JINHONG GAS(SH:688106) Guoxin Securities·2024-04-28 08:00Investment Rating - The report maintains a "Buy" rating for the company [4][18]. Core Views - The company reported a year-on-year revenue growth of 13.74% in Q1 2024, reaching 589 million yuan, and a net profit growth of 26.68%, amounting to 76.48 million yuan [2][24]. - The revenue structure shows that specialty gases account for 44.59%, bulk gases for 35.85%, on-site gas and rental for 10.48%, and clean gas for 9.08% [2][24]. - The company has successfully established a matrix layout for electronic specialty gases, solidifying its position in the electronic gas sector, with products like ultra-pure ammonia and high-purity nitrogen oxide being supplied to major semiconductor clients [2][12]. - The successful bidding and supply of the electronic bulk gas project for Huazhong University of Science and Technology marks a significant breakthrough in the domestic gas industry, indicating strong potential in the 10 billion yuan electronic bulk gas market [2][12]. Financial Forecasts and Metrics - The company forecasts net profits of 401 million yuan, 497 million yuan, and 614 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22.6, 18.3, and 14.8 [3][18]. - Revenue is expected to grow from 2.98 billion yuan in 2024 to 4.41 billion yuan in 2026, reflecting a compound annual growth rate of approximately 21.3% [3][18]. - The EBIT margin is projected to improve from 17.0% in 2024 to 17.4% in 2026, indicating enhanced operational efficiency [3][18].