金宏气体：现场制气业务稳步推进，打造综合性气体领先企业

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company follows a "vertical and horizontal development" strategy, expanding product categories and service methods while broadening its business radius to become a comprehensive gas industry leader [3][4] - The onsite gas production business is growing steadily, with the company leveraging its technical capabilities and service quality to secure medium to large-scale onsite gas projects, enhancing service levels and operational efficiency [3][4] - The special gas product matrix has been established, with new products set to drive revenue and profit growth as they are gradually launched [3][5] - The company has secured significant contracts, including a recent contract worth approximately RMB 18.6 billion for supplying industrial gases, which is expected to generate annual revenue of about RMB 2.13 billion [15][17] Financial Summary - The company forecasts net profits of RMB 401 million, RMB 497 million, and RMB 614 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22, 17, and 14 [6][10] - Revenue is projected to grow from RMB 2.98 billion in 2024 to RMB 4.41 billion in 2026, reflecting a compound annual growth rate of approximately 21% [10][6] - The gross margin is expected to remain stable at around 38% over the forecast period [10][6] Product Development - The company has successfully launched several electronic specialty gas products, including ultra-pure ammonia and high-purity nitrogen oxide, which are now being supplied to major semiconductor clients [5][19] - New products such as electronic-grade ethyl silicate and high-purity carbon dioxide have been certified by leading clients, with additional products in the pipeline expected to enter trial production by the end of 2024 [5][19] Strategic Initiatives - The establishment of a large industrial division in 2023 aims to expand into medium to large-scale onsite gas production, with recent acquisitions and contracts enhancing the company's operational footprint [16][17] - The company is focusing on technological innovation to provide sustainable gas solutions, positioning itself as a leader in the gas supply service industry [16][19]