2023年业绩超预期，打造平台型电子气体龙头公司

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][8][40]. Core Views - The company is the only domestic gas company with long-term, large-scale, and multiple gas source helium procurement resources. Since entering the global helium supply chain in 2020, the company has actively built a self-controlled capability across the entire supply chain [5]. - The electronic bulk gas sector, where the company operates, has strong stability and barriers, with a solid order backlog ensuring strong growth prospects. The company adjusted its 2023 revenue forecast to 1.835 billion yuan, with a net profit of 319 million yuan, and maintained revenue forecasts for 2024 and 2025 at 2.598 billion yuan and 3.369 billion yuan, respectively [8][26]. - The company is expanding its helium supply capacity significantly, with plans to increase the number of liquid helium cold boxes from 25 at the end of 2022 to over 100 by the end of 2025, which will double its helium supply capacity [6][27]. Financial Performance - In 2023, the company achieved a revenue of 1.835 billion yuan, a year-on-year increase of 19.20%, and a net profit of 319 million yuan, a year-on-year increase of 35.68%. The fourth quarter of 2023 saw a revenue of 480 million yuan, a quarter-on-quarter increase of 4.4% [25][41]. - The company expects to reach an annual helium supply capacity of approximately 4.5 million cubic meters in 2024 and 8-9 million cubic meters in 2025, supported by its expanding helium source [6][27]. Project Developments - The company is actively developing electronic specialty gas projects, including a 3.9 billion yuan electronic specialty gas project in Hefei, expected to start construction in March 2024 and be completed by December 2025. This project will produce various high-purity gases [14][29]. - Key projects such as those for Crystal Integrated A3, Huaxing Optoelectronics T9, and Hefei Changxin Storage are set to commence gas supply in 2024, laying a solid foundation for future performance growth [27].