电子气体占比提升，产品结构持续优化

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company achieved significant revenue and profit growth in 2023, with operating income reaching 2.427 billion yuan, a year-on-year increase of 23.4%, and net profit attributable to shareholders of 315 million yuan, up 37.5% year-on-year [7][12] - The company is focusing on high-margin electronic gas products, which have contributed to the overall improvement in gross and net profit margins [8][12] - The company has signed a major contract for a new air separation plant, expected to generate approximately 1.2 billion yuan in annual revenue starting in 2025, enhancing revenue certainty [38][12] Financial Forecasts and Key Metrics - Revenue projections for the company are as follows: - 2024E: 2.979 billion yuan - 2025E: 3.637 billion yuan - 2026E: 4.412 billion yuan - Net profit forecasts are: - 2024E: 401 million yuan - 2025E: 497 million yuan - 2026E: 614 million yuan - The company’s gross margin for specialty gases reached 40.36% in 2023, while the gross margin for bulk gases was 34.20% [4][8][12] - The company’s PE ratio is projected to decrease from 30.7 in 2023 to 15.8 in 2026, indicating an improving valuation [4][12] Product Structure and Market Position - The company has optimized its product structure, with specialty gases accounting for 44.9% of revenue in 2023, surpassing bulk gases for the first time [8][12] - The company has introduced new electronic gas products, including electronic-grade triethyl silicate and high-purity carbon dioxide, which have been certified by major semiconductor clients [12][20] - The company is expanding its market presence globally, with operations in 32 countries and ongoing projects to enhance its production capacity [20][39]