JINHONG GAS(SH:688106) Minsheng Securities·2024-03-25 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][14]. 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 315 million yuan, up 37.48% year-on-year, and the net profit after deducting non-recurring gains and losses was 287 million yuan, reflecting a 49.90% increase year-on-year [1]. - The specialty gas business showed significant contribution, with a revenue growth of 46.50%, increasing its share of main business revenue from 39.23% to 46.34% [1]. - The company has made substantial progress in the electronic specialty gas sector, supplying key materials for semiconductor manufacturing to major clients such as SMIC and Hynix [1]. - The company has secured multiple large gas orders, enhancing its capabilities in electronic bulk gas services, including the successful mass production of its first electronic bulk gas project [1]. - The company is actively expanding its onsite gas service capabilities, particularly in the photovoltaic industry, with several projects already operational [1]. Financial Forecast - The company is expected to achieve net profits of 421 million yuan, 542 million yuan, and 693 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding price-to-earnings ratios for 2023-2025 are projected to be 23, 18, and 14 times [1][17].