【私募调研记录】南土资产调研金宏气体

Group 1 - The core viewpoint of the news is that Nantu Asset Management has conducted research on Jin Hong Gas, highlighting its growth potential in the electronic gas market and its strategic focus on on-site gas production [1] - Jin Hong Gas is expected to achieve full-year revenue contributions from multiple electronic bulk gas projects in 2024, with new projects anticipated to commence operations by the end of 2025 [1] - The company emphasizes the development of on-site gas production due to its ability to provide stable cash flow, with new projects being launched annually in the small and medium-sized on-site gas sector [1] Group 2 - Jin Hong Gas has successfully passed tests and commenced mass production of ultra-pure ammonia and high-purity carbon dioxide products for TSMC [1] - The customer base for specialty gases is heavily weighted towards the integrated circuit industry, while the photovoltaic sector's customer share is declining [1] - The pricing of ultra-pure ammonia remains stable in the integrated circuit and LCD panel sectors, while prices in the photovoltaic sector are on a downward trend, indicating a cyclical bottom [1] Group 3 - The company is expanding its customer base by providing comprehensive gas solutions through a combination of self-production and trade, and has exported products to over 50 countries [1] - Jin Hong Gas has signed a project for on-site gas production in Thailand and acquired Singapore's CHEM-GS company [1] - The newly appointed General Manager, Dai Zhanglong, brings extensive industry experience, which is expected to help the company achieve new breakthroughs [1]