[Table_Info1] 金宏气体(688106) 电子 [Table_Title] 证券研究报告 / 公司点评报告 电子气体捷报迭出，现场制气持续扩张 [Table_Summary] 事件：据公司公告，2025H1，公司实现营收 13.14 亿元，同比+6.65%， 归母净利润 0.82 亿元，同比-48.65%，扣非归母净利润 0.67 亿元，同比 -45.10%。2025Q2，公司实现营收 6.91 亿元，同比+7.60%，环比+11.07%， 归母净利润 0.38 亿元，同比-54.30%，环比-13.19%，扣非归母净利润 0.38 亿元，同比-47.46%，环比+29.77%。 点评 2025Q2，公司业绩短期承压，主要是（1）2025H1，受部分行业周期性 调整影响，市场环境仍处于阶段性承压状态，行业整体竞争加剧，公司 部分产品的售价及综合毛利率同比有所下滑。但公司积极开拓市场，销 量维持快速增长。2025H1，公司大宗气体/特种气体/现场制气及租金/清 洁煤气业务分别实现营收 5.46/4.16/1.71/1.22 亿元，同比分别+23.3%/- 18.3%/+29.5%/+15.1%，毛利 ...

证券研究报告 | 公司点评 | 电子化学品Ⅱ 金宏气体(688106) 报告日期：2025 年 08 月 26 日 营收稳步增长， 特气短期盈利承压拖累业绩 ——金宏气体 25H1 点评报告 事件： 公司发布 2025 中报，实现营收 13.14 亿元，同比增 6.65%，归母净利润 0.82 亿元， 同比降 48.65%。其中 25Q2 单季度营收 6.91 亿元，同比增 7.60%，环比增 11.07%， 归母净利润 0.38 亿元，同比降 54.30%，环比降 13.19%。 点评： ❑ 内生增长+外延并购，看好公司长期发展 公司严守纵横发展战略，近年来沿"大宗零售-电子特气-电子大宗-现场制气"的 发展路径持续稳步推进，形成多业务协同发展局面，依托一站式供气服务能力， 具备了对标海外气体龙头的产业基础。25 年以来公司持续寻求收购整合优质标 的，2 月 7 日完成收购 CHEM-GAS，进一步加速拓展东南亚大宗零售市场，进一 步提高公司的市场占有率，巩固公司的行业地位；2 月 15 日完成收购汉兴气体为 公司现场制气业务注入新的动力。内生发展方面，25H1 公司电子特气新增导入 18家半导体客户，电子 ...

摘要 金宏气体 2025 年上半年收入虽增长，但利润受市场竞争和成本上升影 响下滑。二季度业绩显著回升，收入环比增 11.1%创新高，毛利率升至 30.77%，扣非净利润环比增 30%，显示复苏势头。 电子大宗载气业务获星辰焊锡等 6 个项目，汕尾项目实现存量替换。现 场制气业务通过收购汉兴气体扩张，优化区域布局。电子特气巩固超纯 氨、氧化亚氮优势，拓展高纯二氧化碳等新品，新增 18 家半导体客户。 大宗气体占总营收 43%，毛利率 30%；特种气体营收占比 33%，毛利 率约 22%；现场制气租金营收占比 13.6%，毛利率 57.8%；燃气板块 利润近 1 亿元，毛利率 19%。现场制气租金收入增加主要来自武汉长飞 等项目。 多个新项目预计下半年投产，如 3D 电子大征项目（10 月）、东莞汉城 项目（11 月）、湖州兰宝项目（明年春节前后）等，将通过收取租金增 加营收和利润，投资回报率均超 10%。 二季度毛利率提升主要因大宗气体（氮气毛利率增至 37.19%）和特种 气体（氢气毛利率增至 20%）毛利率上升，以及销售额增长。氮气、药 企、二氧化碳、氨气、氢气、氧化亚氮等销量均较一季度增加。 Q&A 金 ...

金宏气体（688106.SH）2025 年半年报点评 利润短期承压，电子气体业务稳步推进 2025 年 08 月 24 日 ➢ 事件：金宏气体 8 月 22 日晚发布了 2025 年半年报，2025 年上半年实现 营业收入 13.14 亿元，同比增长 6.65%；实现归母净利润 8220.13 万元，同比 下降 48.65%。 ➢ 市场竞争加剧，利润短期承压。从 2025 年 Q2 单季度来看，收入为 6.91 亿 元，环比增长 10.91%，同比增长 7.60%；归母净利润为 0.38 亿元，同比下滑 54.30%；毛利率和净利率分别为 30.77%、6.35%，同比下降分别为 3.68、7.54 个百分点。根据 25 年半年报，公司上半年利润同比下滑主要系（1）公司为应对 复杂多变的市场环境，积极开拓市场，销量持续快速增长，但市场竞争加剧，导 致部分产品的售价及综合毛利率比上年同期有一定程度的下降；（2）公司进行 逆势布局，持续增加资本性支出，加大研发投入力度；（3）资产处置收益较去年 同期有所下滑。 ➢ 电子特种气持续导入，电子大宗气加速开拓。公司致力于电子半导体领域的 特种气体产业化，已逐步实现了超纯 ...

