JINHONG GAS(SH:688106) Minsheng Securities·2024-10-31 00:31Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a total revenue of 1.858 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.37%, while the net profit attributable to shareholders decreased by 18.72% to 210 million yuan [2]. - Despite a 18.08% increase in sales volume, the profit was impacted by a decline in gross margin due to intensified price competition and market volatility [2]. - The integrated circuit business is showing positive progress, with the company increasing its market share in the semiconductor sector and successfully introducing new customers [2]. - The company is focusing on domestic production of specialty gases for the semiconductor industry, achieving import substitution for several key products [2]. - The electronic bulk gas business is advancing steadily, with significant projects in production and supply [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 280 million yuan, with expected revenues of 2.573 billion yuan, reflecting a growth rate of 6% [3]. - The projected net profit for 2025 and 2026 is 373 million yuan and 500 million yuan, respectively, with corresponding price-to-earnings ratios of 24 and 18 [3][5]. - The gross margin is expected to decline to 33.1% in 2024, with a gradual recovery anticipated in subsequent years [5].