公司客户广泛分布于各类传统及新兴行业，形成了良好的品牌效应。客户所处行业覆盖冶金、化工、军 工、医疗、食品、机械等传统行业以及光伏、半导体、电子、生物医药、新材料、新能源等新兴产业， 核心客户包括三钢闽光、通威股份、东方电气、利尔化学、士兰微、宁德时代、华友钴业等上市公司以 及攀钢集团、宝钢德盛等国内知名企业；军工客户包括中国工程物理研究院（绵阳九院）、核工业西南 物理研究院、中国航空工业集团公司、成都飞机工业（集团）有限责任公司等知名军工研发生产单位； 医用客户包括四川大学华西医院、四川省人民医院、中国人民解放军西部战区空军医院、成都中医药大 学附属医院、川北医学院附属医院、西南医科大附属医院等大型医疗机构。 盈利预测、估值与评级：公司持续优化产品结构、拓展市场，并有效控制成本，我们上调公司25-26 年 盈利预测，新增27 年的盈利预测。预计25-27 年公司归母净利润分别为2.52（上调23.4%）/3.00（上调 29.7%）/3.74 亿元。公司深耕西南地区和福建地区工业气体市场，产能建设稳步推进，将为公司长期成 长提供充足动力，维持公司"增持"评级。 风险提示：产能建设风险，下游需求不及预期，产品 ...

2025 年 11 月 3 日 公司研究 25Q3 归母净利润同比增长，产能建设稳步推进 ——侨源股份（301286.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季报。25 年前三季度公司实现营业收入 7.97 亿元， 同比+8.75%，实现归母净利润 1.81 亿元，同比+40.54%。25Q3 公司实现营业 收入 2.67 亿元，同比+5.57%，环比-2.18%；实现归母净利润 0.63 亿元，同比 +16.88%，环比+2.34%。 25Q3 归母净利润同环比均有所提升，成本管控能力较强。25Q3，公司归母净利 润同环比均有所提升，公司持续优化产品结构、拓展市场，并有效控制成本，积 极应对宏观经济和行业周期等因素影响。毛利率方面，25 年前三季度公司销售 毛利率为 36.23%，同比增加 5.1pct。费用率方面，25 年前三季度公司销售、 管理、研发、财务费用率分别为 2.9%、4.9%、0.02%、0.05%，同比分别下降 0.03、0.53、0.04、0.15pct。 公司深耕西南地区和福建地区工业气体市场，产能建设稳步推进。公司拥有西南 地区最大的全液态空分气体生产线，在 ...

Core Viewpoint - The stock of Hunan Kaimete Gas Co., Ltd. experienced a significant increase, reaching a limit up of 9.97% on August 28, with a trading price of 16.76 yuan per share and a total market capitalization of 11.654 billion yuan [1] Company Overview - Hunan Kaimete Gas Co., Ltd. is located in Yueyang, Hunan Province, and operates as an environmental protection enterprise [1] - The company specializes in the production, sales, and transportation of various gases, including industrial gases, medical gases, and specialty gases, using petrochemical tail gas and torch gas as raw materials [1] - Its products are widely used across multiple sectors, including electronics, chemicals, food, and agriculture [1] - Kaimete Gas has established long-term and stable partnerships with several downstream enterprises, ensuring product quality and customer recognition [1] - The company's food-grade liquid carbon dioxide products have been certified by major clients such as Coca-Cola and Pepsi [1] Financial Performance - For the first half of 2025, Kaimete Gas reported an operating income of 310 million yuan, reflecting a year-on-year growth of 10.52% [1] - The net profit attributable to shareholders reached 55.8461 million yuan, marking a substantial year-on-year increase of 199.82% [1] - As of June 30, the company had 74,200 shareholders, with an average of 9,326 circulating shares per person [1]

Core Viewpoint - The stock of Hunan Kaimete Gas Co., Ltd. experienced a significant increase of 7.41% on August 19, reaching a price of 18.41 yuan per share, with a trading volume of 1.628 billion yuan and a turnover rate of 13.62%, resulting in a total market capitalization of 12.801 billion yuan [1] Company Overview - Hunan Kaimete Gas Co., Ltd. is located in Yueyang, Hunan Province, and operates as an environmental protection enterprise. The company primarily engages in the production, sales, and transportation of various gases, including industrial gases, medical gases, and specialty gases, using petrochemical tail gas and torch gas as raw materials [1] - The company's products are widely utilized across multiple sectors, including electronics, chemicals, food, and agriculture. Kaimete Gas has established long-term and stable partnerships with several downstream enterprises, and its product quality has been recognized by a broad customer base. Notably, its food-grade liquid carbon dioxide products have received certification from Coca-Cola and Pepsi [1] Financial Performance - For the period from January to June 2025, Kaimete Gas reported an operating revenue of 310 million yuan, reflecting a year-on-year growth of 10.52%. The net profit attributable to shareholders reached 55.8461 million yuan, marking a substantial year-on-year increase of 199.82% [1] - As of June 30, the number of shareholders for Kaimete Gas stood at 74,200, with an average of 9,326 circulating shares per person [1]

Group 1 - The company Guangdong Huate Gas Co., Ltd. has issued convertible bonds totaling RMB 646 million, approved by the China Securities Regulatory Commission on January 18, 2023 [2][3] - The bonds have a maturity of 6 years, with an annual interest rate that increases from 0.30% in the first year to 3.00% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 84.22 per share, with provisions for adjustments based on various corporate actions [5][6][7] Group 2 - The company reported a net profit of RMB 184.78 million for the year 2024, representing a year-on-year increase of 7.99% [14][15] - Total assets reached RMB 3.30 billion, reflecting a growth of 6.85% compared to the previous year [14] - The company’s operating cash flow increased significantly by 72.77%, attributed to improved inventory management and procurement strategies [15] Group 3 - The company has established a dedicated account for managing the funds raised from the bond issuance, ensuring that the funds are used specifically for their intended purposes [17] - The company has engaged CITIC Securities as the bond trustee, responsible for monitoring the company's financial health and ensuring the protection of bondholders' interests [17] - The company has a credit rating of AA- from China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for its financial obligations [12][13]

Core Opinion - The audit report for Jinhong Gas Co., Ltd. indicates that the financial statements for the year ending December 31, 2024, fairly represent the company's financial position and operating results in accordance with accounting standards [3]. Financial Statements - The audit covered various financial statements including the consolidated balance sheet, income statement, cash flow statement, and changes in equity for both consolidated and parent company [1][3]. - The consolidated revenue for 2024 was reported at 2,525,277,683.91 yuan [4][5]. Key Audit Matters - **Accounts Receivable Provision**: As of December 31, 2024, the accounts receivable balance was 402,012,847.36 yuan, with a provision for bad debts of 22,225,193.12 yuan. The management's judgment on the recoverability of accounts receivable was identified as a key audit matter [3][4]. - **Revenue Recognition**: The recognition of revenue is significant for the financial statements and is subject to inherent risks of manipulation. The revenue recognition process was also deemed a key audit matter [4][5]. - **Goodwill Impairment**: The goodwill balance was reported at 334,402,411.11 yuan, with an impairment provision of 36,684,534.17 yuan. The assessment of goodwill impairment involves significant management judgment and was recognized as a key audit matter [6][7]. Management Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and ensuring that internal controls are in place to prevent material misstatements due to fraud or error [9][10]. Auditor Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit opinion based on the audit evidence obtained [10][11].