电子气体竞争格局 在全球电 子 气体市场中 ， 欧美日企 业 占据主导地位 。 点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 (建议点击图片放大，如需报告全文或excel表参考文末) 一、欧美电子气体主要企业 全球电子气体市场份额占比（按销售额） | | | 欧美电子气体主要企业 | | --- | --- | --- | | 陸号 | 企业名称 | 主要业务情况 | | 1 | 德国 / 爱尔兰林德集团 | 2018 年与普莱克斯合并成为全球工业气体龙头,涵盖化工与能源、医疗健康、制 | | | | 造业、金属与开采、食品饮料、电子等六大业务条线，提供氧气、氮气、氩气、 | | | (Linde) | 氢气、二氧化碳等基础工业气体以及覆盖半导体全产业链的高纯电子气体，2024 | | | | 财年营收 330 亿美元、气体业务营收占比 90% 以上，电子行业营收占比 9%、 | | | | 约为 30亿美元,中国大陆有多个基地。 | | 2 | 法国液化空气 (Air | 涵盖大工业（冶金、石化及能源）、通用工业（汽车、食品、建筑、玻璃、金属 | ...

证券日报网讯 1月6日，金宏气体在互动平台回答投资者提问时表示，超纯氨、高纯氢气、高纯二氧化 碳等特种气体可应用于人形机器人制造、加工等环节。公司将持续关注该领域相关动态，积极寻求合作 与产品导入机会。 （文章来源：证券日报） ...

（编辑 袁冠琳） 证券日报网12月16日讯 金宏气体在12月12日回答调研者提问时表示，目前，公司超纯氨、氧化亚氮产 品已在大部分头部泛半导体企业实现稳定供应，基本达到主供级别。同时公司持续挖掘相关合作机会， 稳步提升在泛半导体领域的市场份额。 ...

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on JinHong Gas, highlighting the company's growth and strategic initiatives in the gas service industry [1][3]. Company Overview - JinHong Gas Co., Ltd. was established in 1999 and went public on the Sci-Tech Innovation Board in 2020, with stock code 688106. The company specializes in the research, production, sales, and integrated solutions of gases, positioning itself as an environmentally friendly and comprehensive gas service provider [2][3]. Recent Performance - For the first three quarters of 2025, JinHong Gas reported revenue of 2.031 billion yuan, a year-on-year increase of 9.33%. The net profit attributable to shareholders was 116 million yuan, and cash flow from operating activities amounted to 290 million yuan. As of September 30, 2025, total assets reached 7.858 billion yuan, reflecting a growth of 16.12% compared to the end of the previous year [3]. Strategic Development - The company adheres to a vertical and horizontal development strategy, focusing on technological leadership and aiming to become a leader in the gas industry by providing innovative and sustainable gas solutions [3]. Project Updates - The Shandong RuiLin high polymer air separation project has been modified due to increased gas demand from a new production line, with an investment of approximately 350 million yuan and expected to be fully operational by Q1 2027 [4]. - The Yingkou Jianfa air separation project has a total contract revenue of about 2.4 billion yuan, with plans for surplus liquid capacity and rare gas resources to enhance revenue generation [5]. - Current large-scale on-site gas production projects include the completed Jishan Mingfu and Yunnan Chenggang projects, which are in stable operation, while the Zhanjiang Zhongji green methanol project is in trial production [6]. Business Model and Cost Structure - The on-site gas production projects typically have a monthly billing structure, consisting of fixed fees and variable gas fees based on customer consumption. The main costs include electricity, labor, and equipment depreciation [7]. Competitive Advantage - The company has established a professional and mature operational team in its on-site gas production business, creating core competitive barriers through stable supply assurance, a diverse product matrix, and efficient service response [8]. Market Outlook - The on-site gas production business has significant growth potential, with the outsourcing rate in developed countries reaching 80%, while domestic market rates have room for improvement. This business is expected to provide stable and continuous cash flow, with plans to expand new projects and explore existing customer needs [8]. Product Application - The downstream application structure of the company's ultra-pure ammonia products has shifted focus from the photovoltaic sector to the semiconductor industry, with revenue from the semiconductor sector becoming the primary source. The gross margin for ultra-pure ammonia improved in Q3 2025, and the company is actively seeking partnerships to strengthen its market position [8].

