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广钢气体(688548):_氦气降价2024年业绩承压 看好2025年复苏

Core Viewpoint - The company reported a revenue of 2.1 billion yuan for 2024, a year-on-year increase of 14.6%, but a net profit attributable to shareholders of 250 million yuan, a decrease of 22.4%, primarily due to falling helium prices [1] Group 1: Financial Performance - The company achieved a revenue of 610 million yuan in Q4 2024, with a net profit of 67 million yuan [1] - The decline in 2024 performance is mainly attributed to the drop in helium prices [1] Group 2: Development Trends - The company aims to strengthen its electronic bulk gas business and increase market share, aligning with the national semiconductor development strategy [2] - In 2024, the company secured a 41% market share in new on-site gas production projects for integrated circuit manufacturing and semiconductor display, ranking first [2] - The company’s helium import volume accounted for 13.4% of the national total, positioning it as the largest domestic helium supplier [2] - The company is enhancing its helium supply chain and establishing long-term partnerships with key gas source countries [2] - Helium prices are expected to stabilize in 2025, which may improve the company's performance [2] Group 3: Business Expansion - The company is expanding its electronic specialty gas business, leveraging customer relationships and demand insights [3] - New production bases for electronic specialty gases are being established, with projects in Hefei and Inner Mongolia progressing [3] - The first phase of the electronic-grade C4F6 project in Qianjiang is mechanically completed, with full production expected to start in 2025 [3] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 remains at 467 million yuan, with a new forecast of 479 million yuan for 2026 [4] - The current stock price corresponds to P/E ratios of 32x for 2025 and 31x for 2026, with a target price increase of 30% to 13.0 yuan [4] - The target price reflects P/E ratios of 37x for 2025 and 36x for 2026, indicating a 14% upside potential from the current stock price [4]