广钢气体：Q2业绩短期承压，看好电子大宗现场制气业务持续成长

Investment Rating - The report maintains an "Outperform" rating for the company [3][5]. Core Views - The company's Q2 performance is under pressure, with revenue of 973 million yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 136 million yuan, a year-on-year decrease of 14% [3][5]. - The decline in helium prices has impacted performance, but the electronic bulk on-site gas projects are expected to continue growing, benefiting from new project orders [3][5]. - The company is establishing a self-controlled equipment manufacturing base to strengthen its competitive advantage in the on-site gas sector and is expanding into electronic specialty gases [3][5]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 512 million yuan, a year-on-year increase of 6% and a quarter-on-quarter increase of 11% [3][5]. - The gross profit margin for Q2 2024 was 29.44%, with a year-on-year decrease of 7.40 percentage points [3][5]. - The company plans to distribute a cash dividend of 0.42 yuan per share [3][5]. Market Trends - Helium prices have decreased from 1000 yuan per bottle at the beginning of the year to 750 yuan per bottle by the end of Q2 2024 [3][5]. - The company is enhancing its supply chain management and expanding its market share in helium despite the price decline [3][5]. Future Outlook - The company has secured several key projects in the electronic bulk gas sector, which are expected to contribute to stable revenue growth [3][5]. - New investments in electronic specialty gas projects are underway, with planned investments of up to 53.475 million yuan for a nitrogen trifluoride project and 39.324 million yuan for an electronic specialty gas project in Hefei [3][5]. - The projected net profits for 2024-2026 have been adjusted to 321 million, 449 million, and 608 million yuan respectively, reflecting a cautious outlook on helium prices and project uncertainties [3][5].