JINHONG GAS(SH:688106) Guoxin Securities·2024-02-26 16:00Investment Rating - The investment rating for the company is "Buy" [2][12][40] Core Views - The report is optimistic about the company's long-term strategic development in bulk retail gases and electronic gases, anticipating continued growth in performance due to the launch of new electronic specialty gas products and improved management of acquired companies [4][39] - In 2023, the company achieved a revenue of 2.427 billion yuan, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 319 million yuan, up 39.25% year-on-year [5][12] - The company has successfully capitalized on the demand for specialty gases in the photovoltaic market, enhancing its product competitiveness and optimizing its customer structure, leading to rapid revenue and profit growth [5][12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.427 billion yuan, with a year-on-year growth of 23.40%, and a net profit of 319 million yuan, reflecting a 39.25% increase [5][12] - The adjusted revenue forecast for 2024 and 2025 is set at 2.957 billion yuan and 3.650 billion yuan, respectively, with net profits of 401 million yuan and 497 million yuan [40] Market Strategy - The company is focusing on deepening cooperation with photovoltaic clients to enhance brand recognition and customer loyalty, providing a one-stop service for specialty gases [6][12] - The company has established new production facilities in key customer areas, creating a regional supply chain model to support its operations [6][12] Product Development - The company has seen a significant increase in the proportion of high-margin specialty gas products in its total revenue, contributing to rapid growth in both revenue and profit [5][12] - The electronic bulk gas projects are beginning to contribute stable revenue, with ongoing development in the electronic specialty gas sector [7][12]