JINHONG GAS(SH:688106)2024-06-03 10:24Company Overview - Jin Hong Gas Co., Ltd. was established in 1999 and listed 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 resource-efficient comprehensive gas service provider [1][2]. Recent Financial Performance - In Q1 2024, the company achieved a revenue of CNY 589 million, representing a year-on-year growth of 13.74%. The net profit attributable to shareholders was CNY 76 million, an increase of 26.68% compared to the same period last year [2]. - As of March 31, 2024, the total assets of the company amounted to CNY 6.803 billion, reflecting a growth of 9.03% from the end of the previous year [2]. Key Contracts and Projects - In May 2024, the company signed a gas supply contract with Shandong Ruilin Polymer Materials Co., Ltd., involving the construction of a new air separation unit with a capacity of 23,000 Nm³/h. The estimated contract value is approximately CNY 1.86 billion (excluding tax), with a duration of 20 years [2]. Industry Insights - In 2023, the revenue from the integrated circuit industry accounted for approximately 10% of the company's total operating income [3]. - The sales volume of silane in Q1 2024 showed significant year-on-year growth, primarily serving the photovoltaic industry and mainly exported to Southeast Asian countries [3]. Product Development and Market Strategy - The company is in the process of industrializing seven new specialty gas products, with trial production expected to begin by the end of this year [3]. - The ultra-pure ammonia and hydrogen projects in Meishan have completed acceptance, while the Zhuzhou hydrogen project is currently in trial production and nearing acceptance [3]. Revenue Composition and Competitive Advantage - Revenue from on-site gas projects typically consists of fixed fees (monthly rent) and variable gas fees based on customer consumption, with specific proportions varying by project size and conditions [4]. - The company has a strong team with over 16 years of average experience in large on-site gas projects, enhancing its competitive edge in the market [4][5]. Strategic Focus - The company aims to become the leading domestic brand in the gas industry by focusing on medium to large on-site gas projects, which will support sustainable growth in bulk retail and electronic gas services [5]. - Established a professional team in 2023 to expand its market presence while continuing to develop retail business [5]. Client Engagement - The company has successfully introduced mature specialty gas products to several integrated circuit clients, ensuring stable supply while actively engaging with major companies like Samsung and Huahong [6].