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]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-121 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于以集中竞价交易方式首次回购股份的公告 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 | 一、回购股份的基本情况 2024 年 10 ...

Investment Rating - The investment rating for the company is "Recommended" [10][18]. Core Views - The company's core products, including ultra-pure ammonia and high-purity nitrous oxide, have technical and scale advantages, with several high-end products being introduced to semiconductor clients, which is expected to gradually achieve bulk sales [10]. - The on-site gas production projects and electronic bulk gas orders are anticipated to contribute to steady annual growth in overall performance, despite intense industry competition and market changes leading to price declines for bulk and specialty gas products [10]. - The earnings forecast for 2024-2026 has been adjusted downwards, with expected net profits of 3.07 billion, 4.02 billion, and 5.12 billion respectively, reflecting a decrease from previous expectations [10]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 626 million, a year-over-year decrease of 3.14%, and a net profit of 50 million, down 48.06% year-over-year [5]. - For the first three quarters of 2024, total revenue was 1.858 billion, an increase of 4.37% year-over-year, while net profit was 210 million, down 18.72% year-over-year [5]. - The overall gross margin for the first three quarters of 2024 was 33.09%, a decline of 5.34 percentage points compared to the same period in 2023 [5]. Business Segment Performance - Specialty gas sales increased year-over-year, but core product price reductions led to a decline in profitability [7]. - The on-site gas production projects have become a major source of revenue growth, contributing 210 million in revenue for Q1-Q3 2024, accounting for 11.32% of total revenue [7]. - The specialty gas business generated 773 million in revenue, a year-over-year decrease of 13.96%, while bulk gas revenue was 716 million, remaining stable year-over-year [8]. Future Outlook - The company is expected to see gradual performance improvements as new products are supplied in bulk and on-site gas projects are operational [10]. - The competitive landscape in the photovoltaic supply chain and semiconductor sectors is anticipated to improve, limiting the downward price pressure on gas products [10].

Financial Performance - The company's operating revenue for Q3 2024 was ¥625,725,425.40, a decrease of 3.14% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥50,394,636.89, down 48.06% year-over-year[2]. - The basic earnings per share for Q3 2024 was ¥0.11, a decrease of 45.00% compared to the same period last year[3]. - The diluted earnings per share for Q3 2024 was ¥0.10, down 50.00% year-over-year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 1,857,706,991.89, an increase of 4.37% compared to CNY 1,779,908,451.55 in the same period of 2023[18]. - Net profit for the first three quarters of 2024 was CNY 222,252,914.54, a decrease of 18.66% from CNY 273,225,538.53 in the same period of 2023[21]. - The company’s total profit for the first three quarters of 2024 was CNY 264,590,167.88, down from CNY 327,767,038.68 in 2023, indicating a decrease of 19.29%[21]. - The net profit for the first three quarters of 2024 was CNY 206,265,453.49, down from CNY 251,622,142.23 in the same period of 2023, indicating a decrease of about 18%[30]. Research and Development - Research and development expenses totaled ¥22,454,001.47 in Q3 2024, representing 3.59% of operating revenue, an increase of 0.39 percentage points year-over-year[3]. - Research and development expenses for the first three quarters of 2024 amounted to CNY 69,538,300.27, compared to CNY 66,410,368.87 in 2023, indicating a growth of 3.19%[19]. - Research and development expenses for the first three quarters of 2024 were CNY 63,521,778.20, compared to CNY 56,334,090.93 in the same period of 2023, marking an increase of about 12.9%[29]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥6,920,268,408.40, reflecting a 10.91% increase from the end of the previous year[3]. - The company's total liabilities increased to CNY 3,530,417,722.92 in Q3 2024 from CNY 2,819,394,956.04 in Q3 2023, representing a rise of 25.16%[17]. - The total liabilities increased to CNY 3,070,964,566.19 in Q3 2024, compared to CNY 2,361,434,187.74 in Q3 2023, reflecting a growth of approximately 30%[28]. - The company's total assets reached CNY 6,920,268,408.40 in Q3 2024, up from CNY 6,239,659,323.01 in Q3 2023, marking an increase of 10.94%[17]. - The total assets as of September 30, 2024, amounted to CNY 6,069,869,685.81, up from CNY 5,405,698,547.97 at the end of 2023[27]. - The company's total equity attributable to shareholders decreased by 2.08% to ¥3,105,315,617.25 compared to the end of the previous year[3]. - The total equity decreased to CNY 2,998,905,119.62 in Q3 2024 from CNY 3,044,264,360.23 in Q3 2023, a decline of approximately 1.5%[28]. Cash Flow - The company reported a net cash flow from operating activities of ¥298,089,718.77 for the year-to-date, an increase of 4.43% compared to the same period last year[2]. - The cash inflow from operating activities for the first three quarters of 2024 was CNY 2,208,486,420.19, an increase of 11.1% compared to CNY 1,988,063,243.22 in the same period of 2023[24]. - The net cash flow from operating activities was CNY 298,089,718.77, slightly up from CNY 285,452,809.05 year-on-year[24]. - The company’s cash flow from operating activities showed a positive trend, indicating a stable operational performance[24]. - The company reported a total cash inflow from investment activities of CNY 2,928,005,149.68 in the first three quarters of 2024, significantly higher than CNY 451,310,426.62 in the same period of 2023[32]. - The total cash inflow from investment activities reached CNY 3,903,841,511.23, a significant increase from CNY 1,637,791,577.51 in the previous year[25]. - The company reported a total cash outflow from financing activities of CNY 1,058,858,203.67, compared to CNY 698,220,124.46 in the previous year[25]. - Cash inflows from financing activities totaled approximately $1.42 billion, compared to $1.66 billion in the prior period[33]. Market Position and Strategy - The company's market share in specialty gases accounted for 41.63% of revenue, while bulk gases accounted for 38.54%[7]. - The company continues to focus on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[12]. - The company has not reported any significant changes in shareholder structure or major strategic shifts during the reporting period[12]. Operational Issues - There were no significant reminders or alerts regarding operational issues during the reporting period[13].

金宏气体股份有限公司 | 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-120 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 关于调整回购股份资金来源 本次事项已经公司第六届董事会第二次会议审议通过。 一、回购股份的基本情况及进展情况 2024 年 9 月 26 日，公司召开第五届董事会第三十四次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金 或自筹资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行 的部分人民币普通股（A 股）股票。本次回购的股份将用于员工持股计划或股权 激励。本次回购价格不超过人民币 24 元/股（含），回购资金总额不低于人民币 4,000 万元（含），不超过人民币 8,000 万元（含），回购期限自公司董事会审议 通过本次回购方案之日起 12 个月内。 具 体 内 容 详 见 公 司 于 2024 年 9 月 27 日 在 上 海 证 券 交 易 所 网 站 暨签署股票回购借款合同的公告 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 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-119 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于债券持有人可转债持有比例 二、可转债减持情况 2024 年 4 月 12 日至 2024 年 6 月 4 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、金小红女士通过上海证券交易所系统 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、股东配售可转债情况 经中国证券监督管理委员会《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）同意注册，金宏气 体股份有限公司（以下简称"公司"）于 2023 年 7 月 17 日向不特定对象发行了 10,160,000 张可转换公司债券，每张债券面值为人民币 100 元，发行总额 101,600 万元。本次发行的可转换公司债券期限为自发行之日起六年，即 2023 年 ...