Peric Special Gases (SH:688146) Minsheng Securities·2024-02-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 1.616 billion yuan in 2023, a year-on-year decline of 17.39%, and a net profit attributable to shareholders of 335 million yuan, down 12.67% year-on-year [2]. - The fourth quarter of 2023 showed a significant improvement compared to the previous quarter, with a revenue of 417 million yuan, a year-on-year decline of 17.26%, but a quarter-on-quarter increase of 4.51% [2]. - The company's main products, electronic specialty gases, are facing weak market demand due to a downturn in the semiconductor chip and LCD industries, which has affected revenue [2]. - The company has a strong production capacity, ranking first globally in hexafluoride and second in nitrogen trifluoride, with established relationships with major clients in the semiconductor and electronics industries [2]. - Ongoing investment projects are expected to contribute to future revenue growth, with several production expansions set to come online by the end of 2023 [2]. Financial Forecasts - The company is projected to achieve net profits of 335 million yuan in 2023, 421 million yuan in 2024, and 520 million yuan in 2025, corresponding to price-to-earnings ratios of 46, 36, and 30 times respectively [2][10].