JINHONG GAS(688106) 华鑫证券·2024-03-28 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [15][29]. Core Insights - The company has demonstrated stable growth in performance, driven by both specialty gases and bulk gases [4][12]. - In 2023, the company achieved a total revenue of 2.427 billion yuan, representing a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% year-on-year [12]. - The specialty gas business has shown significant contribution, with revenue reaching 1.09 billion yuan in 2023, a 46.5% increase, and its revenue share rising from 39.23% to 46.34% [31]. - The electronic bulk gas segment also saw growth, with revenue of 852 million yuan, a 7.5% increase, and a gross margin of 34.2% [14]. Summary by Sections Financial Performance - The company forecasts revenues of 2.888 billion, 3.426 billion, and 4.417 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.81, 1.01, and 1.32 yuan [14][17]. - The projected growth rates for revenue are 19.0% in 2024, 18.6% in 2025, and 28.9% in 2026 [17]. Business Development - The company has made progress in new product development, with several electronic bulk gas projects expected to contribute to future growth [15][31]. - Strategic partnerships, such as the collaboration with CIMC for liquid helium storage tanks, are aimed at enhancing supply channels and meeting customer demands in the semiconductor industry [14]. Market Position - The company is positioned to benefit from the domestic substitution demand in the integrated circuit sector, with a focus on expanding its specialty gas product offerings [31].