JINHONG GAS(688106) 海通证券·2024-06-02 06:31Investment Rating - The report assigns an "Outperform" rating for the company [1][5]. Core Views - The company specializes in integrated gas solutions with a comprehensive range of gases, including specialty gases and bulk gases, primarily serving industries such as integrated circuits, LCD panels, LED, optical fiber communication, photovoltaics, and high-end equipment manufacturing [3]. - The company's revenue and net profit have shown rapid growth in 2023, with a significant increase in specialty gas revenue, which grew by 46.50% year-on-year [4]. - The forecast for net profit from 2024 to 2026 is projected to be 4.01 billion, 4.85 billion, and 6.26 billion yuan, respectively, with an estimated EPS of 0.82, 0.99, and 1.28 yuan [5][6]. Financial Performance Summary - The company achieved revenues of 1.243 billion, 1.741 billion, 1.967 billion, 2.427 billion, and 589 million yuan from 2020 to Q1 2024, with year-on-year growth rates of 7.13%, 40.05%, 12.97%, 23.40%, and 13.74% [4]. - The projected revenue for 2024 is 2.958 billion yuan, with a year-on-year growth of 21.8% [6]. - The gross profit margin is expected to improve from 37.7% in 2023 to 38.2% in 2026 [20]. Product Segmentation and Growth - Specialty gases, including ultra-pure ammonia and high-purity nitrous oxide, are expected to see a sales growth rate of 30% from 2023 to 2025 due to increased downstream demand [18]. - The bulk gas segment, which includes oxygen, nitrogen, and carbon dioxide, is projected to grow at a rate of 9% annually from 2024 to 2026 [7]. Market Position and Competitive Advantage - The company has secured several electronic bulk gas projects and is actively expanding its production capacity, enhancing its competitive edge in the market [15]. - The company’s self-developed products have been supplied to major semiconductor clients, indicating a strong market position [3].