半导体新项目持续上量，氦价波动趋弱，Q4业绩环比提升

Investment Rating - The report maintains an "Accumulate" rating for the company [10][20]. Core Viewpoints - The company is positioned as a comprehensive, platform-type gas company with significant long-term growth potential. It has a prominent position in electronic bulk gases, and with the ramp-up of new projects and ongoing expansions in downstream sectors, it is expected to maintain a certain and rapid growth trajectory. Additionally, the company is enhancing its helium production capacity and logistics, aiming to become the largest domestic and a tier 1 global helium supplier. The expansion of electronic specialty gases is progressing steadily, and the company is also increasing its focus in key areas of general industrial gases [2][4]. Financial Summary - The company achieved a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.2%. The net profit attributable to shareholders was 319 million yuan, with a year-on-year increase of 35.7% [19][20]. - The projected net profits for 2023-2025 are 319 million yuan, 413 million yuan, and 611 million yuan, respectively, with corresponding PE ratios of 44.9, 34.7, and 23.5 [20]. - The gross margin for 2023 is estimated at 36.0%, with expectations to rise to 40.1% by 2025 [11][20]. Market Performance - The company reported a quarterly revenue of 480 million yuan in Q4 2023, a 4.4% increase from the previous quarter, driven by the ramp-up of new electronic bulk gas projects and a stabilization in helium prices [12][14]. - The net profit for Q4 2023 was 93 million yuan, reflecting a 35.6% quarter-on-quarter growth, attributed to reduced volatility in helium prices and the contribution from high-margin electronic bulk gas projects [14]. Company Overview - The company is recognized as a leading player in the domestic electronic bulk gas market, benefiting from the ongoing expansion in semiconductor manufacturing and display industries, which are expected to continue driving demand for its products [4][19].