一、募集资金基本情况 | 证券代码：688106 | 证券简称：金宏气体 公告编号：2024-061 | | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | 金宏气体股份有限公司 关于注销部分募集资金专项账户的公告 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。 截至公告披露日，公司已办理完成上述募集资金专用账户的注销手续，对应 的募集资金监管协议相应终止。 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）， 金宏气体股份有限公司（以下简称"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 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 28.7 yuan based on a reasonable valuation of 35 times PE for 2024 [4]. Core Insights - The company has demonstrated rapid growth in both revenue and net profit, with a significant increase in specialty gas revenue, which grew by 46.50% year-on-year in 2023, contributing to an increase in its share of main business revenue from 39.23% to 46.34% [1][4]. - Revenue projections for the company indicate a steady growth trajectory, with expected revenues of 2.958 billion yuan in 2024, 3.516 billion yuan in 2025, and 4.218 billion yuan in 2026, reflecting year-on-year growth rates of 21.8%, 18.9%, and 20.0% respectively [2][4]. - The company's net profit is forecasted to reach 4.01 billion yuan in 2024, 4.85 billion yuan in 2025, and 6.26 billion yuan in 2026, with corresponding EPS of 0.82 yuan, 0.99 yuan, and 1.28 yuan [4]. Financial Performance Summary - The company achieved operating revenues of 1.427 billion yuan in 2023, with a year-on-year growth of 23.4% [2]. - The net profit for 2023 was reported at 315 million yuan, reflecting a year-on-year increase of 37.5% [2]. - The gross profit margin is projected to improve gradually, reaching 38.2% by 2026 [2][4]. Business Segment Analysis - The bulk gas segment, which includes oxygen, nitrogen, and carbon dioxide, is expected to see a consistent sales growth of 9% annually from 2024 to 2026 due to stable growth in downstream applications [3]. - The specialty gas segment is anticipated to continue its strong performance, with significant contributions to overall revenue growth [1][4]. - The company is also focusing on expanding its production capacity for both bulk and specialty gases, enhancing its competitive advantage in the market [32].

| 证券代码：688106 | 证券简称：金宏气体 公告编号：2024-060 | | --- | --- | | 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 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 7 月 17 日至 2029 年 7 月 16 日。 经上海证券交易所自律监管决定书[2023]171 号文同意，公司 101,600.00 万 元可转换公司债券于 2023 年 8 月 10 日起在上海证券 ...

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. The company specializes in the research, production, sales, and integrated solutions of gases, positioning itself as an environmentally friendly and resource-efficient comprehensive gas service provider [1][2]. Recent Financial Performance - In Q1 2024, the company achieved a revenue of CNY 589 million, representing a year-on-year growth of 13.74%. The net profit attributable to shareholders was CNY 76 million, an increase of 26.68% compared to the same period last year [2]. - As of March 31, 2024, the total assets of the company amounted to CNY 6.803 billion, reflecting a growth of 9.03% from the end of the previous year [2]. Key Contracts and Projects - In May 2024, the company signed a gas supply contract with Shandong Ruilin Polymer Materials Co., Ltd., involving the construction of a new air separation unit with a capacity of 23,000 Nm³/h. The estimated contract value is approximately CNY 1.86 billion (excluding tax), with a duration of 20 years [2]. Industry Insights - In 2023, the revenue from the integrated circuit industry accounted for approximately 10% of the company's total operating income [3]. - The sales volume of silane in Q1 2024 showed significant year-on-year growth, primarily serving the photovoltaic industry and mainly exported to Southeast Asian countries [3]. Product Development and Market Strategy - The company is in the process of industrializing seven new specialty gas products, with trial production expected to begin by the end of this year [3]. - The ultra-pure ammonia and hydrogen projects in Meishan have completed acceptance, while the Zhuzhou hydrogen project is currently in trial production and nearing acceptance [3]. Revenue Composition and Competitive Advantage - Revenue from on-site gas projects typically consists of fixed fees (monthly rent) and variable gas fees based on customer consumption, with specific proportions varying by project size and conditions [4]. - The company has a strong team with over 16 years of average experience in large on-site gas projects, enhancing its competitive edge in the market [4][5]. Strategic Focus - The company aims to become the leading domestic brand in the gas industry by focusing on medium to large on-site gas projects, which will support sustainable growth in bulk retail and electronic gas services [5]. - Established a professional team in 2023 to expand its market presence while continuing to develop retail business [5]. Client Engagement - The company has successfully introduced mature specialty gas products to several integrated circuit clients, ensuring stable supply while actively engaging with major companies like Samsung and Huahong [6].

