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].

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 | | (+/-)% ...

氧化亚氮电子级正规酸移植高纯二氧化碳等产品的进口期待报告期内新增导入21家半导体客户同时 氦气业务不断拓展客户销量同比增长125%第二部分 大宗气体业务公司推进一体化战略在原材料布局方面 我们为了零售客户有更好的资源保障积极自建空分项目以及规划现场置席赋予业体在零售市场整合方面我们也看到了一些积极的变化上海区域被并购公司上海生南上海畅合上海易阳上海正智等公司实现营业收入同比增长15.6%净利润同比增长21.3% 江苏中部区域被并购的公司海安吉祥、泰均汪明实现,营业收入同比增长9.1%,计论同比增长34.5%。在大宫宪党时期方面,我们在持续发展中小型宪党时期的同时,突破合适的 公司的中大型现场实习项目并借此强化协同效应,进一步提升现场实习的服务水平。此外,公司积极拓展海外业务,推动业务模式出海。在2024年3月份,我们获得了营口建发单套7万等级空分供应器项目,实现永测演练行业的突破。 2024年5月份获得了山东瑞林高分子三万等级空分项目实现链化石化行业的突破2024年6月份获得基山明福钢铁三套空分项目合作正式投产运营2024年7月份获得了云南城钢集团三套空分工具项目以收购转供器方式实现钢铁行业再突破在12月份我 ...

从跌停到涨停，今日早盘抄底凯美特气的资金"逆势"赚钱的让人羡慕。 | | 凯美特气 | 11.12 | +9. 99% | +1.01 | | | --- | --- | --- | --- | --- | --- | | 11.12 | | | MAN | M | 9.99% | | 10.96 | M | | | | 8.37% | | 10.78 | | | | | 6.66% | | 10.62 | | | | | 5.04% | | 10.45 | | | | | 3.33% | | 10.28 | | | | | 1.71% | | 10.11 | | | | | 0.00% | | 9.95 | | | | | 1.62% | | 9.77 | | | | | 3.33% | | 9.61 | | | | | 4.95% | | 9.44 | | | | | 6.66% | | 9.27 | | | | | 8.28% | | 9.10 | | | | | | | 366 | | | | | | 这一惊艳走势，当日最高超54万手封单将股价一度钉在11.12元的涨停价，让在跌停板抄底的资金瞬间斩获 ...