I. Discussion and analysis of operating conditions
Suzhou Jinhong Gas Co., Ltd. was established in 1999, specializing in the overall R&D solution, gas production, sales and service. At present, the company has established a gas supply and service network with rich categories, reasonable layout and reliable distribution. It can provide more than 100 kinds of gas products in three categories: special gas, bulk gas and natural gas for customers in electronic semiconductor, medical health, energy saving and environmental protection, new materials, new energy and high-end equipment manufacturing. It is an important strategic partner of various industries, and its sales outlets are spread all over the country with East China as the center.
In the first half of 2020, the novel coronavirus epidemic broke out, which had a certain impact on the company's production and operation. However, according to the strategic plan and business plan formulated by the board of directors, the management of the company still strengthens the brand advantage, constantly increases the research and development of new products, optimizes the product structure, actively explores the market, increases the market share, and strengthens the quality and internal control management. During the reporting period, the operating income was 548,332,65438 yuan+0,000 yuan, an increase of 0.49% over the same period of last year; The net profit attributable to shareholders of listed companies was 82,700,438+0,000 yuan, up 9.58% year-on-year. By June 30, 2020, the company's total assets were 343535 1.5 million yuan, and its net assets reached 274/kloc-0.99/kloc-0.4 million yuan.
From June 5438 to June 20201October, the company's hydrogen bromide and carbonyl sulfide projects passed the new product and technology appraisal of Jiangsu Provincial Department of Industry and Information Technology, and the members of the appraisal committee agreed that the overall technology of the products was at the international advanced level. During the reporting period, two national standards were issued: Determination of Nitrogen Oxides in Gas Analytical Gases by Cavity Ring-down Spectroscopy and Technical General Rules for Calibration of Mixed Gases. By June 30th, 2020, the company * * * had obtained 163 patents, including 36 invention patents. During the reporting period, 7 new utility model patents were applied, including appearance patents 1, 4 authorized invention patents and 9 utility model patents, and the core technological achievements were effectively protected.
Second, the risk factors
1. Macroeconomic fluctuation risk
The downstream industries of the gas industry in which the company is located include: integrated circuits, LCD panels, LEDs, optical fiber communication, photovoltaics, medical and health care, energy conservation and environmental protection, new materials, new energy, high-end equipment manufacturing and other emerging industries, as well as traditional industries such as metallurgy, chemical industry and machinery manufacturing, all of which are basic industries of the national economy, which have strong correlation with the macroeconomic development cycle and are greatly influenced by the national macroeconomic environment and overall development speed. In different periods of national economic development, the state's macro-control policies are constantly adjusted. Macroeconomic cycle fluctuation caused by policy adjustment may affect some downstream industries of gas, thus directly affecting the development of the gas industry where the company is located, and may cause fluctuations in the company's main business.
2. Market competition risk
In East China, where the company is located, due to the early layout of foreign gas giants, the competition in the gas market is fierce. Mainly reflected in product variety, brand influence, cost advantage, distribution ability and enterprise scale competition. In the field of electronic gas, several foreign gas giants, such as Linde Group, Air Liquide, Air Chemical Industry and Dayang Ri Acid, have occupied more than 85% market share by virtue of their advanced technological advantages.
At present, the company's overall market share is still low, and its business scale is relatively small compared with that of multinational companies. According to the statistics of China Semiconductor Industry Association, the market scale of electronic special gas in China is 2012156 million yuan. Based on this, it is estimated that the company's market share of electronic specialty gases in China is 2.73%. If the company cannot further explore customers, enrich gas varieties and improve competitiveness, it will have a negative impact on the company's performance improvement and sustained growth.
3. Risk of falling prices of major products
As the domestic economic growth slows down and the market competition intensifies, the prices of the company's main products such as nitrogen, oxygen, argon and ultra-pure ammonia fluctuate to varying degrees. If the economic growth slows down and the market competition intensifies further in the future, the company cannot effectively reduce costs and develop new products to form new competitive advantages through technological innovation, and the price fluctuation of major products will adversely affect the company's sustainable profitability.
4. Risk of raw material price fluctuation
The company's raw material prices fluctuate due to market supply and demand. The fluctuation of raw material prices will have a certain impact on the company's operating costs and gross profit margin. Affected by future market supply and demand, economic cycle and other factors, the company has the risk of raw material price fluctuation.
5. Safety production risks
Most industrial gas products are dangerous chemicals. The state has formulated relevant regulations on the production, storage, purification, testing and transportation of dangerous chemicals, and the relevant departments such as market supervision and management and transportation management supervise them. If the company's requirements for production, storage, purification, testing and transportation are not strict, and the safety production system cannot be effectively implemented, there will be the risk of safety production accidents.