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-059 | | --- | --- | --- | | 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 | 2023/11/9 | | --- | --- | | 回购方案实施期限 | 待第五届董事会第二十二次会议审议通过后 个月 12 | | 预计回购金额 | 3,000 万元~5,000 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 | 140.2 万股 | | 累计已回购股数占总股本比例 | 0.29% | | 累计已回购金额 | 万元 3,230.52 | | 实际回购价格区间 | 16.32 元/股~24.48 元/股 | 一、回购股份的基本情况 2023 年 11 月 8 日，公 ...

Investment Rating - The report assigns an "Outperform" rating for the company [1][5]. Core Views - The company specializes in integrated gas solutions with a comprehensive range of gases, including specialty gases and bulk gases, primarily serving industries such as integrated circuits, LCD panels, LED, optical fiber communication, photovoltaics, and high-end equipment manufacturing [3]. - The company's revenue and net profit have shown rapid growth in 2023, with a significant increase in specialty gas revenue, which grew by 46.50% year-on-year [4]. - The forecast for net profit from 2024 to 2026 is projected to be 4.01 billion, 4.85 billion, and 6.26 billion yuan, respectively, with an estimated EPS of 0.82, 0.99, and 1.28 yuan [5][6]. Financial Performance Summary - The company achieved revenues of 1.243 billion, 1.741 billion, 1.967 billion, 2.427 billion, and 589 million yuan from 2020 to Q1 2024, with year-on-year growth rates of 7.13%, 40.05%, 12.97%, 23.40%, and 13.74% [4]. - The projected revenue for 2024 is 2.958 billion yuan, with a year-on-year growth of 21.8% [6]. - The gross profit margin is expected to improve from 37.7% in 2023 to 38.2% in 2026 [20]. Product Segmentation and Growth - Specialty gases, including ultra-pure ammonia and high-purity nitrous oxide, are expected to see a sales growth rate of 30% from 2023 to 2025 due to increased downstream demand [18]. - The bulk gas segment, which includes oxygen, nitrogen, and carbon dioxide, is projected to grow at a rate of 9% annually from 2024 to 2026 [7]. Market Position and Competitive Advantage - The company has secured several electronic bulk gas projects and is actively expanding its production capacity, enhancing its competitive edge in the market [15]. - The company’s self-developed products have been supplied to major semiconductor clients, indicating a strong market position [3].

