华特气体（688268）：Q4业绩环比改善，横纵布局夯实长期发展根基

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q4 performance shows sequential improvement, with new products and projects progressing steadily, solidifying the foundation for long-term development [1][5] - The company is actively transforming its export business, which has led to short-term revenue pressure, but multiple measures are being taken to optimize profitability, with Q4 performance gradually recovering [7] - The company is expanding its global sales network and enhancing production capabilities, focusing on high-end specialty gases and advanced materials [7] Financial Data and Profit Forecast - Total revenue is projected to increase from 1,395 million in 2024 to 2,175 million by 2027, with a CAGR of approximately 15.9% [6][8] - The net profit attributable to the parent company is expected to rise from 185 million in 2024 to 409 million in 2027, reflecting a growth rate of 34.3% in 2025 [6][8] - The company's gross margin is forecasted to improve from 31.9% in 2024 to 34.5% in 2027, indicating enhanced operational efficiency [6][8]