6. Risk of technology research and development
In recent years, major domestic gas companies have stepped up research and development of new products, and the rapid iteration of downstream integrated circuits, LCD panels, LED, optical fiber communication, photovoltaic and other industries has also put forward higher requirements for the company's technology research and development capabilities. The company has been focusing on the research and development of special gases for a long time, with high technical barriers. The domestic high-end special gas market has been occupied by several foreign gas giants. At present, compared with foreign gas giants, the company still has a certain gap in gas deep purification technology, product quality stability, packaging, storage and transportation technology and analysis and testing technology. If the company's future R&D direction is wrong, the technical talent reserve is insufficient or the progress of new product research and development is lower than expected, resulting in the company being in a backward position in the market competition and unable to launch new products that meet the needs of customers and the market quickly and timely, it will adversely affect the company's market share and operating performance.
7. The risk of core technology and the loss of core technical personnel.
Since its establishment, the company has been engaged in gas research and development, production, sales and service, and is committed to providing customers with comprehensive gas supply solutions. Electronic gas has high technology content, so the company needs to develop new products through continuous R&D investment to better meet the gas demand of high-end customers such as domestic semiconductor industry. At present, the company has mastered a number of gas core technologies, and the R&D team is stable. However, with the increasingly fierce competition between enterprises and regions, the flow of talents may increase, and there is a risk that core technologies will be captured and core technicians will be lost.
8. Product quality risk
The downstream customers of the company's specialty gases and electronic bulk gases cover electronic semiconductors, medical health, energy conservation and environmental protection, new materials, new energy, high-end equipment manufacturing, food and other industries. The production technology of these enterprises is fine and complicated, and gas, as an important raw material, has a great influence on their output. In particular, integrated circuit manufacturers have higher and higher requirements for the quality and stability of electronic gases. In the manufacturing process of integrated circuits, once the electronic gas products pass the verification, their purity and quality requirements are locked, and any change in the quality of electronic gas thereafter may lead to unexpected situations in the production of customers in the integrated circuit industry.
Therefore, once the unstable quality of the company's gas products causes losses to customers, it will lead to product quality disputes or lawsuits and face the risk of compensation; In addition, it will also affect customers' trust in the company, thus adversely affecting the company's business development.
9. Risks of tax policy changes
The Company and its subsidiary Kunshan Jinhong are high-tech enterprises and pay enterprise income tax at the rate of 15%. If the company and its subsidiaries fail to continuously obtain the qualification of high-tech enterprises in the future, the corporate income tax rate will increase, which will affect the overall profitability of the company. In addition, if the preferential income tax policies for high-tech enterprises change in the future, it may also have an impact on the company's operating performance.
10. Risks affected by force majeure such as public health emergencies.
The company's downstream customers include enterprises in electronic semiconductors, biomedicine, energy conservation and environmental protection, new materials, new energy, high-end equipment manufacturing, metallurgy, chemical industry and other industries. If there are other emergencies such as public health emergencies in China, the government may take measures such as delaying the opening of business and forcing employees to be isolated, which will adversely affect the normal production and operation of downstream industries, and then adversely affect the company's sales revenue and operating performance.
Three. Main business during the reporting period
During the reporting period, the company realized an operating income of 548,332,5438+0,000 yuan, a year-on-year change of 0.49%; The net profit was 842,654,380 yuan+0.88 million yuan, a year-on-year change of 8.97%; After deducting non-operating gains and losses, the net profit attributable to the owner of the parent company is 7,000 yuan1161ten thousand yuan, with a year-on-year change of -3.00%.
For details, please refer to the related statements in "I. Discussion and Analysis of Operation" in this chapter.
Three. Analysis of core competitiveness during the reporting period
(A) analysis of core competitiveness
1. technology and R&D advantages
In terms of R&D platform, the company has national enterprise technology center, CNAS laboratory, postdoctoral research center and Jiangsu Special Gas and Adsorbent Preparation Engineering Technology Research Center, as well as key R&D institutions in Jiangsu Province.
In terms of product technology, the company has 163 patents, leading or participating in the formulation of many national standards. Ultra-pure ammonia, high-purity hydrogen, high-purity nitrous oxide, high-purity carbon dioxide, silane mixture, octafluorocyclobutane, high-purity argon, high-purity nitrogen and other electronic-grade ultra-pure gases have independent intellectual property rights, and their quality and technology have reached the level of replacing imports, which can meet the use needs of domestic semiconductor industry.
In terms of science and technology-related honors, the company has been recognized as "Key High-tech Enterprise of National Torch Program", "National Intellectual Property Advantage Enterprise", "Jiangsu Science and Technology Giant Enterprise", "Jiangsu Science and Technology Small and Medium-sized Enterprise" and "Jiangsu Innovation and Construction Demonstration Enterprise". The company's 7N electronic-grade ultra-pure ammonia project was supported by the special fund for achievement transformation in Jiangsu Province, and successively won the national key new product, the national patent excellence award and the Jiangsu Science and Technology Award, and was rated as "China Semiconductor Innovative Product and Technology" by China Semiconductor Industry Association, and was selected into the national torch plan. High-purity chlorine gas, hydrogen chloride and other reserve technologies belong to the ultra-high-purity electronic gas for micro-nano electronic manufacturing in the key special declaration guide of Strategic Advanced Electronic Materials issued by the Ministry of Science and Technology on 20 17.
