拟1.57亿元投建空分气体智能装备制造基地一期项目，强化装备制造自主可控

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [25][8]. Core Views - The company has signed an investment agreement with the government of Jiande City to establish an air separation gas intelligent equipment manufacturing base, with an initial investment of approximately 157 million yuan [4][8]. - The company aims to enhance its core competitiveness by developing its own equipment design technology and production capacity, thereby establishing a self-controlled manufacturing base [8]. - The company is recognized as a leading comprehensive service provider for electronic bulk gases, leveraging its proprietary technology and extensive operational experience in gas production [8]. Financial Summary - Total shares outstanding: 1.319 billion; circulating shares: 0.262 billion [2]. - Debt-to-asset ratio stands at 37.4% [3]. - Projected revenue for 2022A is 1,540 million yuan, with expected growth rates of 30.72% in 2022, 22.30% in 2023, 25.44% in 2024, and 27.15% in 2025 [5][11]. - Projected EBITDA for 2022A is 508.17 million yuan, with a forecasted increase to 1,007.36 million yuan by 2025 [5]. - The net profit attributable to the parent company is projected to grow from 235.47 million yuan in 2022A to 596.54 million yuan in 2025, reflecting a growth rate of 95.22% in 2022 [5][11]. - Earnings per share (EPS) is expected to rise from 0.18 yuan in 2022A to 0.45 yuan in 2025 [5]. - The current price-to-earnings (P/E) ratio is 60.46, expected to decrease to 23.86 by 2025 [5][25]. Market Performance - The latest closing price is 10.79 yuan, with a 52-week high of 13.69 yuan and a low of 9.33 yuan [6][7]. - The company's market capitalization is 14.2 billion yuan, with a circulating market value of 2.8 billion yuan [20].