以电子大宗为核心的平台型优势持续彰显

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][15]. Core Insights - The company is projected to achieve a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.20%. The expected net profit attributable to shareholders is 319 million yuan, reflecting a growth of 35.68% [2][26]. - The company is focusing on the electronic bulk gas market, with several key projects expected to contribute to revenue growth, including those from major clients in the semiconductor and advanced manufacturing sectors [2][15]. - The helium business is also expected to see increased sales volume, with the company enhancing its transportation capabilities to become a Tier 1 global helium supplier [2][15]. Financial Summary - The company forecasts revenues of 1.835 billion yuan for 2023, 2.331 billion yuan for 2024, and 3.003 billion yuan for 2025, with corresponding net profits of 319 million yuan, 416 million yuan, and 601 million yuan respectively [4][15]. - The projected EBITDA for 2023 is 602.09 million yuan, with a growth rate of 19.20% [4]. - The earnings per share (EPS) are expected to be 0.24 yuan in 2023, increasing to 0.46 yuan by 2025 [4][5]. Market Performance - The stock's current price corresponds to a price-to-earnings (P/E) ratio of 44 times for 2023, which is expected to decrease to 23 times by 2025, indicating a potential for valuation improvement [15][26]. - The company has a market capitalization of 14.1 billion yuan and a circulating market value of 2.8 billion yuan [25].