金宏气体：特种气体业务亮眼 持续分红回报投资者

Core Viewpoint - Jin Hong Gas (688106.SH) reported a revenue of 2.525 billion yuan for 2024, reflecting a year-on-year growth of 4.03%, while also continuing its dividend policy to reward investors [1][3] Financial Performance - The company achieved a net profit of 201 million yuan in 2024, although this represented a decline compared to the previous year due to intensified market competition affecting product pricing and overall gross margin [2] - The revenue from the specialty gas segment reached 963 million yuan, marking a significant year-on-year increase of 14.49% [1] Business Segments - The specialty gas business focuses on domestic substitution and new product development, including ultra-pure ammonia and high-purity nitrous oxide, to meet the growing demands of industries such as semiconductors [1] - The gross margin for the specialty gas business was reported at 27.69%, indicating strong profitability in this segment [1] Hydrogen Energy Initiatives - The company is advancing its hydrogen energy projects, with several initiatives underway, including the successful acceptance of the Meishan Jin Hong hydrogen project in April 2024 and the trial production of the Zhuzhou Hualong hydrogen project in January 2024 [2] - Jin Hong Gas is exploring new applications for hydrogen energy, such as hydrogen forklifts and drones, to enhance market competitiveness [2] Research and Development - In 2024, the company increased its R&D expenditure to 101 million yuan, representing a year-on-year increase of 16.78% [2] - The company has been recognized as one of the "Top 100 Innovative Private Enterprises in Suzhou" and has passed the review for the "Specialized and Innovative 'Little Giant' Enterprises" in Jiangsu Province [2] Dividend Policy - The company plans to distribute a total cash dividend of 120 million yuan for the year, which accounts for 59.47% of its net profit [3] - Since its listing in 2020, the company has maintained a consistent dividend payout strategy, with historical payout ratios of 61.4%, 71.8%, 52.5%, and 53.4% [3]