金宏气体：稳健发展

Investment Rating - The report assigns a "Buy" rating for Jin Hong Gas (688106) with a first-time coverage [7][13]. Core Views - Jin Hong Gas is a comprehensive gas service provider that has shown steady development since its establishment in 1999 and its listing on the Sci-Tech Innovation Board in 2020. The company focuses on the research, production, sales, and integrated solutions of gases, positioning itself as a leader in the gas industry [10]. - For the first three quarters of 2024, the company achieved a revenue of 1.858 billion yuan, representing a year-on-year growth of 4.37%, and a net profit attributable to shareholders of 210 million yuan. As of September 30, 2024, total assets reached 6.920 billion yuan, an increase of 10.91% compared to the end of the previous year [10]. - The company has established stable relationships with numerous clients across various emerging industries, including integrated circuits, LCD panels, LED, optical fiber communication, and photovoltaics [10]. Summary by Sections Company Overview - Jin Hong Gas is a professional gas service provider that integrates research, production, sales, and services. The company emphasizes a strategy of vertical development and horizontal layout, driven by technology [10]. Financial Performance - In the first three quarters of 2024, the company reported a revenue of 1.858 billion yuan, a 4.37% increase year-on-year, and a net profit of 210 million yuan. The total assets as of September 30, 2024, were 6.920 billion yuan, up 10.91% from the previous year [10]. Market Position - The company has a diverse and stable customer base, with significant revenue contributions from the semiconductor industry, machinery manufacturing, new materials, and high-end equipment manufacturing [10]. - The revenue from the semiconductor sector accounted for 31% of total revenue, with a 30% year-on-year growth in the integrated circuit segment [10]. Business Development - Jin Hong Gas is enhancing its service capabilities in the semiconductor sector by providing electronic specialty gases and comprehensive gas management services. The revenue from integrated circuit customers grew by 32.15% year-on-year in the first half of 2024 [10][12]. - The company is actively working on the domestic production of specialty gases for the semiconductor industry, successfully replacing several imported products [10]. Future Projections - The report forecasts revenues of 2.5 billion yuan, 3.2 billion yuan, and 3.8 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 289 million yuan, 400 million yuan, and 510 million yuan for the same years. The current stock price corresponds to a PE ratio of 31 times, 22 times, and 17 times for 2024-2026 [13][16].