据证券之星公开数据整理，近期金宏气体（688106）发布2025年中报。截至本报告期末，公司营业总收 入13.14亿元，同比上升6.65%，归母净利润8220.13万元，同比下降48.65%。按单季度数据看，第二季 度营业总收入6.91亿元，同比上升7.6%，第二季度归母净利润3819.81万元，同比下降54.3%。本报告期 金宏气体公司应收账款体量较大，当期应收账款占最新年报归母净利润比达210.61%。 本次财报公布的各项数据指标表现一般。其中，毛利率29.69%，同比减13.39%，净利率6.86%，同比减 49.45%，销售费用、管理费用、财务费用总计2.26亿元，三费占营收比17.22%，同比减5.22%，每股净 资产6.11元，同比减0.16%，每股经营性现金流0.37元，同比减10.94%，每股收益0.17元，同比减48.48% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.32亿 | 13.14亿 | 6.65% | | 归母净利润(元) | 1.6亿 | 8220.13万 | -48.6 ...

今年上半年，面对复杂市场环境，中国气体龙头企业金宏气体（股票代码：688106.SH）实现营收稳步 增长，同时聚焦电子特气国产替代、大宗气体区域整合及现场制气业务拓展三大核心方向加码布局，资 产规模与业务竞争力持续提升，长期发展动能充足。 营收稳步扩张 彰显经营定力 2025年8月22日，金宏气体发布2025年半年度报告，核心财务数据呈现"营收增长、战略投入加码"特 征。 值得关注的是，公司在氦气资源保障上持续加码。3月公司与高速飞车山西省实验室、北京京能普华环 保科技达成战略合作，推动氦能源技术研发；6月与阿拉尔市京藤能源合作，拟在新疆建设氦气提取纯 化装置，进一步完善泛半导体、医疗、工业领域的氦气供应链；7月公司成立金宏气体（新疆）有限公 司，推动氦气产业链的完善与发展，为市场提供稳定的氦气产品供应。 大宗气体业务，推进一体化战略。大宗气体业务通过"区域并购+现场制气"双路径实现扩张。区域整合 方面，公司坚定推进横向布局战略，核心区域不断增加零售网点，新区域持续导入产品，以提高零售业 务的服务能力，丰富服务手段。湖南等新增区域并购公司表现亮眼，报告期内营业收入同比增长 11.14%，净利润同比激增646. ...

Core Viewpoint - Hubei Heyuan Gas Co., Ltd. is preparing to issue A-shares to specific investors in 2024, with legal opinions provided by Taihe Tai (Wuhan) Law Firm regarding compliance with relevant laws and regulations [1][2][3]. Group 1: Legal Opinions and Compliance - The law firm has issued a supplementary legal opinion based on the inquiry from the Shenzhen Stock Exchange regarding the company's A-share issuance [2]. - The supplementary legal opinion is an integral part of the previous legal opinion and lawyer's work report, clarifying that any discrepancies will be governed by the latest document [2][3]. Group 2: Financial and Administrative Penalties - In 2023, the company incurred a total of 693,600 yuan in administrative penalties, primarily due to late payment of taxes such as stamp duty and property tax [4]. - The company has faced two administrative penalties during the reporting period, with specific incidents involving safety violations and tax issues [4][5]. Group 3: Internal Control Measures - The company has established a comprehensive tax management system to mitigate tax risks and ensure compliance with tax laws, including regular self-inspections and training for financial personnel [6][7]. - Following the administrative penalties, the company has implemented corrective measures, including financial audits and enhanced training for staff to prevent future violations [11][12]. Group 4: Assessment of Violations - The administrative penalties faced by the company are classified as minor violations, not constituting major legal infractions under relevant regulations [12][13]. - The company has taken steps to rectify the issues leading to penalties, ensuring compliance with safety and operational standards [11][12].

Group 1 - The core viewpoint of the news is that Nantu Asset Management has conducted research on Jin Hong Gas, highlighting its growth potential in the electronic gas market and its strategic focus on on-site gas production [1] - Jin Hong Gas is expected to achieve full-year revenue contributions from multiple electronic bulk gas projects in 2024, with new projects anticipated to commence operations by the end of 2025 [1] - The company emphasizes the development of on-site gas production due to its ability to provide stable cash flow, with new projects being launched annually in the small and medium-sized on-site gas sector [1] Group 2 - Jin Hong Gas has successfully passed tests and commenced mass production of ultra-pure ammonia and high-purity carbon dioxide products for TSMC [1] - The customer base for specialty gases is heavily weighted towards the integrated circuit industry, while the photovoltaic sector's customer share is declining [1] - The pricing of ultra-pure ammonia remains stable in the integrated circuit and LCD panel sectors, while prices in the photovoltaic sector are on a downward trend, indicating a cyclical bottom [1] Group 3 - The company is expanding its customer base by providing comprehensive gas solutions through a combination of self-production and trade, and has exported products to over 50 countries [1] - Jin Hong Gas has signed a project for on-site gas production in Thailand and acquired Singapore's CHEM-GS company [1] - The newly appointed General Manager, Dai Zhanglong, brings extensive industry experience, which is expected to help the company achieve new breakthroughs [1]

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 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].