根据市场公开信息及6月23日披露的机构调研信息，知名私募南土资产近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 上海南土资产管理有限责任公司成立于2015年，现为中国证券投资基金业协会观察会员。遵循可信赖、 可持续、追求卓越的发展理念，以客户利益为中心，致力于成为基业长青的卓越资产管理公司。xa0公 司注重团队建设，致力于打造一支相互认同、积极进取，长期共事的核心团队。目前共有员工16人，其 中投研人员11人。投研人员证券从业年限平均7年以上，均来自中金公司、易方达基金、农银汇理等知 名公募机构，覆盖了医药、TMT、新能源汽车、消费、周期等重点行业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）金宏气体 （南土资产参与公司特定对象调研&现场参观） 调研纪要：金宏气体在2024年将从多个电子大宗载气项目获得完整年度营收贡献，2025年新中标项目预 计年底投运。公司着重发展现场制气业务，因其能提供稳定现金流。中小型现场制气业务每年有新投运 项目，大型项目如稷山铭福及云南呈钢将于2024年稳定供应。超纯氨和高纯二氧化碳产 ...

Core Viewpoint - The credit rating of Jinhong Gas Co., Ltd. is maintained at AA- with a stable outlook, reflecting its comprehensive service capabilities and leading technology in the domestic gas industry, despite challenges such as insufficient downstream demand and intense industry competition [2][4][5]. Company Overview - Jinhong Gas has a complete range of products and maintains a competitive edge in the regional market, with its technology at the leading level among domestic gas companies [2][5][12]. - The company is actively expanding its onsite gas production business through new projects and acquisitions, with a focus on enhancing its market share and product offerings [13][17]. Financial Performance - Total assets increased from 47.35 billion in 2022 to 70.51 billion in 2025, while total liabilities rose from 17.26 billion to 37.04 billion during the same period [6][30]. - Operating revenue grew from 19.67 billion in 2022 to 25.25 billion in 2025, but net profit decreased from 2.41 billion to 2.10 billion, indicating pressure on profitability due to competitive pricing [6][24]. - The company's EBITDA showed fluctuations, with a notable decline in 2024, reflecting the impact of market conditions on operational efficiency [6][30]. Market Dynamics - The industrial gas market is experiencing structural changes, with traditional sectors like steel and chemicals facing demand challenges, while emerging industries such as photovoltaics and semiconductors are driving growth in gas demand [11][12]. - Jinhong Gas faces intense competition from international giants who dominate the high-end gas market, holding approximately 65% market share [11][12]. Investment and R&D - The company has been increasing its R&D investment, with a focus on developing high-purity gases and expanding its product portfolio, holding 366 patents as of 2024 [21][23]. - Significant capital expenditures are planned for ongoing projects, with a total planned investment of 33.70 billion, necessitating careful management of funding and expected returns [23][24]. Risk Factors - The company is exposed to risks from fluctuating raw material prices and competitive pricing pressures, which could impact profit margins and overall financial health [11][24]. - The ongoing expansion and investment in new projects may lead to increased debt levels, necessitating close monitoring of liquidity and financial stability [7][29].

