JINHONG GAS(SH:688106) Soochow Securities·2024-04-30 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Views - The company is experiencing growth driven by both specialty gases and bulk gases, with a significant increase in revenue and net profit in the first quarter of 2024 [2][5]. - The company is actively expanding its market presence in the semiconductor industry, achieving a revenue increase of 58.41% in 2023 [1][5]. - The company has successfully launched its first electronic bulk gas project, contributing to stable revenue and profit [1][5]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 1,967 in 2022 to 4,240 in 2026, with a compound annual growth rate (CAGR) of approximately 18.70% [1][5]. - Net profit attributable to the parent company (in million yuan) is expected to increase from 229.12 in 2022 to 636.21 in 2026, reflecting a CAGR of about 20.44% [1][5]. - The latest diluted EPS is forecasted to rise from 0.47 in 2022 to 1.31 in 2026, indicating strong earnings growth [1][5]. Quarterly Performance - In Q1 2024, the company achieved a revenue of 5.89 billion yuan, a year-on-year increase of 13.74%, and a net profit of 0.76 billion yuan, up 26.68% year-on-year [2][5]. - The gross profit margin for Q1 2024 was reported at 34.10%, with a net profit margin of 13.23% [1][2]. Market Position and Strategy - The company is focusing on the electronic semiconductor sector, with ongoing product development and market penetration strategies [1][5]. - The company has established partnerships for helium resource procurement to support its downstream customer needs in various sectors, including semiconductors and healthcare [1][5].