Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is actively expanding its specialty gas category and continuously enhancing its electronic bulk gas service capabilities. As projects under construction progress, on-site gas production and electronic bulk gas orders are expected to contribute to rapid growth in the company's performance. The forecasted net profits for 2023, 2024, and 2025 are 398 million, 502 million, and 619 million respectively, corresponding to current P/E ratios of 24x, 19x, and 15x [1][7]. Financial Summary - **Balance Sheet (in million)** - Total assets are projected to grow from 6,240 million in 2023 to 9,232 million by 2026 [5]. - **Income Statement (in million)** - Revenue is expected to increase from 2,427 million in 2023 to 4,266 million in 2026, with a growth rate of 23.40% in 2023 [5][18]. - Net profit is forecasted to rise from 315 million in 2023 to 619 million in 2026, with a growth rate of 37.48% in 2023 [5][18]. - **Profitability Ratios** - Gross margin is expected to improve from 37.73% in 2023 to 39.43% in 2026 [5]. - Net profit margin is projected to increase from 12.98% in 2023 to 14.50% in 2026 [5]. - **Earnings Per Share (EPS)** - The diluted EPS is expected to grow from 0.65 in 2023 to 1.27 in 2026 [18]. - **Valuation Metrics** - The P/E ratio is projected to decrease from 37.06 in 2023 to 15.17 in 2026, indicating an attractive valuation as earnings grow [18].

关于可转债转股结果暨股份变动的公告 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： | 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-039 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 累计转股情况：金宏气体股份有限公司（以下简称"公司"）向不特定 对象发行可转换公司债券"金宏转债"自 2024 年 1 月 21 日（非交易日顺延至下 一交易日，即 2024 年 1 月 22 日）起可转换为公司股份。截至 2024 年 3 月 31 日， "金宏转债"累计有人民币 6,000.00 元已转换为公司股票，转股数量为 216 股， 占"金宏转债"转股前公司已发行股份总额 486,943,142 的 0.0000%。 未转股可转债情况：截至 2024 年 3 月 31 日，"金宏转债"尚未转股的 可转债金额为 1,015,994,000.00 元，占"金宏转债"发行总量的 99.9994%。 本季度转股情况 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 2.427 billion yuan in 2023, representing a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% [8] - The proportion of specialty gases continues to increase, with specialty gas revenue reaching 1.09 billion yuan, a growth of 46.50%, accounting for 46.34% of main business revenue [8] - The company is expanding its presence in the semiconductor industry, achieving a revenue of 743 million yuan in this sector, a growth of 58.41% [8] - The first electronic bulk gas project has achieved mass production, contributing stable revenue and profit [8] - The company is actively exploring helium resources to meet downstream customer demand [8] - The company has increased its R&D investment, with R&D expenses reaching 86.3 million yuan in 2023, a growth of 1.94% [8] - The company forecasts net profits of 410 million yuan and 528 million yuan for 2024 and 2025, respectively, with a projected PE ratio of 23 and 18 [8] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 2.427 billion yuan, with a net profit of 315 million yuan, and a non-recurring net profit of 287 million yuan, reflecting significant growth across various segments [8] - The gross margin for specialty gases was 40.36%, while the gross margin for bulk gases was 34.20% [8] Business Segments - Specialty gas business revenue increased significantly, while bulk gas revenue grew at a slower pace [8] - The onsite gas and rental business saw a revenue increase of 43.81%, with a gross margin of 59.84% [8] Market Expansion - The company is successfully expanding into the semiconductor market, with several key products being supplied to major clients [8] - New projects in electronic bulk gas are being developed, enhancing the company's market position [8] Research and Development - The company has increased its R&D efforts, achieving recognition as a national-level specialized and innovative enterprise [8] - Ongoing projects include the development of several new specialty gas products [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 26.24 CNY from the previous 29.90 CNY [5][15]. Core Insights - The company achieved a net profit of 287 million CNY in 2023, representing a 50% year-on-year growth, and is expected to alleviate capacity constraints for high-purity ammonia and other key products with new capacity coming online in 2024 [15]. - The revenue growth for high-margin specialty gas business exceeded 46%, increasing its share to 46.3% of total revenue, which further improves profitability metrics [15]. - The company has secured long-term contracts, including a significant order for oxygen and hydrogen products worth approximately 2.4 billion CNY, which will contribute stable revenue starting in 2025 [15]. Financial Summary - Revenue is projected to grow from 2,427 million CNY in 2023 to 3,728 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10% [7]. - Operating profit (EBIT) is expected to increase from 422 million CNY in 2023 to 758 million CNY in 2026, with an EBIT margin improving from 17.4% to 20.3% over the same period [7]. - Net profit is forecasted to rise from 315 million CNY in 2023 to 611 million CNY in 2026, maintaining a net profit margin of around 13% [7]. Valuation Metrics - The company is assigned a price-to-earnings (PE) ratio of 32 times for 2024, which is above the industry average of 27 times, reflecting its stable performance compared to peers [15]. - The expected earnings per share (EPS) for 2024 is adjusted to 0.82 CNY, with further increases to 1.06 CNY in 2025 and 1.25 CNY in 2026 [15]. Market Position - The company has a strong market position with a utilization rate of 99.58% for its existing high-purity ammonia capacity, indicating robust demand despite price fluctuations [15]. - New production capacities for various specialty gases, including 16,000 tons of high-purity ammonia and 400,000 tons of carbon dioxide, are set to launch in 2024, which will help mitigate current supply constraints [15].

