金宏气体：持续发力现场制气项目，拟中期分红提高股东回报

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company continues to focus on on-site gas production projects and plans to increase mid-term dividends to enhance shareholder returns [1] - In H1 2024, the company achieved total revenue of 1.232 billion yuan, a year-on-year increase of 8.65%, and a net profit attributable to shareholders of 160 million yuan, a year-on-year decrease of 1.15% [5] - The company aims to improve investor returns through a mid-term dividend plan, distributing 0.72 million yuan, which accounts for 44.94% of the net profit attributable to shareholders [6] Financial Performance - In H1 2024, the company's specialty gas business revenue was 509 million yuan, a year-on-year increase of 3.0%, accounting for 42.80% of main business revenue, with a gross margin of 31.55%, down 8.8 percentage points from 2023 [6] - The bulk gas business revenue was 443 million yuan, a year-on-year increase of 7.0%, accounting for 37.24% of main business revenue, with a gross margin of 31.99%, down 2.2 percentage points from 2023 [6] - The company signed four new on-site gas projects and put two into operation, with significant projects in the non-ferrous metallurgy and petrochemical industries [6] Future Outlook - The company expects strong resilience in overall performance due to the release of new production capacities for core products and the ongoing demand in the photovoltaic and semiconductor sectors [8] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 364 million, 465 million, and 587 million yuan, respectively, reflecting a downward revision from previous expectations [8] - The company maintains a stable pricing environment for its products, with limited downside risk, and anticipates incremental revenue from new specialty gas products and on-site gas projects [8]