电子大宗业务长坡厚雪未来可期，电子特气业务打造战略新增长极

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a revenue of 1.835 billion yuan in 2023, a year-on-year increase of 19%, and a net profit attributable to shareholders of 320 million yuan, up 36% year-on-year [2] - The significant growth in performance is attributed to the gradual supply of gas from newly established electronic bulk gas projects and the ongoing development of the helium market, which has maintained a growth trend in sales [2] - The company has successfully secured several electronic bulk gas projects, reinforcing its leading position in the field, and is actively advancing multiple key electronic bulk gas station projects [2] - The company plans to distribute a cash dividend of 0.76 yuan per 10 shares to all shareholders [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a gross profit margin of 35.06% (down 3.21 percentage points year-on-year) and a net profit margin of 17.42% (up 1.96 percentage points year-on-year) [2] - The fourth quarter of 2023 saw a revenue of 480 million yuan (down 7% year-on-year, up 4% quarter-on-quarter) and a net profit of 93 million yuan (down 21% year-on-year, up 36% quarter-on-quarter) [2] - The company’s fixed assets increased to 2.288 billion yuan, with an addition of 809 million yuan compared to the end of 2022 [2] Revenue Breakdown - The on-site gas production business generated revenue of 840 million yuan (up 49% year-on-year) with a gross margin of 41.42% [2] - Revenue from electronic bulk gases reached 1.211 billion yuan (up 25% year-on-year) with a gross margin of 39.10% [2] - The company’s end-user client revenue increased to 1.501 billion yuan (up 28% year-on-year) with a gross margin of 36.26% [2] Future Outlook - The domestic semiconductor and panel sectors are expected to enter a new round of capital expenditure, which the company is likely to benefit from [2] - The company is expanding its product range by developing electronic specialty gases and has announced investments for new projects in this area [2] - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is set at 414 million yuan, 600 million yuan, and 837 million yuan respectively, with corresponding price-to-earnings ratios of 33, 23, and 17 times [2][4]