证券简称：金宏气体 股票代码：688106 债券简称：金宏转债 债券代码：118038 金宏气体股份有限公司 （Jinhong Gas Co.,Ltd.） 苏州市相城区黄埭镇潘阳工业园安民路 向不特定对象发行可转换公司债券 受托管理事务报告 (2023 年度) 债券受托管理人 苏州工业园区星阳街 5 号 二〇二四年五月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《金宏 气体股份有限公司（作为发行人）与东吴证券股份有限公司（作为受托管理人） 关于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之债券受托管理 协议》（以下简称"受托管理协议"）、《金宏气体股份有限公司向不特定对象发 行可转换公司债券募集说明书》（以下简称"募集说明书"）、《金宏气体股份有 限公司 2023 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专 业意见等，由本期可转换公司债券受托管理人东吴证券股份有限公司（以下简 称"东吴证券"）编制。东吴证券对本报告中所包含的从上述文件中引述内容和 信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性 做出任何保证或承担任何责任。 本报告不构成 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [25][11][18]. Core Views - The company has signed a supply contract worth approximately RMB 1.86 billion (excluding tax) with Shandong Ruilin Polymer Materials Co., Ltd., which will positively impact future operating performance and enhance profitability and core competitiveness [4][11]. - The company is optimistic about the long-term development of its bulk gas on-site production business model and maintains profit forecasts for 2024-2026, expecting net profits of RMB 405 million, RMB 506 million, and RMB 625 million respectively [4][11]. - The company has achieved breakthroughs in small, medium, and large-scale on-site gas production projects, demonstrating rapid development in this business segment [29][30]. Financial Summary - Revenue is projected to grow from RMB 2,427 million in 2023 to RMB 4,250 million in 2026, with a year-on-year growth rate of 19.1% in 2024 and 23.8% in 2025 [6][14]. - Net profit is expected to increase from RMB 315 million in 2023 to RMB 625 million in 2026, with a year-on-year growth rate of 28.5% in 2024 and 25.0% in 2025 [6][14]. - The company's gross margin is projected to remain stable around 36.6% to 36.8% from 2024 to 2026, while the net margin is expected to improve from 14.4% in 2024 to 15.2% in 2026 [6][14]. Business Development - The company has established a large industrial division to expand its medium and large on-site gas production business and has signed multiple contracts for on-site gas supply projects [12][30]. - The company is actively building air separation projects and planning for surplus liquid gas production to enhance raw material self-sufficiency, which will support future on-site gas production projects [30][12].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company follows a "vertical and horizontal development" strategy, expanding product categories and service methods while broadening its business radius to become a comprehensive gas industry leader [3][4] - The onsite gas production business is growing steadily, with the company leveraging its technical capabilities and service quality to secure medium to large-scale onsite gas projects, enhancing service levels and operational efficiency [3][4] - The special gas product matrix has been established, with new products set to drive revenue and profit growth as they are gradually launched [3][5] - The company has secured significant contracts, including a recent contract worth approximately RMB 18.6 billion for supplying industrial gases, which is expected to generate annual revenue of about RMB 2.13 billion [15][17] Financial Summary - The company forecasts net profits of RMB 401 million, RMB 497 million, and RMB 614 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22, 17, and 14 [6][10] - Revenue is projected to grow from RMB 2.98 billion in 2024 to RMB 4.41 billion in 2026, reflecting a compound annual growth rate of approximately 21% [10][6] - The gross margin is expected to remain stable at around 38% over the forecast period [10][6] Product Development - The company has successfully launched several electronic specialty gas products, including ultra-pure ammonia and high-purity nitrogen oxide, which are now being supplied to major semiconductor clients [5][19] - New products such as electronic-grade ethyl silicate and high-purity carbon dioxide have been certified by leading clients, with additional products in the pipeline expected to enter trial production by the end of 2024 [5][19] Strategic Initiatives - The establishment of a large industrial division in 2023 aims to expand into medium to large-scale onsite gas production, with recent acquisitions and contracts enhancing the company's operational footprint [16][17] - The company is focusing on technological innovation to provide sustainable gas solutions, positioning itself as a leader in the gas supply service industry [16][19]

重要内容提示： 合同类型：供气合同 | 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-057 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于签订日常经营合同的公告 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 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。 合同生效条件：合同自双方授权代表签字并盖章之日起成立并生效 合同履行期限：自生效之日起 20 年 合同金额：根据合同测算，约为人民币 18.6 亿元（不含税），具体以实 际为准。 对上市公司当期业绩影响：本次交易属于金宏气体股份有限公司（简称 "公司"）日常经营活动相关合同，根据合同相关条款约定，公司需新建一套 23000Nm³/h 的空分装置及其附属设施，正式启动工程建设后不超过 18 个月投产 供气，对公司当期业绩无影响。若本供应合同顺利履行，将会对公司未来经营业 绩产生积极影响，有利于提升公司的持续盈利能力和核心竞争力，且能对现有业 务之间的协同带来有益的帮助。本合同的履行不会对公司业务的独立性构成影 ...