中船特气：公司简评报告：价格下调或逐步企稳，龙头地位或长期稳固

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to maintain its long-term core value despite the global semiconductor economic downturn, with a projected recovery in gross margins [8] - The company has accumulated a significant number of patents and continues to enhance its R&D capabilities, positioning itself as a leader in the electronic gas sector [6][9] - The company is expanding its production capacity and optimizing its product structure, which is expected to support future growth [6][9] Summary by Sections Company Overview - As of November 4, 2024, the company's closing price is 31.52, with a total share capital of 52,941 million shares and a debt-to-asset ratio of 10.82% [5] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.382 billion, a year-on-year increase of 15.29%, while the net profit attributable to shareholders decreased by 6% to 234 million [11] - The gross margin for Q1-Q3 2024 was 30.48%, down 6.33 percentage points year-on-year [11] - The company’s revenue for 2024 is projected to be 1.908 billion, with a net profit of 307 million, reflecting a year-on-year decrease of 8.3% [10] Future Projections - The company is expected to see net profits of 3.07 billion, 4.15 billion, and 5.25 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 54, 40, and 31 [8] - The company’s revenue growth is projected to recover with increases of 18.1%, 20.2%, and 21.8% in the coming years [10]