Core Insights - The company reported a revenue of 2.031 billion yuan for Q3 2025, marking a 9.33% year-on-year growth, reflecting its evolution from a "bulk retail supplier" to a "supply chain hub" [1][2] Group 1: Financial Performance - The company achieved a record revenue, with a net cash flow from operating activities reaching 290 million yuan, indicating strong revenue realization capabilities [2] - The company ranked ninth among 35 peers in the industry, significantly above the industry average revenue of 1.399 billion yuan [2] Group 2: Research and Development - R&D expenses increased by 17.84% to 81.94 million yuan, representing 4.03% of revenue, which is above the industry average [3] - The company has successfully supplied high-purity gases to leading firms like SMIC and SK Hynix, and has entered the third-generation semiconductor market [3] Group 3: Service Model and Contracts - The company has upgraded its service model to include "on-site gas production + pipeline direct supply + TGCM management," enhancing its service capabilities [4] - A significant contract with Shandong Ruilin Polymer Materials was modified to increase the project scale from 23,000 Nm3/h to 50,000 Nm3/h, raising the contract value from 1.86 billion yuan to 4 billion yuan, with a supply period of 20 years [4]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 2.031 billion yuan for Q3 2025, a year-on-year increase of 9.33%, but the net profit attributable to shareholders decreased by 44.90% [1]. - The company is actively expanding its on-site gas production business, which is expected to enhance revenue and profitability once new projects are completed [1][6]. - The company has seen a decline in product prices and overall gross margin due to intensified market competition, leading to a decrease in net profit [6]. - The company is introducing new specialty gas products and has made strategic partnerships to enhance helium sourcing, which will help reduce costs [6]. Financial Data and Valuation - The projected total revenue for the company is expected to grow from 27.75 billion yuan in 2025 to 43.75 billion yuan in 2027, with net profits projected at 1.74 billion yuan and 2.99 billion yuan respectively [2][6]. - The company's current price-to-earnings (PE) ratios are projected to be 56.7, 42.0, and 32.9 for the years 2025, 2026, and 2027 respectively [7][14]. - The company’s total assets are projected to increase from 69.32 billion yuan in 2025 to 84.69 billion yuan in 2027 [12][14]. Business Performance - The company’s revenue from bulk gases accounted for 44.55% of total revenue, while specialty gases contributed 33.07% [6]. - The company has made significant investments in expanding its production capacity, including a contract with Shandong Ruilin Polymer Materials Co., which is expected to enhance its on-site gas production capabilities [6]. - The company is also focusing on the semiconductor sector, with several projects expected to commence gas supply in the near future [6].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][9][32]. Core Views - The company experienced steady revenue growth in the first half of 2025, with revenue reaching 1.314 billion yuan, a year-on-year increase of 6.65%. However, the net profit attributable to shareholders decreased by 48.63% to 82.2013 million yuan due to increased competition and price pressure in the specialty gas segment [10][5]. - The company is focusing on the domestic production of semiconductor materials, successfully replacing imports with products such as ultra-pure ammonia and high-purity nitrogen oxide, and has added 18 new semiconductor customers in the first half of 2025 [24][2]. - The company is actively expanding its helium resources and has established strategic partnerships to enhance helium storage and transportation capabilities, ensuring a stable supply for various customer needs [25][3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.314 billion yuan, up 6.65% year-on-year, while net profit fell by 48.63% to 82.2013 million yuan. The revenue structure includes bulk gases (41.5%), specialty gases (31.6%), on-site gas production and rental (13.0%), and gas (9.3%) [10][5][29]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 2.877 billion, 3.201 billion, and 3.521 billion yuan, respectively, with net profits of 220 million, 285 million, and 349 million yuan [5][29]. Business Development - The company is enhancing its integrated strategy in the bulk gas business, with significant growth in newly acquired regions such as Hunan, where revenue increased by 11.14% and net profit surged by 646.89% [27][4]. - The company has made substantial progress in on-site gas production, securing multiple large-scale projects and completing the acquisition of Jin Hong Jie Meng, which boosts its market coverage [27][4]. Market Positioning - The company is deepening its product matrix in electronic gases, achieving import substitution for several key products and enhancing its service capabilities in the electronic bulk gas sector [24][2]. - The company is strategically positioning itself in the helium market by diversifying its helium import sources and establishing partnerships to innovate in helium extraction and purification technologies [25][3].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected net profit of 2.19 billion, 3.17 billion, and 4.02 billion for the years 2025 to 2027, corresponding to PE ratios of 36.30X, 25.10X, and 19.82X respectively [4][6]. Core Insights - The company reported a revenue of 1.314 billion in the first half of 2025, a year-on-year increase of 6.65%, while the net profit attributable to the parent company was 82 million, a decrease of 48.65% year-on-year [1]. - The company is facing short-term pressure on performance due to industry cyclicality and increased competition, leading to a decline in the selling prices and gross margins of some products [2]. - Despite the challenges, the company is actively expanding its market presence, achieving significant growth in sales volume across various gas segments [2]. Financial Performance Summary - In the first half of 2025, the company achieved revenues of 5.46 billion from bulk gases, 4.16 billion from specialty gases, 1.71 billion from on-site gas production, and 1.22 billion from clean coal gas, with respective year-on-year growth rates of 23.3%, -18.3%, 29.5%, and 15.1% [2]. - The gross margins for these segments were 29.9%, 21.0%, 57.8%, and 16.8%, reflecting year-on-year declines of 2.1, 10.6, 6.6, and 2.1 percentage points [2]. - The company has made significant capital expenditures and increased R&D investments to counteract market pressures [2]. Business Expansion and Strategy - The company has successfully introduced a range of electronic specialty gases, achieving import substitution for products such as ultra-pure ammonia and high-purity carbon dioxide [3]. - In the first half of 2025, the company onboarded 18 new semiconductor clients, enhancing its position in the semiconductor supply chain [3]. - The company is expanding its on-site gas production capabilities, securing projects that are expected to bolster future performance [3]. Market Integration and Acquisitions - The company is increasing retail outlets in core regions and introducing products in new areas, including the establishment of five new companies in various locations [4]. - Recent acquisitions, such as CHEM-GAS and Jin Hong Jie Meng, are aimed at expanding the Southeast Asian market and enhancing on-site gas production capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.314 billion yuan in H1 2025, representing a year-on-year increase of 6.65%, while the net profit attributable to shareholders was 82 million yuan, a decrease of 48.65% year-on-year [2][4] - The revenue from bulk gases increased by 23.1% year-on-year, while the revenue from specialty gases decreased by 18.4% year-on-year due to significant price declines in key products [2][3] - The company is focusing on both organic growth and external acquisitions to enhance its long-term development, having successfully integrated CHEM-GAS and Hanxing Gas to expand its market presence [3][4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 691 million yuan, a year-on-year increase of 7.6% and a quarter-on-quarter increase of 11.07%. The net profit for the quarter was 38 million yuan, down 54.3% year-on-year and 13.19% quarter-on-quarter [2] - The overall gross margin for H1 2025 was 29.7%, a decrease of 4.6 percentage points year-on-year, with a net margin of 6.9%, down 6.7 percentage points year-on-year [2] Growth Strategy - The company is pursuing a multi-business collaboration strategy, focusing on the development path of "bulk retail - electronic specialty gases - electronic bulk - on-site gas production" [3] - In H1 2025, the company onboarded 18 new semiconductor clients for electronic specialty gases and secured six new projects in electronic bulk gases [3] Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 are adjusted to 198 million yuan, 275 million yuan, and 363 million yuan, respectively, with corresponding P/E ratios of 46, 33, and 25 [4] - The company is expected to see significant growth potential as new projects come online and various business segments continue to expand [4]

