广钢气体（688548）：2024年报点评：氦气影响边际减弱，电子气体稳步攀升

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][20]. Core Views - The company is positioned as a leader in the electronic gas sector, with strong growth potential driven by new project launches and recovery in semiconductor investments [6][5]. - The decline in helium prices has marginally weakened, and the company expects a stabilization or potential rebound in helium prices, which could improve profitability [6]. - The company has secured multiple electronic gas projects, achieving a market share of 41% in new on-site gas production projects in the domestic integrated circuit manufacturing and semiconductor display sectors [6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 14.6%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 22.4% [5][8]. - The fourth quarter of 2024 saw revenue of 610 million yuan, up 26.1% year-on-year and 15.1% quarter-on-quarter, with a net profit of 67 million yuan, down 28.1% year-on-year but up 46.4% quarter-on-quarter [9][13]. - The company's gross margin for 2024 was 26.9%, a decrease of 8.1 percentage points year-on-year, primarily due to the ramp-up of new electronic gas projects and declining helium prices [6][11]. Earnings Forecast - The company is projected to achieve net profits of 350 million yuan in 2025, 450 million yuan in 2026, and 600 million yuan in 2027, with year-on-year growth rates of 39%, 29%, and 35% respectively [6][19]. - Corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 43.9x, 34.1x, and 25.3x [6][19]. Market Position and Competitive Landscape - The company is recognized as a domestic leader in electronic bulk gases and helium, with a robust order backlog and strong growth prospects [6]. - The semiconductor industry's development is expected to continuously drive demand for electronic bulk gases, supporting the company's long-term growth [6].