广钢气体（688548）：盈利低点已过，电子大宗气龙头有望加速成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - The revenue for 2024 is projected to be 2.098 billion yuan, representing a year-on-year growth of 14.33%, while the net profit attributable to the parent company is expected to decline by 24.75% to 240 million yuan [4] - The company has secured significant projects, validating its competitive edge in the electronic bulk gas market [4] - Profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - Future growth opportunities exist with multiple potential large projects in the pipeline, particularly in the context of increasing demand for advanced semiconductor processes and storage [4] Financial Summary - Total revenue for 2023 is reported at 1.835 billion yuan, with a year-on-year growth of 19.2% [3] - Projected revenues for 2024, 2025, and 2026 are 2.098 billion yuan, 2.586 billion yuan, and 3.177 billion yuan, respectively, with corresponding growth rates of 14.3%, 23.2%, and 22.9% [3] - The net profit for 2023 is 320 million yuan, with projections of 240 million yuan for 2024, 372 million yuan for 2025, and 527 million yuan for 2026, reflecting growth rates of 35.7%, -24.8%, 54.6%, and 41.7% respectively [3] - The gross margin is expected to fluctuate, with figures of 35.1% for 2023, 28.2% for 2024, 30.8% for 2025, and 33.1% for 2026 [3] - The price-to-earnings (PE) ratio is projected to decrease from 59.0 in 2024 to 27.0 in 2026 [3]