广钢气体：电子大宗稳步推进-20250307

Investment Rating - The report maintains a "Buy" rating for Guanggang Gas (688548) [5] Core Views - The company is expected to achieve a revenue of 2.098 billion yuan in 2024, representing a year-on-year increase of 14.33%, primarily driven by multiple electronic bulk on-site gas supply projects [2][3] - The forecasted net profit attributable to shareholders is 240 million yuan, a decrease of 24.75% year-on-year, mainly due to fluctuations in the helium market affecting revenue and gross profit from the helium business [2][3] - The company has won a bid for a domestic electronic bulk on-site gas project worth approximately 2.74 billion yuan, which is expected to positively impact financial performance over the 15-year contract period [3][4] - A long-term helium procurement agreement has been signed with Qatar Energy, ensuring a stable supply of helium for the company's operations from September 2025 to December 2045 [4] Summary by Sections Revenue and Profit Forecast - Expected revenues for 2024, 2025, and 2026 are projected at 2.1 billion yuan, 2.6 billion yuan, and 3.3 billion yuan respectively, with corresponding net profits of 240 million yuan, 350 million yuan, and 510 million yuan [5][10] - The current stock price corresponds to a price-to-earnings (PE) ratio of 62 times for 2024, 42 times for 2025, and 29 times for 2026 [5] Financial Metrics - The company reported a revenue of 1.835 billion yuan in 2023, with a growth rate of 19.2% [10] - The gross profit margin is expected to decrease to 28.7% in 2024, with a net profit margin of 11.5% [12] - The asset-liability ratio is projected to increase from 20.5% in 2023 to 26.8% in 2024 [12]