广钢气体：公司动态研究：利润短期承压，存量项目陆续投运

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][7] Core Views - The company's revenue for the first three quarters of 2024 reached 1.498 billion yuan, a year-on-year increase of 10.54%, while the net profit attributable to shareholders decreased by 20.09% to 181 million yuan [1][2] - In Q3 2024, the company achieved a revenue of 526 million yuan, a year-on-year growth of 14.32%, but the net profit attributable to shareholders fell by 33.32% to 46 million yuan due to a decline in helium revenue and gross profit [2] - The gross margin for the first three quarters of 2024 was 27.94%, down 8.66 percentage points year-on-year, while the net profit margin decreased by 4.44 percentage points to 12.25% [2] Summary by Sections Financial Performance - The company reported a revenue of 1.835 billion yuan in 2023, with projections of 2.118 billion yuan for 2024, 2.558 billion yuan for 2025, and 3.094 billion yuan for 2026, reflecting growth rates of 19%, 15%, 21%, and 21% respectively [5][7] - The net profit attributable to shareholders is forecasted to be 261 million yuan in 2024, down 18% from 2023, with expected recoveries of 346 million yuan in 2025 and 442 million yuan in 2026 [5][7] Market Data - As of November 1, 2024, the company's stock price is 9.08 yuan, with a market capitalization of approximately 11.98 billion yuan [2][5] - The stock has a 52-week price range of 7.00 to 13.93 yuan, and the average daily trading volume is 68.42 million yuan [2][5] Business Development - The company is expanding its electronic specialty gas business, having secured projects such as Wuhan Chuxing (Phase II) and Zhuhai Huacan, which solidify its leading position in the domestic electronic gas market [2] - The company has successfully commercialized several projects, including Beijing Jidian and Wuhan Chuxing (Phase I), and has made breakthroughs in the general industrial gas sector [2]