业绩稳步增长，布局电子特气打造新的业务增长极

Investment Rating - The report maintains a "Buy" rating for the company [9][16]. Core Views - The company has shown steady growth in performance, with a revenue of 1.835 billion yuan in 2023, representing a year-on-year increase of 19.20%. The net profit attributable to shareholders reached 320 million yuan, up 35.73% year-on-year [11][12]. - The company is focusing on the electronic specialty gas sector, aiming to create new growth drivers, with a planned investment of 1.224 billion yuan in 2024 [13][16]. - The helium gas sales are increasing, which helps mitigate price risks, and the company aims to capture a 5% share of the global helium market [15][16]. Financial Summary - In 2023, the company achieved a total revenue of 1.835 billion yuan, with a growth rate of 19.20%. The projected revenues for 2024, 2025, and 2026 are 2.301 billion yuan, 2.895 billion yuan, and 3.652 billion yuan, respectively, with growth rates of 25.36%, 25.81%, and 26.16% [19]. - The net profit attributable to shareholders for 2023 was 320 million yuan, with projections of 401 million yuan, 535 million yuan, and 714 million yuan for the following three years, reflecting growth rates of 25.50%, 33.42%, and 33.41% [19]. - The company's earnings per share (EPS) for 2023 was 0.24 yuan, expected to rise to 0.30 yuan in 2024, 0.41 yuan in 2025, and 0.54 yuan in 2026 [19]. Market Position - The company holds an 11.75% market share in the electronic specialty gas market, with a second-place ranking in new on-site gas supply projects in the semiconductor and integrated circuit manufacturing sectors [13]. - The company has established a competitive landscape with major foreign gas companies, forming a "1+3" competitive structure in the electronic specialty gas sector [13]. Strategic Initiatives - The company is strategically expanding into the electronic specialty gas industry, with ongoing projects in Hubei and Shanghai [15]. - The company plans to enhance its service capabilities in the semiconductor industry, aiming for high-quality development through significant investments in electronic specialty gases [15].