Guangzhou Guanggang Gases & Energy (688548) 太平洋证券·2024-08-13 05:57Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][7]. Core Views - The company is a leading supplier of electronic bulk gases in China, with a steadily improving helium supply chain and ongoing progress in electronic bulk gas projects. The expansion into electronic specialty gases is expected to enhance core competitiveness and provide comprehensive gas product services to the semiconductor industry. As projects gradually materialize, the company's performance is anticipated to grow steadily [2][6]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 973 million, an increase of 8.60% year-on-year, while the net profit attributable to shareholders was 136 million, a decrease of 14.39% year-on-year. In Q2 2024, revenue was 512 million, up 6.25% year-on-year and 11.04% quarter-on-quarter, with a net profit of 69 million, down 18.14% year-on-year but up 2.19% quarter-on-quarter [1][2]. - The electronic bulk gas segment generated revenue of 705 million in H1 2024, affected by low helium prices, resulting in a gross margin of 32.98%. The general industrial gas segment reported revenue of 223 million with a gross margin of 17.69% [1][2]. Earnings Forecast - The company forecasts net profits of 350 million, 467 million, and 610 million for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 29x, 21x, and 16x [2][3]. Revenue Growth Projections - Projected revenues for the company are 2,260 million in 2024, 2,858 million in 2025, and 3,655 million in 2026, with growth rates of 23.11%, 26.49%, and 27.88% respectively [3][5].