JINHONG GAS(SH:688106) ZHESHANG SECURITIES·2024-07-23 04:02Investment Rating - The investment rating for the company is "Buy" [5][16]. Core Views - The signing of a significant industrial gas supply contract worth approximately 2.34 billion yuan (excluding tax) with Yunnan Qujing Chenggang Steel Group Co., Ltd. is expected to enhance the company's revenue by an average of about 156 million yuan annually over a 15-year period [3][4]. - The company is expanding its large-scale on-site gas production business through non-outsourced project acquisitions, which opens up existing market space [3][4]. - The establishment of the Large Industrial Division in June 2023 and subsequent project breakthroughs in various provinces indicate a strategic focus on enhancing operational capabilities and market presence [4][5]. Financial Summary - The company anticipates a net profit of 4.16 billion yuan, 5.18 billion yuan, and 6.74 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 31.98%, 24.65%, and 30.12% respectively [5][18]. - The projected revenue for 2024 is 2.93 billion yuan, with a growth rate of 20.65% compared to 2023 [5][18]. - The earnings per share (EPS) are expected to increase from 0.65 yuan in 2023 to 1.38 yuan by 2026 [5][18].