Guangzhou Guanggang Gases & Energy (SH:688548) KAIYUAN SECURITIES·2024-07-31 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a steady revenue growth with a revenue of 973 million yuan for H1 2024, representing a year-on-year increase of 8.60%. However, the net profit attributable to the parent company decreased by 14.39% year-on-year, primarily due to the decline in helium prices [2][10] - The company is expected to achieve net profits of 347 million yuan, 499 million yuan, and 672 million yuan for the years 2024, 2025, and 2026 respectively, with current stock prices corresponding to P/E ratios of 32.9, 22.9, and 17.0 times [2][10] - The company is optimistic about the long-term development of its on-site gas production projects and maintains a "Buy" rating [2] Financial Performance Summary - For H1 2024, the company achieved a revenue of 973 million yuan, with a quarter-on-quarter increase of 11.04% and a year-on-year increase of 6.25%. The net profit attributable to the parent company was 69 million yuan, with a year-on-year decrease of 19.67% [2][10] - The company’s gross profit margin for 2024H1 was 29.44%, a decrease of 7.41 percentage points year-on-year and a decrease of 1.31 percentage points quarter-on-quarter [2] - The company’s R&D expenses for Q2 2024 were 26 million yuan, with a quarter-on-quarter increase of 2.40%, and the R&D expense ratio reached 5.01% [6] Strategic Developments - The company is focusing on expanding its electronic bulk gas business and has secured projects such as Wuhan Chuxing (Phase II) and Zhuhai Huacai in H1 2024 [10] - The company is transitioning its retail gas business to on-site gas production, successfully converting existing high-quality bottled gas customers [10] - The company is enhancing its helium supply chain management and construction of a strategic reserve center to increase market share [10]