特种气体业务推进结构化矩阵。公司不断提升对半导体行业用户的综合服务能力，提供电子特种气体、电子大宗载气以及TGCM（Total Gas and Chemical Management，全面气体及化学品运维管理服务）综合服务。24H1 集成电路客户营收同比增长32.15%。电子特种气体作为半导体制造的关键材料，公司致力于电子半导体领域的特种气体国产化，已逐步实现了超纯氨、高纯氧化亚氮、电子级正硅酸乙酯、高纯二氧化碳等一系列产品的进口替代，24H1 报告期内，新增导入12 家半导体客户。公司优势产品超纯氨、高纯氧化亚氮等产品已正式供应了中芯国际、海力士、长鑫存储、联芯集成、积塔、华润微电子、华力集成等一批知名半导体客户。投产新品电子级正硅酸乙酯、高纯二氧化碳正在积极导入集成电路客户，已实现长鑫存储、联芯集成、苏州和舰等部分客户批量供应。在建新品全氟丁二烯、一氟甲烷、八氟环丁烷、二氯二氢硅、六氯乙硅烷、乙硅烷、三甲基硅胺等7 款产品正在产业化过程中。电子大宗载气是为集成电路客户提供9N 以上纯度的超高纯气体制气服务，产品主要包含高纯氮气、氧气、氩气、氦气、氢气、二氧化碳和压缩空气等。24H1 报告期内，公司进一步加强电子大宗载气业务的服务能力，取得主要进展包括：1）新订单：截止报告出具之日，公司在2024 年取得武汉长飞、湖畔光芯、北方集成电路二期等三个电子大宗载气项目。2）在建项目新投运：2024 年1 月，厦门天马光电子电子大宗载气项目量产供气。2024 年4 月，无锡华润上华项目量产供气，实现成熟量产晶圆产线电子大宗载气存量业务的突破。3）在建项目新交付：24H1 报告期内，苏州龙驰项目系统陆续交付。4）氦气资源充分保障集成电路客户需求：Key investment points
Integrated gas service providers are developing steadily. The company was founded in 1999 and listed on the Science and Technology Innovation Board in 2020. It is an environmentally intensive comprehensive gas service provider specializing in integrated gas R&D, production, sales and service solutions. The company adheres to a vertical and horizontal development strategy: vertical development, horizontal layout, technology-led, positioned as a comprehensive gas service provider, providing customers with innovative and sustainable gas solutions, and becoming a leader in the gas industry. In the first three quarters of 2024, the company achieved operating income of 1.858 billion yuan, an increase of 4.37% over the same period last year, and net profit attributable to shareholders of listed companies of 0.21 billion yuan. As of September 30, 2024, the company's total assets were 6.92 billion yuan, up 10.91% from the end of the previous year.
The company has a large number of downstream customers and a stable structural level. With strong technical strength and excellent product quality, the company has been widely recognized by many well-known customers in emerging industries. In the integrated circuit industry, there are SMIC, Hynix, Jita, Lianxin Integrated, China Resources Microelectronics, Silicon Technology, Huatian Technology, etc.; in the LCD panel industry, there are BOE, Tianma Microelectronics, TCL Huaxing, etc.; in the LED industry, there are Sanan Optoelectronics, Jucan Optoelectronics, Huacan Optoelectronics, etc.; in the optical fiber communication industry, there are Hengtong Group, Sumitomo Electric, etc.; TRW Solar, Longji Co., Ltd., etc. In addition to well-known enterprises in the above industries, the company has also established stable cooperative relationships with many customers in the electronic semiconductor, energy saving and environmental protection, healthcare, new energy, machinery manufacturing, chemicals, food and other industries. In the first three quarters of 2024, the pan-semiconductor industry accounted for 31% of the company's downstream customers, of which the integrated circuit industry accounted for 13% of revenue, an increase of 30% over the same period last year; the machinery manufacturing industry accounted for 15% of revenue; the new materials industry accounted for 13% of revenue; and the high-end equipment manufacturing industry accounted for 10% of revenue.
