Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that helium prices have bottomed out and are beginning to recover, while on-site gas production is steadily advancing [1] - The company is expected to benefit from the ongoing capital expenditure in the domestic semiconductor and panel industries, positioning it well for future growth [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,835 million in 2023 to 3,901 million by 2027, with a compound annual growth rate (CAGR) of approximately 19.1% [5][7] - The net profit attributable to the parent company is forecasted to increase from 320 million in 2023 to 685 million by 2027, reflecting a significant growth trajectory [5][7] - The earnings per share (EPS) is expected to rise from 0.29 in 2023 to 0.52 in 2027, indicating a positive outlook for shareholder returns [5][7] - The company's gross margin is projected to stabilize around 30% in the coming years, with a return on equity (ROE) expected to reach 10% by 2027 [5][7] Business Performance Insights - The company reported a revenue of 2,103 million in 2024, a year-on-year increase of 15%, although the net profit decreased by 22% to 248 million due to falling helium prices [6] - The on-site gas production segment has shown robust growth, with revenue increasing by 41% year-on-year, while retail gas sales have declined by 11% [6] - The company has secured significant contracts in the electronic bulk gas sector, which is expected to drive future revenue growth [6] Strategic Developments - The company is enhancing its supply chain by signing long-term helium procurement agreements, which will improve its market position and pricing power [6] - Investments in manufacturing capabilities for gas production equipment are underway, aimed at solidifying the company's competitive edge in the on-site gas production market [6]
广钢气体（688548）：氦气价格触底回升，现场制气稳步推进