电子大宗业务增长，看好未来持续成长

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is recognized as a leading domestic electronic bulk gas provider, with significant growth driven by previous orders and project investments [6][12] - The company achieved a revenue of 1.835 billion yuan in 2023, representing a year-on-year growth of 19.20%, and a net profit attributable to shareholders of 320 million yuan, up 35.73% year-on-year [6][12] - The company is focusing on expanding its helium supply chain and enhancing its electronic specialty gas product offerings to meet diverse customer needs [12][46] Financial Forecasts and Metrics - Revenue projections for the company are as follows: - 2024E: 2.398 billion yuan (+30.6%) - 2025E: 3.299 billion yuan (+37.6%) - 2026E: 4.064 billion yuan (+23.2%) [3] - Net profit forecasts are: - 2024E: 410 million yuan (+28.4%) - 2025E: 492 million yuan (+19.9%) - 2026E: 612 million yuan (+24.3%) [3] - Earnings per share (EPS) estimates are: - 2024E: 0.31 yuan - 2025E: 0.37 yuan - 2026E: 0.46 yuan [3] - The company’s price-to-earnings (PE) ratios are projected to be: - 2024E: 32.5 - 2025E: 27.1 - 2026E: 21.8 [3] Business Development and Strategy - The company is actively developing new helium supply sources and has signed long-term procurement agreements with suppliers in the US and Russia, aiming for 64% of its helium supply to come from self-developed sources by 2025 [12][39] - The company is focusing on the semiconductor sector, leveraging its electronic bulk gas business to support the introduction of electronic specialty gas products [12][46] - The company has ongoing projects for electronic specialty gases, including high-purity hydrogen and trifluorine nitrogen, which are expected to enhance its competitive position in the market [12][46]