金宏气体：核心产品跌价带来业绩承压，新项目零售业务开拓稳步进行

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 1.23 billion yuan for the first half of 2024, representing a year-on-year increase of 8.6%. However, the net profit attributable to shareholders was 160 million yuan, a decrease of 1.1% year-on-year [2][3]. - The decline in prices of core products, particularly ultra-pure ammonia, has put pressure on profitability despite a strong demand from the photovoltaic industry in the first half of 2023. The industry has faced significant price drops since Q4 2023 due to increased competition and new capacity [2][3]. - The company has made significant progress in the electronic specialty gas sector, achieving breakthroughs in domestic production and successfully supplying major semiconductor clients [2][3]. - The company has expanded its electronic bulk gas business, securing new orders and enhancing service capabilities, which includes projects with notable clients in the semiconductor industry [3]. - The retail business for bulk gases continues to grow, with the company expanding its market presence and increasing the number of subsidiaries from 27 to 71 since 2020 [3]. Financial Summary - The company achieved a revenue of 1.23 billion yuan in H1 2024, with a net profit of 160 million yuan. The second quarter alone saw a revenue of 640 million yuan, a year-on-year increase of 4.4% [2][3]. - The projected net profits for 2024-2026 are estimated at 370 million, 460 million, and 540 million yuan respectively [3].