Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Views - The company is experiencing growth driven by both specialty gases and bulk gases, with a significant increase in revenue and net profit in the first quarter of 2024 [2][5]. - The company is actively expanding its market presence in the semiconductor industry, achieving a revenue increase of 58.41% in 2023 [1][5]. - The company has successfully launched its first electronic bulk gas project, contributing to stable revenue and profit [1][5]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 1,967 in 2022 to 4,240 in 2026, with a compound annual growth rate (CAGR) of approximately 18.70% [1][5]. - Net profit attributable to the parent company (in million yuan) is expected to increase from 229.12 in 2022 to 636.21 in 2026, reflecting a CAGR of about 20.44% [1][5]. - The latest diluted EPS is forecasted to rise from 0.47 in 2022 to 1.31 in 2026, indicating strong earnings growth [1][5]. Quarterly Performance - In Q1 2024, the company achieved a revenue of 5.89 billion yuan, a year-on-year increase of 13.74%, and a net profit of 0.76 billion yuan, up 26.68% year-on-year [2][5]. - The gross profit margin for Q1 2024 was reported at 34.10%, with a net profit margin of 13.23% [1][2]. Market Position and Strategy - The company is focusing on the electronic semiconductor sector, with ongoing product development and market penetration strategies [1][5]. - The company has established partnerships for helium resource procurement to support its downstream customer needs in various sectors, including semiconductors and healthcare [1][5].

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. It specializes in integrated solutions for gas research, production, sales, and services [2]. - The company adheres to a vertical and horizontal development strategy, focusing on technology to become a leading comprehensive gas service provider [2]. 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, up by 26.68% compared to the same period last year [3]. - As of March 31, 2024, total assets reached CNY 6.803 billion, reflecting a growth of 9.03% from the end of the previous year [3]. Revenue Breakdown - In Q1 2024, revenue by product category was as follows: - Specialty gases: 44.59% - Bulk gases: 35.85% - On-site gas production and rental: 10.48% - Fuel gas: 9.08% [3]. - Revenue growth sources included: - Specialty gases: approximately 13% increase - Bulk gases: approximately 7% increase - On-site gas production and rental: approximately 35% increase - Fuel gas: approximately 13% increase [3]. Market and Project Updates - The company is progressing with several projects, including: - The Shanxi Province project is on schedule and expected to contribute stable revenue starting May 2024 [5]. - The company has secured contracts for gas supply projects in Beijing, Guangdong, and Xian, which have already contributed to revenue in Q1 2024 [5]. - The company anticipates significant growth in helium sales this year, supported by low-cost gas sources [6]. Challenges and Market Trends - The gross profit margin has declined due to fluctuations in product margins, particularly for argon and helium, influenced by raw material price increases and market trends [4]. - The prices of bulk liquid raw materials are experiencing volatility, with a general expectation of price increases during summer, contingent on downstream demand and supply-side maintenance [7]. Regional Market Performance - In the Hunan region, post-acquisition adjustments have improved customer structure and business models, leading to a noticeable increase in market share despite slower performance due to the heavy machinery industry's cyclical nature [7].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in the next few years [14][16]. Core Views - The company is actively expanding its specialty gas category and enhancing its electronic bulk gas service capabilities, aiming to become a comprehensive gas service provider [22][16]. - The company is focusing on the localization of specialty gases and continuously launching new products while actively onboarding clients. As ongoing projects progress, the company anticipates a steady increase in performance [16][29]. - The projected net profits for 2024-2026 are estimated at 398 million, 502 million, and 621 million respectively, with corresponding PE ratios of 23x, 18x, and 15x [16][24]. Financial Summary - Revenue for 2023 is projected at 2,427 million, with a growth rate of 23.40%. The net profit for the same year is expected to be 315 million, reflecting a growth rate of 37.48% [24][29]. - The company’s revenue is expected to grow to 2,907 million in 2024, with a net profit of 398 million, and further increase to 3,543 million and 4,266 million in 2025 and 2026 respectively [24][29]. - The diluted earnings per share (EPS) are forecasted to be 0.65, 0.82, 1.03, and 1.28 for the years 2023 to 2026 [24][29].

