广钢气体：现场制气项目持续供气爬坡，盈利能力整体趋于稳定

Investment Rating - The report maintains an "Increase" rating for the company Guanggang Gas (688548) [2] Core Views - The company's revenue growth is driven by the commercial supply of gas from on-site gas production projects, with Q2 2024 revenue reaching 512 million yuan, a year-on-year increase of 6.25% [4] - The impact of helium prices is weakening, and the gross margin remains relatively stable at 29.44% in Q2 2024, with effective cost control contributing to this stability [5] - Significant increases in fixed assets, amounting to 3.162 billion yuan at the end of Q2 2024, are expected to drive future growth [5] - The company maintains a strong position in the electronic bulk gas market, with ongoing expansion in semiconductor projects and a commitment to becoming a leading helium supplier in China [5] Financial Summary - For the first half of 2024, the company achieved revenue of 973 million yuan, a year-on-year increase of 8.60%, while net profit attributable to the parent company was 136 million yuan, down 14.39% [5] - The company's gross margin for Q2 2024 was 29.44%, showing slight stability compared to previous quarters, while net profit margin followed a similar trend [5] - The company forecasts net profits of 351 million yuan, 483 million yuan, and 620 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 32.5, 23.6, and 18.4 [5][6]