广钢气体（688548）：电子大宗驱动高质量增长，盈利拐点或已显现

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][25][27] Core Insights - The company has shown continuous improvement in profitability and operational quality in the first three quarters of 2025, with a revenue of 1.721 billion yuan, a year-on-year increase of 14.85%, and a net profit attributable to shareholders of 201 million yuan, up 10.64% year-on-year [1][8] - The electronic bulk gas business is a key growth driver, with successful project acquisitions in various cities, solidifying the company's leading position in the domestic electronic bulk gas sector [2][17] - The helium supply chain has been enhanced, with prices stabilizing after a decline, indicating a potential for improved margins in the future [3][21][23] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net cash flow from operating activities of 650 million yuan, a significant increase of 71.99% year-on-year, attributed to better management of accounts receivable [1][8] - In Q3 2025, the company reported a revenue of 607 million yuan, a year-on-year increase of 15.40%, and a net profit of 83 million yuan, which is an impressive growth of 82.47% year-on-year [1][8] Market Position - The company is actively expanding its electronic bulk gas market, aligning with national chip development strategies and successfully securing multiple on-site gas production projects [2][17] - The electronic bulk gas business has a long execution cycle of over 15 years, providing stable and predictable profitability as new projects enter commercial operation [2][17] Helium Supply Chain - Since entering the global helium supply chain in 2020, the company has developed a self-controlled supply chain, signing long-term procurement agreements with suppliers in the US, Russia, and Qatar [3][21] - As of November 2, 2025, the market price for high-purity bottled helium has stabilized at 600 yuan per bottle, indicating a potential bottoming out after recent declines [23][24] Profit Forecast - The profit forecast for 2025-2026 has been cautiously adjusted downwards due to the impact of declining helium prices, with expected net profits of 277 million yuan and 364 million yuan respectively [4][25] - The diluted EPS is projected to be 0.21 yuan for 2025, with a corresponding PE ratio of 64.2 [4][25][27]