JINHONG GAS(SH:688106) Minsheng Securities·2024-02-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.88 yuan [16]. Core Insights - The company achieved a revenue of 2.427 billion yuan in 2023, representing a year-on-year increase of 23.40%. The net profit attributable to shareholders was 319 million yuan, up 39.25% year-on-year [15]. - The fourth quarter of 2023 saw a record high revenue of 647 million yuan, with a year-on-year growth of 22.08% [15]. - The company is expanding its special gas and bulk gas product sales, with significant recognition in the semiconductor market [15]. - The company is actively pursuing vertical innovation and horizontal mergers, enhancing its market presence and operational efficiency [15]. Financial Forecasts - Revenue projections for 2023-2025 are 2.427 billion, 2.965 billion, and 3.606 billion yuan respectively, with corresponding net profits of 319 million, 422 million, and 544 million yuan [15]. - The projected PE ratios for 2023-2025 are 30, 23, and 18 respectively [15]. - The company is expected to maintain a net profit growth rate of 39.1% in 2024 and 29.0% in 2025 [7][15]. Business Development - The company has successfully supplied key products to major semiconductor clients, including ultra-pure ammonia and high-purity nitrous oxide [15]. - New products such as electronic-grade ethyl silicate and high-purity carbon dioxide are being introduced to integrated circuit customers [15]. - The company is expanding its operations in Southeast Asia and has established a subsidiary in Vietnam [15]. Market Position - The company is recognized as a comprehensive gas service provider, with a growing market share in the electronic specialty gas sector [15]. - Strategic partnerships and acquisitions are being pursued to enhance distribution channels and operational capabilities [15].