广钢气体：2024年中报点评：存量项目陆续商业化，通用工业领域获新突破

Investment Rating - The investment rating for the company is "Accumulate" [2][8]. Core Views - The company's revenue growth slowed down to 6.25% year-on-year in Q2 2024, primarily due to a significant drop in helium prices, despite new electronic bulk gas projects being commercialized [2]. - The company has established a self-controlled technological capability around the helium supply chain, becoming the first domestic gas company to enter the global helium supply chain, indicating high barriers to entry [2]. - The company is expected to achieve revenues of 2.239 billion, 2.703 billion, and 3.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 354 million, 425 million, and 511 million yuan [2]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 973 million yuan, a year-on-year increase of 8.60%, while the net profit decreased by 14.39% to 136 million yuan [20]. - The gross margin declined by 7.40 percentage points to 29.44% due to the impact of helium price fluctuations [2]. - The company maintained stable sales, management, and R&D expense ratios, with a financial expense ratio decreasing by 3 percentage points due to interest income from idle funds [2]. Revenue and Profit Forecast - The forecast for operating revenue is 1.835 billion yuan for 2023, increasing to 2.239 billion yuan in 2024, 2.703 billion yuan in 2025, and 3.312 billion yuan in 2026, with growth rates of 19%, 22%, 21%, and 23% respectively [4]. - The forecast for net profit attributable to the parent company is 320 million yuan for 2023, increasing to 354 million yuan in 2024, 425 million yuan in 2025, and 511 million yuan in 2026, with growth rates of 36%, 11%, 20%, and 20% respectively [4].