In terms of product quality, compared with foreign giants, the quality and stability of special gases produced by the company are equivalent, which has obvious cost advantages. With the rapid development of downstream industries such as integrated circuit, LCD panel, LED, optical fiber communication, photovoltaic, medical health, new energy, aerospace, etc., and the continuous promotion of the localization policy of special gases, the company will have a broad market space for import substitution of special gases in the future.
2. Product variety and service advantages
In terms of product varieties, the gas produced and operated by the company covers three categories: special gas, bulk gas and natural gas, with specific categories exceeding 100. The variety of gas products and flexible supply methods can better meet the diversified gas demand of gas users in emerging industries.
In terms of customer service, the company can match the types, specifications and uses of gas according to the gas demand of customers at different stages, plan an appropriate gas supply mode, tailor a comprehensive gas supply service plan, reduce the procurement cost and process of customers, ensure stable gas supply for customers, and enhance customer experience and satisfaction.
In terms of logistics and distribution, the company has a professional distribution system and engineering team, which can provide comprehensive and rapid gas supply services for customers in different industries and different development stages by using continuous gas supply technology of cryogenic express line, high-purity gas packaging and processing technology and safe and efficient logistics and distribution technology, and provide supporting gas facilities, gas pipeline design, construction, installation, operation services and tailor-made logistics support.
3. Customer resource advantages
The company has a large number of downstream customers and a stable structure. With strong technical strength and excellent product quality, the company has been widely recognized by many well-known customers in emerging industries, including Lian Xin Integration, China Resources Microelectronics, Huali Microelectronics, Silicon Technology, Huatian Technology (002 185) and Silanwei (600460). LCD panel industries include BOE, Samsung Electronics, tianma microelectronics, TCL Huaxing, CLP Panda and Longteng Optoelectronics. The LED industries include Sanan Optoelectronics (600703), Jucan Optoelectronics (300708), Ganzhao Optoelectronics (300 102), Huacan Optoelectronics (300323) and Aoyang Shunchang (002245). Optical fiber communication industries include Hengtong Optoelectronics (600487), Fortis Group, Sumitomo Electric, etc. The photovoltaic industry includes Tongwei Solar, Trina Solar and Longji (6010/2). The cooperation with well-known customers ensures the stability of the company's business and also reflects the company's excellent brand influence.
In addition to the well-known enterprises in the above industries, the company has also established stable cooperative relations with many small and medium-sized customers in the industries of electronic semiconductors, energy conservation and environmental protection, medical health, new energy, machinery manufacturing, chemical industry, food and so on. The gas demand of these customers is relatively small and the distribution is relatively scattered. By virtue of its stable supply guarantee ability, rapid response logistics distribution system and strong localization market development ability, the company has better met the needs of customers with small demand and scattered distribution for all kinds of gas. The company has gathered a large number of fans from all walks of life, ensuring the company's sustained and stable development.
4. Advantages of location development
The Yangtze River Delta region where the company is headquartered is the economic center with the strongest comprehensive strength, a strategic emerging economy and an advanced manufacturing base in China. The regional planning of the Yangtze River Delta region proposes to enlarge and strengthen strategic emerging industries with international competitiveness, such as advanced manufacturing and electronic information industries, and accelerate the development of modern producer services such as biomedicine and new materials and emerging industries with leading role.
The Yangtze River Delta region has gathered a number of high-quality universities and research institutes. A good economic development environment can attract a large number of outstanding talents to work and provide good talent support for enterprise development.
The company is deeply involved in the Yangtze River Delta region, and has a large number of high-quality strategic emerging industry enterprise customers in the Yangtze River Delta region. The new products developed by the company can be given priority in this customer group. The company has established a relatively complete sales and service network, which has a strong first-Mover advantage in the region. It is an important supplier of special gases and bulk gases in the Yangtze River Delta region and plays an important role in ensuring the development of strategic emerging industries in the Yangtze River Delta region of China.
5. Brand reputation advantage
The company has a high market position, high brand awareness and good brand reputation in China gas industry. The company is the vice chairman of China Industrial Gas Industry Association and Jiangsu Gas Industry Association. In 20 13, "Jinhong" brand was recognized as "Jiangsu Famous Trademark" by Jiangsu Administration for Industry and Commerce; In 20 16, the registered trademark of "Jinhong Gas and Map" was recognized as "well-known trademark" by the State Administration for Industry and Commerce; In 20 17, the company was rated as "the leading enterprise in China gas industry" by China Industrial Gas Industry Association.
These brand honors show that the brand strategy implemented by the company in recent years has made great achievements, and also show that the company's products and services such as special gases have been widely recognized and supported by all walks of life; At the same time, it will also help the company to strengthen intellectual property protection, further improve the company's brand awareness and market awareness, enable customers, enterprises and employees to form consistent ideas and values, and further enhance the company's market competitiveness and sustainable development capabilities.
(2) Events, impact analysis and countermeasures that have seriously affected the company's core competitiveness during the reporting period.