Summary of Jin Hong Gas Conference Call Company Overview - **Company**: Jin Hong Gas - **Industry**: Industrial Gases Key Points Financial Performance - In the first half of 2025, Jin Hong Gas achieved revenue of 1.314 billion yuan, a year-on-year increase of 6.65% [3] - Net profit attributable to shareholders was 82.2 million yuan, with a non-recurring net profit of 67.23 million yuan, showing a decline due to increased market competition and rising costs [3] - Second quarter revenue increased by 11.1% quarter-on-quarter, reaching a historical high, with gross margin rising to 30.77% [2][3] - The gross margin for the second quarter improved from 28.49% in the first quarter, driven by higher margins in bulk gases and specialty gases [11] Business Segments - **Bulk Gases**: Contributed 43% of total revenue with a gross margin of 30% [6] - **Specialty Gases**: Accounted for 33% of revenue with a gross margin of approximately 22% [6] - **On-site Gas Rental**: Made up 13.6% of revenue with a gross margin of 57.8% [6] - **Gas Sector**: Generated nearly 100 million yuan in profit with a gross margin of 19% [6] Growth Drivers - New projects expected to launch in the second half of 2025 include the 3D Electronic Project (October), Dongguan Hancheng Project (November), and Huzhou Lanbao Project (before the Spring Festival next year) [2][9] - The company is expanding its overseas market presence, particularly in Southeast Asia, with projects in Vietnam and Thailand [4][31] Market Dynamics - The price of carbon dioxide has stabilized, and the gross margin for hydrogen has improved, which is expected to contribute positively to profits [4][13] - The competitive landscape for electronic bulk gas projects is intense, but the company estimates investment returns exceeding 10% for several projects [19] Customer Base and Product Development - Jin Hong Gas has secured six new projects in the electronic bulk gas sector, including partnerships with semiconductor clients [5][8] - The company has introduced new products such as high-purity carbon dioxide and is expanding its customer base in the semiconductor industry, adding 18 new clients [5][27] Future Outlook - The company anticipates a release of sales profits in the second half of 2025, driven by recent acquisitions and project integrations [13] - The overall revenue and profit growth is expected to be supported by improved margins in bulk gases and specialty gases [13][20] Strategic Initiatives - Jin Hong Gas is focusing on mergers and acquisitions, particularly in the Yangtze River Delta region and in on-site gas businesses [22] - The company plans to enhance its market competitiveness and business expansion capabilities through strategic acquisitions [21] Risks and Challenges - The company faces challenges from increased competition and fluctuating prices in the industrial gas market, particularly for products like ultra-pure ammonia [25][26] - The impact of external events, such as the helium supply situation, is monitored, but current procurement sources remain stable [15] Conclusion - Jin Hong Gas is positioned for growth with a strong focus on expanding its product offerings and customer base while navigating competitive pressures and market dynamics. The strategic initiatives in mergers and acquisitions, along with new project launches, are expected to drive future performance.