广钢气体：电子大宗稳步推进-20250308

Investment Rating - The report maintains a "Buy" rating for Guanggang Gas (688548) [5][13] 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 gas supply for the company's helium business from September 2025 to December 2045 [4] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 2.1 billion yuan, 2.6 billion yuan, and 3.3 billion yuan, respectively [5][10] - Expected net profits for the same years are 240 million yuan, 350 million yuan, and 510 million yuan, with corresponding P/E ratios of 62, 42, and 29 [5][10]