Investment Rating - The report maintains a "Buy" rating for the company [4][18]. Core Views - The company reported a year-on-year revenue growth of 13.74% in Q1 2024, reaching 589 million yuan, and a net profit growth of 26.68%, amounting to 76.48 million yuan [2][24]. - The revenue structure shows that specialty gases account for 44.59%, bulk gases for 35.85%, on-site gas and rental for 10.48%, and clean gas for 9.08% [2][24]. - The company has successfully established a matrix layout for electronic specialty gases, solidifying its position in the electronic gas sector, with products like ultra-pure ammonia and high-purity nitrogen oxide being supplied to major semiconductor clients [2][12]. - The successful bidding and supply of the electronic bulk gas project for Huazhong University of Science and Technology marks a significant breakthrough in the domestic gas industry, indicating strong potential in the 10 billion yuan electronic bulk gas market [2][12]. Financial Forecasts and Metrics - The company forecasts net profits of 401 million yuan, 497 million yuan, and 614 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22.6, 18.3, and 14.8 [3][18]. - Revenue is expected to grow from 2.98 billion yuan in 2024 to 4.41 billion yuan in 2026, reflecting a compound annual growth rate of approximately 21.3% [3][18]. - The EBIT margin is projected to improve from 17.0% in 2024 to 17.4% in 2026, indicating enhanced operational efficiency [3][18].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [23]. Core Insights - The company achieved a revenue of 2,427 million yuan in 2023, representing a year-on-year growth of 23.4% [6][31]. - The net profit attributable to the parent company for 2023 was 315 million yuan, with a year-on-year increase of 37.5% [13][31]. - The company is positioned as a comprehensive gas supplier, comparable to international leaders like Linde, with a diversified business model that reduces dependency on any single downstream industry [11][12]. Summary by Sections Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 2,877 million yuan, 3,708 million yuan, and 4,357 million yuan respectively, with growth rates of 19%, 29%, and 18% [2]. - The net profit forecasts for the same years are 400 million yuan, 510 million yuan, and 636 million yuan, with corresponding growth rates of 27%, 28%, and 25% [2][4]. - Earnings per share (EPS) are projected to be 0.65 yuan in 2024, 0.82 yuan in 2025, and 1.05 yuan in 2026 [2]. Business Development - The company has established a large industrial division and achieved breakthroughs in medium-sized on-site gas projects, enhancing its comprehensive business matrix [2][11]. - The special gas segment saw a revenue increase of 46.5% in 2023, contributing significantly to the overall business [11]. - The company has successfully launched multiple projects in the electronic gas sector, indicating strong operational capabilities and market expansion [11]. Market Positioning - The company has a diversified customer base across various industries, including electronics, healthcare, and food and beverage, which enhances its resilience against market fluctuations [9][11]. - The strategic focus on both horizontal and vertical growth is expected to contribute to steady revenue growth in the coming years [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [10][12][8]. Core Insights - The company achieved steady revenue growth in Q1 2024, with a revenue of 589 million yuan, representing a year-on-year increase of 13.74% but a quarter-on-quarter decrease of 8.97%. The net profit attributable to the parent company was 76 million yuan, up 26.68% year-on-year and 36.46% quarter-on-quarter [8][12]. - The company continues to invest in research and development, with R&D expenses of 24 million yuan in Q1 2024, a year-on-year decrease of 2.76% but a quarter-on-quarter increase of 19.21% [8][27]. - The company has made significant progress in its onsite gas production projects, including a long-term supply contract worth approximately 2.4 billion yuan for industrial gas products [13][27]. Financial Performance Summary - The company's revenue is projected to grow from 2.89 billion yuan in 2024 to 4.25 billion yuan in 2026, with corresponding net profits expected to rise from 405 million yuan to 624 million yuan during the same period [14][15]. - The gross profit margin for Q1 2024 was reported at 34.10%, reflecting a year-on-year decrease of 4.01 percentage points [8][14]. - The company's earnings per share (EPS) is forecasted to increase from 0.83 yuan in 2024 to 1.28 yuan in 2026, with a price-to-earnings (P/E) ratio projected to decrease from 22.4 to 14.5 over the same period [14][15].

