1Q24 收入端稳健增长，归母净利润率同环比皆有所提升：公司1Q24 实现收入5.89 亿元，同比增长13.74%，环比下滑9%，公司毛利率为33.4%，环比下滑1.8ppt，销售费用/管理费用率分别为8.8/9.0%，环比下滑0.7/1.1ppt，主要原因为公司费用控制能力有所提升，同时公司增加研发投入，1Q24 公司研发费用率为4%，环比增长0.9ppt，公司归母净利润为0.76 亿元。同比增长26.68%，公司净利润率为13%，同比增加1.3ppt，环比增加4.3ppt，同环比皆有较大改善。1Q24 results are in line with our expectations
The company announced 1Q24 results: The company achieved revenue of 589 million yuan, a year-on-year increase of 13.74%, and net profit to mother of 76 million yuan, an increase of 26.68% year-on-year, in line with our expectations.
Development trends
The revenue side of 1Q24 grew steadily, with net profit margins rising year-on-year: the company's 1Q24 achieved revenue of 589 million yuan, a year-on-year increase of 13.74%, a year-on-month decrease of 9%, the company's gross margin was 33.4%, down 1.8ppt month-on-month, and sales expenses/management expenses ratios were 8.8/ 9.0%, down 0.7/1.1ppt from month to month. The main reason was that the company's R&D cost ratio was 4%, up 0.7/1.1ppt from month to month, and the company's net profit to mother was 0.9. 0.76 billion yuan. The year-on-year increase was 26.68%, the company's net profit margin was 13%, the year-on-year increase was 1.3ppt, and the month-on-month increase was 4.3ppt, all of which showed significant improvements over the same period.
The on-site gas business continued to develop, and its share increased rapidly: by product classification, 1Q24's specialty gas accounted for 44.59%, bulk gas accounted for 35.85%, on-site gas production and rent accounted for 10.48%, and gas accounted for 9.08%, and the proportion of on-site gas production business increased rapidly. The company continues to provide on-site gas production services for customers in the photovoltaic industry. Gas supply projects for photovoltaic customers such as Yangzhou Jingao, Xuancheng Huasheng Phase I Project, and Hefei Daheng have been put into operation, and has received on-site gas production orders for Zhejiang Hongxi, Xuancheng Huasheng Phase II, and Wuxi Huasheng projects.
Comprehensive gas companies have shown their advantages: in the field of electronic specialty gases, the company's superior products such as ultra-pure ammonia and high-purity nitrous oxide have been officially supplied to customers such as SMIC, Hynix, Lianxin Integrated, Jita, China Resources Microelectronics, and Huali Integrated. New electronic grade ethyl orthosilicate and high-purity carbon dioxide are being actively introduced to customers and supplied in small batches; in the field of electronic bulk carriers, the company has obtained three major electronic gas carriers, including Wuxi Huarun Shanghua, Suzhou Longchi, and Xi'an Weiguang Technology. We believe that as the company comprehensively provides integrated circuit customers with comprehensive solutions in multiple dimensions of electronic specialty gas, electronic bulk gas, and TGCM, the advantages of comprehensive gas companies are expected to be further demonstrated.
Profit forecasting and valuation
We keep the company's profit forecast unchanged. We expect the company to achieve operating income of 28.81/3.383 billion yuan and net profit to mother in 2024/2025. The current stock price corresponds to the company's 2024/2025 22.7/18.1x P/E. We use the P/E valuation method to value the company, maintain the 2024 valuation multiplier 30x P/E, and keep the target price of 24.32 yuan unchanged, corresponding to the company's 2024/2025 30.0/23.8x P/E, compared to the present The stock price still has room to rise 32%, maintaining an outperforming industry rating.
risks
Downstream demand fell short of expectations, gas prices declined, raw material prices fluctuated, and capacity release fell short of expectations.