Core Viewpoint - The company is expanding its production capacity and optimizing its market strategy to enhance competitiveness in the electronic specialty gas market while addressing challenges related to pricing and profitability [2][3]. Group 1: Production Capacity Expansion - In February 2024, the company established a new subsidiary, China Shipbuilding Precision Gas (Hohhot) Co., Ltd., which will invest in a high-purity electronic gas project with an annual production capacity of 7,500 tons of nitrogen trifluoride, 10,000 tons of ultra-pure ammonia, and 75,000 tons of liquid nitrogen [2]. - The Hohhot facility is expected to begin trial production in January 2025, with capacity gradually released based on market demand [2]. - The Hohhot subsidiary has advantages in land and electricity resources compared to the Handan production base, which will positively impact production costs as capacity is released [2]. Group 2: Market Strategy and Customer Focus - The company emphasizes that product pricing is not the only priority in transactions; customers are more concerned with quality stability, supply capability, and service response speed [2]. - A specialized division has been established to enhance competitiveness in the electronic bulk gas market through differentiated competition and resource integration [2]. Group 3: International Market Expansion - By 2024, the company aims for overseas revenue to account for 25% of total income, leveraging service centers in Japan and South Korea and an innovative "equipment sales + revenue sharing" model to expand its international market share [2]. - The company plans to continue diversifying its operations to enhance its presence in international markets [2]. Group 4: Financial Performance and Product Development - The company reported revenue growth for 2024 but a decline in profits, primarily due to falling prices of nitrogen trifluoride and other products, which are currently at low levels [3]. - The company anticipates a stabilization of prices in the second half of the year or next year, with a potential recovery in gross margin by 2025 as production capacity from the Hohhot base is released and production processes are optimized [3]. - The new product line, trifluoromethanesulfonic acid series, is expected to achieve sales revenue exceeding 200 million yuan in 2024, representing a year-on-year growth of 106.3%, driven by demand in the new energy and energy storage markets [3].

Core Viewpoint - The financial performance of Jin Hong Gas Co., Ltd. has been impacted by a significant decline in gross profit margins, particularly in the specialty gas segment, despite an increase in revenue [2][3]. Financial Performance - The company's overall gross profit margin decreased by 36.12% year-on-year, primarily due to a drop in gross margins for both bulk and specialty gas businesses [2]. - In 2024, the gross margin for bulk gas was 31.26%, down by 2.94 percentage points, while the specialty gas gross margin was 27.69%, down by 12.67 percentage points [2]. Sales and Revenue Breakdown - The sales volume and revenue for major products in 2024 were as follows: - Bulk gas: 956,037.01 tons, with a revenue of 97,293.39 million yuan and a gross margin of 31.26% [3]. - Specialty gas: 261,898.03 tons, with a revenue of 96,261.97 million yuan and a gross margin of 27.69% [3]. Specialty Gas Segment Analysis - The decline in specialty gas gross margins was attributed to various factors, including increased production costs and decreased sales prices due to market conditions [6][10]. - Specific products such as ultra-pure ammonia, hydrogen, and nitrous oxide experienced significant gross margin declines, with ultra-pure ammonia's margin dropping by 12.77 percentage points [7][9]. Market Trends and Risks - The specialty gas market is influenced by the semiconductor and photovoltaic industries, which are currently facing challenges such as overcapacity and price declines [11][12]. - Despite the current challenges, the semiconductor market is projected to grow, with a compound annual growth rate (CAGR) of 5.6% expected from 2023 to 2028 [10]. Customer Base and Strategic Initiatives - The company has expanded its customer base, adding 21 new semiconductor clients in 2024 and 16 in the first quarter of 2025 [12]. - Jin Hong Gas is focusing on enhancing its service capabilities and product offerings to meet the evolving needs of its clients in the semiconductor and photovoltaic sectors [14][15].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the significant decline in profit margins despite revenue growth, primarily due to a drop in gross margins in both bulk and specialty gas segments [1][2]. Summary by Sections Gross Margin Analysis - The company's gross margin for bulk gas business in 2024 was 31.26%, down by 2.94 percentage points, while the specialty gas business gross margin was 27.69%, down by 12.67 percentage points [2][3]. - The inquiry requested detailed sales data for 2022, 2023, and 2024, including sales revenue, sales volume, average selling price, and gross margin for both bulk and specialty gases [2]. Specialty Gas Business Challenges - The decline in specialty gas gross margin was attributed to various factors, including increased production costs and market competition, particularly in the photovoltaic sector, which affected demand and pricing [4][5]. - Specific products like ultra-pure ammonia and hydrogen saw significant gross margin declines of 12.77 and 11.00 percentage points, respectively, due to lower selling prices and increased costs [6][7]. Market Trends and Customer Base - The specialty gas market is influenced by the semiconductor and photovoltaic industries, with expected growth in semiconductor materials driven by AI demand, while the photovoltaic sector faces challenges due to overcapacity and price declines [9][10]. - The company has established relationships with major clients in the semiconductor and photovoltaic sectors, including significant new customer acquisitions in 2024 [10][11]. Customer Dynamics - The company’s top five customers have changed significantly over the past three years, with new entrants like Northern Integrated Circuit and Peak View International, reflecting shifts in market demand and customer needs [14][18]. - The sales model primarily involves direct sales to end-users and gas companies, with no significant related party transactions noted [17]. Acquisition Strategy - The company has engaged in multiple equity acquisitions from 2022 to 2024, with a total goodwill of 334 million yuan, indicating a strategic focus on expanding market share and enhancing operational capabilities [20][21].

