金宏气体：稳步增长，前景可期

Investment Rating - The report maintains a "Buy" rating for the company, highlighting its strong position as a comprehensive gas supplier with significant growth potential [2][19]. Core Views - The company achieved a revenue of 590 million yuan in Q1 2024, representing a year-on-year increase of 13.7% and a quarter-on-quarter decrease of 9.0%. The net profit attributable to shareholders was 80 million yuan, up 26.7% year-on-year and 36.5% quarter-on-quarter [49]. - The company is actively expanding its market presence, with a focus on both specialty gases and bulk gases, and has increased its production capacity for key products [8][30]. - The company has successfully launched several projects, including the production of ultra-pure ammonia and high-purity nitrous oxide for major semiconductor clients, indicating a robust growth trajectory in the electronic specialty gas sector [9][31]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 590 million yuan, with a year-on-year growth of 13.7%. The net profit attributable to shareholders was 80 million yuan, reflecting a year-on-year increase of 26.7% [49]. - The financial forecasts for 2024 to 2026 project net profits of 410 million, 490 million, and 580 million yuan respectively [2]. Business Development - The company is enhancing its raw material self-sufficiency and expanding sales channels, with significant investments in air separation projects to increase the self-supply ratio of liquid oxygen and nitrogen [19]. - The company has expanded its subsidiary count from 27 to 67 and increased its operational regions from 6 to 17 between 2020 and 2023, demonstrating a strong commitment to regional market integration [19]. Product Expansion - The company is increasing production capacity for key electronic specialty gases and has initiated several new product developments, including electronic-grade silane and high-purity carbon dioxide, which are being supplied to integrated circuit clients [9][31].