电子大宗载气项目再获新订单，在建项目顺利推进。电子大宗载气方面，2024年上半年公司新取得武汉长飞、湖畔光芯、北方集成电路二期等3 个电子大宗载气项目；厦门天马光电子项目、无锡华润上华项目分别于2024 年1 月、4 月量产供气，实现成熟量产晶圆产线电子大宗载气存量业务的突破；苏州龙驰项目系统陆续交付。现场制气方面，新获得营口建发、山东睿霖高分子、云南呈钢集团空分供气项目，稷山铭福钢铁3 套空分合作项目正式投产运行。Incident: The company released its 2024 three-quarter report. The first three quarters of 2024 achieved revenue of 1.858 billion yuan, a year-on-year increase of 4.37%, and net profit of 0.21 billion yuan, a year-on-year decrease of 18.72%; of these, the third quarter achieved revenue of 0.626 billion yuan, a year-on-year decrease of 3.14%, and net profit to mother of 0.05 billion yuan, a year-on-year decrease of 48.06%, after deducting net profit of 0.046 billion yuan.
Results for the first three quarters of 2024 declined year over year, and profitability declined. During the reporting period, the company's performance declined year-on-year, mainly due to the company actively exploring the market (special gas revenue accounted for 41.63%, bulk gas revenue accounted for 38.54%, on-site gas production and rental revenue accounted for 11.32%, and gas revenue accounted for 8.51%). Sales increased 18.08% in the first three quarters, but market competition intensified in the current period, and comprehensive product gross margin declined. At the same time, non-recurring profit and loss decreased compared to last year. 2024Q3's gross sales margin was 30.74%, a decrease of 3.71 pct from the previous month; the net sales margin was 8.79%, a decrease of 5.1 pct.
The breadth of semiconductor customer coverage has further increased, and new products are being actively introduced to integrated circuit customers. Since this year, the company has introduced 12 new semiconductor customers. Its dominant products, ultra-pure ammonia, nitrous oxide, etc. have been supplied in batches to well-known semiconductor customers such as SMIC and Hynix; new products such as electronic-grade ethyl orthosilicate and high-purity carbon dioxide are being actively introduced to integrated circuit customers, and has achieved mass supply to some customers such as Changxin Storage, Lianxin Integrated, Suzhou and Shipbuilding; 7 new products including perfluorobutadiene, monofluoromethane, octafluorocyclobutane, dichlorodihydrogen silicon, hexachloroethylene silane, and trimethylsilamine are being industrialized.
The electronic bulk gas carrier project received another new order, and the project under construction progressed smoothly. In terms of electronic bulk gas carriers, in the first half of 2024, the company obtained 3 new electronic bulk gas carriers, including Wuhan Changfei, Lakeside Optical Core, and North Integrated Circuit Phase II; the Xiamen Tianma Optoelectronics Project and the Wuxi Huarun Shanghua Project mass-produced gas supply in January and April 2024, respectively, achieving breakthroughs in the electronic bulk gas storage business of mature mass production wafer production lines; Suzhou Longchi project systems were delivered one after another. In terms of on-site gas production, a new air separation gas supply project was obtained from Yingkou C&D, Shandong Ruilin Polymer, and Yunnan Chenggang Group, and the three air separation cooperation projects of Jishan Mingfu Steel were officially put into operation.
In terms of projects under construction, the Taicang Jinhong filling station project has entered trial production. The Zhuzhou hydrogen project, the Suxiang Jin Hongrun air separation project, and the Huainan carbon dioxide project have been put into operation. The new high-end electronic special materials project and the Quanjiao semiconductor electronic materials project are expected to be put into operation one after another in the second half of 2024.
Maintain a “Highly Recommended” investment rating. Based on the intensification of market competition and the reduction of the company's profit forecast, the company's revenue for 2024-2026 is estimated to be 2.7, 3.28, and 3.94 billion yuan, respectively, and net profit to mother is 0.276, 0.357, and 0.43 billion yuan respectively. The current stock price corresponds to PE of 34.2, 26.4, and 21.9 times, respectively, maintaining the “Highly Recommended” rating.
Risk warning: Risks of rising prices of major raw materials, fluctuating product prices, and increased industry competition.
