JINHONG GAS(SH:688106) KAIYUAN SECURITIES·2024-08-22 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2024 performance shows a gradual recovery, with both specialty gases and bulk gases contributing positively. The company achieved a revenue of 1.232 billion yuan in H1 2024, a year-on-year increase of 8.65%, while the net profit attributable to shareholders was 160 million yuan, a slight decrease of 1.15% year-on-year [2][3] - The report highlights the strong growth in the electronic gas segment, with key products being supplied to major semiconductor clients such as SMIC and SK Hynix. New products are being introduced to integrated circuit customers, indicating a robust pipeline for future growth [2][3] - The company is expanding its onsite gas production capabilities, successfully securing several large-scale projects in various industries, which enhances its service capacity [3] Financial Summary - For H1 2024, the company reported a revenue of 1.232 billion yuan, with a gross profit margin of 34.28%, down 4.87 percentage points year-on-year. The Q2 2024 revenue was 643 million yuan, showing a year-on-year increase of 4.36% and a quarter-on-quarter increase of 9.03% [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 389 million, 497 million, and 614 million yuan respectively, reflecting a slight downward revision due to product price declines [2][4] - The company's projected revenue growth rates for 2024-2026 are 19.1%, 23.8%, and 18.7% respectively, with net profit growth rates of 23.6%, 27.5%, and 23.6% [4][5]