter [6][7]. Management Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and ensuring that internal controls are in place to prevent material misstatements due to fraud or error [9][10]. Auditor Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit opinion based on the audit evidence obtained [10][11].

Core Viewpoint - The company plans to conduct forward foreign exchange settlement and sales to mitigate the impact of exchange rate fluctuations on its business performance, allowing it to focus on production and sales [1][2]. Summary by Sections Purpose of Conducting Forward Foreign Exchange Business - The company engages in overseas procurement and sales, primarily using currencies such as USD, EUR, SGD, VND, and THB. The forward foreign exchange business aims to reduce the impact of exchange rate fluctuations on the company's operating performance [1][2]. Types of Forward Foreign Exchange Business - The forward foreign exchange business will be limited to the main settlement currencies used in the company's operations: USD, EUR, SGD, VND, and THB [2]. Business Period and Scale - The company has received approval from its board and supervisory committee to conduct forward foreign exchange business within 12 months from the board's approval date, with a maximum foreign currency amount not exceeding RMB 300 million (including this amount), which can be used on a rolling basis [2][3]. Feasibility Analysis - The company’s reliance on foreign currencies for procurement and sales makes it vulnerable to significant exchange rate fluctuations. Engaging in forward foreign exchange business is seen as a way to lock in exchange rates, thereby stabilizing profit levels and aligning with future operational needs [2][3]. Risk Analysis - The forward foreign exchange business is designed to hedge against exchange rate risks and is not intended for speculative or arbitrage trading. However, there are risks such as potential exchange losses if the forward rates deviate from actual rates at the time of settlement [3]. Risk Control Measures - The company has established a comprehensive internal control system for foreign exchange forward business and has implemented effective risk response measures. This includes monitoring customer payment capabilities and improving the accuracy of cash flow forecasts [4][5]. Review Procedures and Special Opinions - The board and supervisory committee have approved the proposal to conduct forward foreign exchange business, confirming that it aligns with the company's operational needs and complies with relevant laws and regulations [4][5]. Sponsor Institution's Review Opinion - The sponsor institution has verified that the proposed forward foreign exchange business has been approved by the company's board and supervisory committee, and it complies with necessary legal procedures [5].

金宏气体: 金宏气体：东吴证券股份有限公司关于 金宏气体股份有限公司使用闲置募集资金暂时补充 流动资金的核查意见 根据中国证券监督管理委员会于2023年6月17日出具的《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》 东吴证券股份有限公司 关于金宏气体股份有限公司 使用闲置募集资金暂时补充流动资金的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为金宏 气体股份有限公司（以下简称"金宏气体"、"公司"或"发行人"）的持续督 导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法(试行)》《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》等有关规定，对金宏气体使用闲置募 集资金暂时补充流动资金事项进行了审慎核查，核查情况及核查意见如下: 一、募集资金基本情况 （一）2020 年首次公开发行股票并上市募集资金情况 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 （证监许可〔2020〕941 号）， 宏气体股份有限公司首次公开发行股票注册的批复》 公司获准向社 ...

除对金宏气体公司 2024 年度财务报表执行审计，以及将本专项说明后附的汇总表所 载项目金额与我们审计金宏气体公司 2024 年度财务报表时金宏气体公司提供的会计资料 和经审计的财务报表的相关内容进行核对外，我们没有对本专项说明后附的汇总表执行任 何附加程序。 控股股东及其他关联方占用资 XYZH/2025SUAA1B0015 关于金宏气体股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 委托单位：金宏气体股份有限公司 审计单位：信永中和会计师事务所（特殊普通合伙） 联系电话：010-65542288 金宏气体股份有限公司 控股股东及其他关联方占用资金情况的 专项说明 索引 页码 控股股东及其他关联方占用资金情况的专项说明 1-2 附件：关联方资金占用专项说明 3 关于金宏气体股份有限公司 XYZH/2025SUAA1B0015 金宏气体股份有限公司 金宏气体股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了金宏气体股份有限公司（以下简称"金宏气 体公司"或"公司"）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产 负债表、2024 年度的合 ...

金宏气体: 金宏气体：内部控制审计报告 金宏气体股份有限公司 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025SUAA1B0016 金宏气体股份有限公司 金宏气体股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 金宏气体股份有限公司（以下简称"金宏气体公司"）2024 年 12 月 31 日财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、 《企业内部控制应用指引》、 《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是金宏气体公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 审计报告（续） 中国注册会计师： 中 ...

金宏气体: 金宏气体：信永中和会计师事务所（特殊普通合 伙）关于金宏气体2024年度募集资金存放与实际使用情况鉴 证报告 募集资金存放与实际使用情况鉴证报告 金宏气体股份有限公司 XYZH/2025SUAA1B0014 一、 董事会的责任 金宏气体董事会的责任是按照中国证券监督管理委员会《上市公司监管指引第 2 号— 上市公司募集资金管理和使用的监管要求》、上海证券交易所《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》编制《募集资金存放与实际使用情况的专项报 告》。这种责任包括设计、实施和维护与募集资金年度存放与使用情况专项报告编制相关 的内部控制，保证募集资金年度存放与使用情况报告的真实、准确和完整，以及不存在由 于舞弊或错误而导致的重大错报。 信永中和会计师事务所(特殊普通合伙) 中国·北京 目 录 序号 内 容 页码 募集资金存放与实际使用情况鉴证报告 XYZH/2025SUAA1B0014 金宏气体股份有限公司 金宏气体股份有限公司全体股东： 我们接受委托，对后附的金宏气体股份有限公司（以下简称"金宏气体"）董事会编 制的 2024 年度《募集资金存放与实际使用情况的专项报告》执行 ...

金宏气体: 金宏气体：关于2024年年度利润分配方 案及2025年中期分红安排的公告 证券代码：688106 证券简称：金宏气体 公告编号：2025-014 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 2024 年年度利润分配方案及 2025 年中期分红 安排的公告 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： ? 每股分配比例：每 10 股派发现金红利 1.00 元（含税）。 ? 本次利润分配拟以实施权益分派股权登记日登记的总股本扣减公司回购 专用证券账户中股份为基数，具体日期将在权益分配实施公告中明确。在实施权 益分派的股权登记日前公司总股本扣除公司回购专用账户中股份的基数发生变 动的，拟维持每股分配比例不变，相应调整分配总额，并将另行公告具体调整情 况。 ? 本分配方案不会触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经信永中和会计 ...