| 证券代码：688106 | 证券简称：金宏气体 公告编号：2024-037 | | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | 公司于 2023 年 11 月 8 日召开第五届董事会第二十二次会议，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。本次回购的股份将全部用于员工持股计划或股权激励，并在 股份回购实施结果暨股份变动公告日后三年内转让；若公司本次回购的股份未能 在股份回购实施结果暨股份变动公告日后三年内转让完毕，将依法履行减少注册 资本的程序，未转让股份将被注销。本次回购价格不超过人民币 30 元/股（含）， 回购资金总额不低于人民币 3,000 万元（含），不超过人民币 5,000 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。 金宏气体股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2024-038 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 特此公告。 金宏气体股份有限公司董事会 2024 年 4 月 1 日 关于证券事务代表离职的公告 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。 金宏气体股份有限公司（以下简称"公司"）董事会近日收到证券事务代表 金婷女士的书面辞职报告，金婷女士因个人原因申请辞去公司证券事务代表一 职，其辞职报告自送达公司董事会之日起生效，辞职后将不再担任公司任何职务， 其负责的工作已完成交接，其辞职不会影响公司相关工作的正常开展。 截至本公告披露日，金婷女士未持有公司股份，不存在应当履行而未履行的 承诺事项。金婷女士在担任公司证券事务代表期间，恪尽职守、勤勉尽责，在公 司治理、信息披露及规范运作等方面发挥了积极的作用，公司及董事会对金婷女 士为公司发展所做出的贡献表示由衷的感谢！ 公司董事会将根据《上海证券交易所科创板股票上市规则 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [15][29]. Core Insights - The company has demonstrated stable growth in performance, driven by both specialty gases and bulk gases [4][12]. - In 2023, the company achieved a total revenue of 2.427 billion yuan, representing a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% year-on-year [12]. - The specialty gas business has shown significant contribution, with revenue reaching 1.09 billion yuan in 2023, a 46.5% increase, and its revenue share rising from 39.23% to 46.34% [31]. - The electronic bulk gas segment also saw growth, with revenue of 852 million yuan, a 7.5% increase, and a gross margin of 34.2% [14]. Summary by Sections Financial Performance - The company forecasts revenues of 2.888 billion, 3.426 billion, and 4.417 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.81, 1.01, and 1.32 yuan [14][17]. - The projected growth rates for revenue are 19.0% in 2024, 18.6% in 2025, and 28.9% in 2026 [17]. Business Development - The company has made progress in new product development, with several electronic bulk gas projects expected to contribute to future growth [15][31]. - Strategic partnerships, such as the collaboration with CIMC for liquid helium storage tanks, are aimed at enhancing supply channels and meeting customer demands in the semiconductor industry [14]. Market Position - The company is positioned to benefit from the domestic substitution demand in the integrated circuit sector, with a focus on expanding its specialty gas product offerings [31].

C h i n a R e s e a r c h D e p t . C o m p a n y U p d a t e 66000Nm³/h 空分装置，向客户供应氧气和氮气。测算合同金额约为人民 币 24 亿元（不含税），预计 2025 年 8 月开始供气，合同期限为 20 年， 预计每年将为公司带来约 1.2 亿元的新增收入，这是公司在积累了中小 型现场制气经验后的一大突破。由于现场制气项目合同年限较长，随着 公司现场制气订单的增加，将为公司带来多年稳定的持续的盈利，公司 业绩确定性进一步增强。 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|--------------|--------|--------|--------|-------------------------------|--------| | 年度截止 12 月 31 日 | | | | | 2022 2023 2024E 2025E 2026E | | | 纯利 (Net profit) | RMB 百万元 | 229 | 315 ...

金宏气体股份有限公司 投资者关系活动记录表 股票简称：金宏气体 股票代码：688106 编号：2024-002 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他(请文字说明) 参与单位名称及 详见附件清单 人员姓名 时间 2024年3月26日 地点 电话会议 公司接待人员姓名 金向华、宗卫忠、陈莹、翁方 投资者关系活动主要 一、公司近期发展介绍 ...

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]