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-046 | | --- | --- | --- | | 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 2021 年限制性股票激励计划首次授予部分第三个 归属期及预留授予部分第二个归属期归属结果暨股票 上市公告 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。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的， 公司应当在公告中作特别提示。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 626,119 股。 本次股票上市流通总数为 626,119 股。 本次股票上市流通日期为 2024 年 5 月 6 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司（以下简称"中证登上海分公司"）相关业务规定，金宏气体 股份有限公司（以下简称"公司""本公司"）于 2024 年 4 月 25 日收到中证登 上海分公司出具的《证券变更登记证 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-047 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 调整前转股价格：27.48 元/股 调整后转股价格：27.46 元/股 金宏转债转股价格调整起始日：2024 年 4 月 30 日 金宏转债自 2024 年 4 月 29 日停止转股，2024 年 4 月 30 日起恢复转股 金宏气体股份有限公司 关于本次部分限制性股票归属登记完成后调整可转债 转股价格暨转股停牌的公告 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： 证券停复牌情况：适用 因金宏气体股份有限公司（以下简称"公司"）部分限制性股票归属完成增发 新股，引发"金宏转债"转股价格调整，本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 118 ...

ENVIRONMENTAL,SOCIAL,AND GOVERNANCE REPORT 2023 Stock Code 688106 Address：No.6 Anmin Road, Panyang Industrial Park,Huangdai Town, Xiangcheng Borough, Suzhou City. Tel：400-828-7377 Website：www.jinhonggroup.com About this Report This is the first environmental, social, and governance Report released to the public by Jinhong Gas Co., Ltd. (hereinafter referred to as the Jinhong Gas, group or we), which comprehensively details the group's environmental, social and governance practices and performance in 2023 ba ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the next six months [3][31]. Core Views - The company is expected to show strong resilience in overall performance due to the planned advancement of ongoing projects and the release of product capacity. New products such as high-purity carbon dioxide and electronic-grade TEOS are set to contribute to revenue growth alongside robust downstream demand in the photovoltaic and semiconductor sectors [3][20]. - The projected net profits for the years 2024 to 2026 are estimated at 394 million, 496 million, and 620 million yuan respectively, with corresponding P/E ratios of 22.8, 18.1, and 14.5 for 2024 [3][26]. Financial Summary - The company reported a revenue of 5.89 billion yuan in Q1 2024, representing a year-on-year increase of 13.74%. The special gases segment accounted for 44.59% of total revenue [19][20]. - The projected operating income for the years 2024 to 2026 is 2,955 million, 3,633 million, and 4,574 million yuan, with corresponding net profits of 394 million, 496 million, and 620 million yuan [8][26]. - The gross profit margin is expected to improve gradually, reaching 38.4% by 2026, while the net profit margin is projected to stabilize around 13.6% [26][28]. Product and Market Development - The company is expanding its product offerings with new high-barrier specialty gases, which are expected to enter customer certification processes, thereby opening new growth avenues [17]. - The company has secured contracts for large-scale gas supply projects, including a significant contract worth approximately 2.4 billion yuan for a new air separation unit, expected to start supplying gases in 2025 [25]. Valuation Metrics - The report highlights a projected EPS of 0.81, 1.02, and 1.27 yuan for the years 2024 to 2026, indicating a positive growth trajectory [26][28]. - The company's P/E ratio is expected to decrease from 28.5 in 2023 to 14.5 by 2026, suggesting an attractive valuation as earnings grow [26][28].