基础化工 [Table_Industry] /原材料 [Table_Invest] [Table_Target] 目标价格： 22.00 [Table_CurPrice] 当前价格： 16.63 [Table_Market] 交易数据 本报告导读： 竞争加剧产品价格及毛利率下降导致净利润同比减少，加大研发投入强化市场竞争 力。 竞争加剧导致净利润下滑，制气项目稳步运行 金宏气体(688106) ——金宏气体 2025 年一季度点评 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,427 | 2,525 | 3,216 | 3,753 | 4,419 | | (+/-)% | 23.4% | 4.0% | 27.4% | 16.7% | 17.8% | | 净利润（归母） | 315 | 201 | 266 | 353 | 445 | | (+/-)% | 37.5% | -36.1% | 32.0% | 33. ...

竞争加剧导致净利润下滑，制气项目稳步运行 金宏气体(688106) ——金宏气体 2025 年一季度点评 基础化工 [Table_Industry] /原材料 公 司 年 报 点 评 证 券 研 究 报 告 票 研 究 [Table_Invest] [Table_Target] 目标价格： 22.00 [Table_CurPrice] 当前价格： 16.63 [Table_Market] 交易数据 本报告导读： 竞争加剧产品价格及毛利率下降导致净利润同比减少，加大研发投入强化市场竞争 力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,427 | 2,525 | 3,216 | 3,753 | 4,419 | | (+/-)% | 23.4% | 4.0% | 27.4% | 16.7% | 17.8% | | 净利润（归母） | 315 | 201 | 266 | 353 | 445 | | (+/-)% ...

在同辉气体的生产车间里，来自上游企业的己二酸副产气经过加压、液化、精馏、提纯等工艺后，源源 不断转化为高纯度电子级氧化亚氮。"公司建立了国内较大的氧化亚氮提纯装置。"同辉气体副总经理刘 川说，公司研发团队对精馏、纯化、分离等核心步骤进行流程再造，大幅提高了氧化亚氮的纯度。目 前，公司年产电子级氧化亚氮超过6万吨，广泛应用于液晶面板、太阳能、光电等领域。 为进一步降本增效，提升企业竞争力，同辉气体去年投资3000多万元进行设备更新，上线了自动化包装 线系统以及一批气体分析仪器。"新设备的投用使公司智能化生产水平显著提高，生产效率提升了 20%，成本降低了25%，产品质量可控性大大提升。"刘川说。 如今，同辉气体不仅形成了气体研发、生产、销售、运输、气瓶检测等完整的产业链条，还在多个国家 建立了海外仓，每年参加多场国际大型专业展会，走出国门，积极拓展企业的国际声誉，越来越多的海 外客户抛来合作"橄榄枝"，带动公司加速迈向国际化。 "未来，公司将始终把创新放在突出位置，紧盯市场需求，推动技术创新、新品研发，着力提升产品的 附加值，进一步扩大高端市场份额，以创新推动企业高质量发展，为民族工业振兴贡献更大力量。"蔡 炎 ...