Special gas business promotion structured matrix. The company continues to improve its comprehensive service capabilities for users in the semiconductor industry, providing comprehensive services for electronic specialty gases, electronic bulk carriers, and TGCM (Total Gas and Chemical Management, Comprehensive Gas and Chemical Management). 24H1 IC customer revenue increased 32.15% year over year. As a key material for semiconductor manufacturing, the company is committed to the localization of specialty gases in the field of electronic semiconductors. It has gradually replaced imports of a series of products such as ultra-pure ammonia, high-purity nitrous oxide, electron-grade ethyl orthosilicate, and high-purity carbon dioxide. During the 24H1 reporting period, 12 new semiconductor customers were introduced. The company's superior products, such as ultra-pure ammonia and high-purity nitrous oxide, have been officially supplied to a number of well-known semiconductor customers such as SMIC, Hynix, Changxin Storage, Lianxin Integrated, Jita, China Resources Microelectronics, and Huali Integrated. Production of new electronic grade ethyl orthosilicate and high-purity carbon dioxide is being actively introduced to integrated circuit customers, and batch supply has already been achieved for some customers such as Changxin Storage, Lianxin Integrated, Suzhou and Shipping. Seven new products under construction, including perfluorobutadiene, monofluorobutane, octafluorocyclobutane, dichlorodihydrogen silicon, hexachloroethylene silane, ethsilane, and trimethylsilamine, are in the process of industrialization. Electronic bulk carrier gas provides ultra-high purity gas gas gas gas service with a purity of 9N or higher for integrated circuit customers. The products mainly include high-purity nitrogen, oxygen, argon, helium, hydrogen, carbon dioxide, and compressed air. During the 24H1 reporting period, the company further strengthened the service capabilities of the electronic bulk gas carrier business. Major advances include: 1) New orders: As of the date of publication of the report, the company obtained three electronic bulk gas carriers in 2024, including Wuhan Changfei, Lakeside Optical Core, and Northern Integrated Circuit Phase II. 2) New project under construction: In January 2024, the Tianma Optoelectronics bulk gas carrier project in Xiamen will be mass-produced to supply gas. In April 2024, the Wuxi China Resources Shanghua Project mass-produced gas supply, achieving a breakthrough in the electronic bulk gas storage business for mature mass production wafer production lines. 3) New delivery of projects under construction: During the 24H1 reporting period, the Suzhou Longchi project system was delivered one after another. 4) Helium gas resources fully guarantee the needs of integrated circuit customers:
The company's helium resources not only fully guarantee the needs of pan-semiconductor customers such as integrated circuits and LCD panels, but also penetrate medical and industrial customers. TGCM is an important channel for the company to provide customers with comprehensive gas services, providing customers with gas management services in system operation, quality management, daily operations, and site management.
The bulk gas business promotes an integrated strategy. In terms of raw material layout, in order to have a better resource guarantee for retail customers, the company actively builds its own air separation projects and plans to produce surplus liquid gas on site. In terms of retail market integration, the company firmly promotes a horizontal layout strategy. The core area continues to increase retail outlets, and new regions continue to introduce products to improve the service capabilities of the retail business and enrich service methods. During the 24H1 reporting period, the Taicang Jinhong filling station project has entered trial production. In the new region, the company continues to optimize management efficiency in new regions such as Hunan, and continuously enhances the level of customer recognition by obtaining more competitive gas resources, introducing collaborative products, and adding new business models such as the Cryogenic Express Line. In terms of on-site gas production business, the company relies on its technical characteristics, engineering capabilities and supporting operation and maintenance service quality, while continuing to develop small and medium-sized on-site gas generation, breaking through medium and large-scale on-site gas production projects suitable for the company, thereby strengthening collaborative efficiency and further improving the service level of on-site gas supply.
In March 2024, it obtained a single 0.07 million grade air separation gas supply project from Yingkou C&D, achieving a breakthrough in the non-ferrous smelting industry. In May 2024, it obtained the Shandong Ruilin polymer 0.03 million grade air separation gas supply project, achieving a breakthrough in the refining/petrochemical industry. In June 2024, three air separation cooperation projects for Jishan Mingfu Steel were officially put into operation. In July 2024, it obtained 3 air separation gas supply projects from Yunnan Chenggang Group to achieve another breakthrough in the steel industry through the acquisition and transfer of gas supply (de-cap).
Investment advice
We expect the company to achieve revenue of 2.5/3.2/3.8 billion yuan in 2024/2025/2026, and realized net profit of 0.29/0.4/0.51 billion yuan respectively. The current stock price corresponding to 2024-2026 PE is 31 times, 22 times, and 17 times, respectively, covered for the first time, giving it a “buy” rating.
Risk warning
Macroenvironmental risks, market competition risks, risk of rising prices of major raw materials, management and internal control risks due to company size expansion, product quality risks, production safety risks, core competitiveness risks, risk of declining gross margin, accounts receivable risk, inventory price decline risk, goodwill impairment risk, risk of impairment of intangible assets related to customer relationships, risk of tax policy changes.
