特气占比维持提升，现场制气持续推进

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 2.427 billion yuan in 2023, representing a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% [8] - The proportion of specialty gases continues to increase, with specialty gas revenue reaching 1.09 billion yuan, a growth of 46.50%, accounting for 46.34% of main business revenue [8] - The company is expanding its presence in the semiconductor industry, achieving a revenue of 743 million yuan in this sector, a growth of 58.41% [8] - The first electronic bulk gas project has achieved mass production, contributing stable revenue and profit [8] - The company is actively exploring helium resources to meet downstream customer demand [8] - The company has increased its R&D investment, with R&D expenses reaching 86.3 million yuan in 2023, a growth of 1.94% [8] - The company forecasts net profits of 410 million yuan and 528 million yuan for 2024 and 2025, respectively, with a projected PE ratio of 23 and 18 [8] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 2.427 billion yuan, with a net profit of 315 million yuan, and a non-recurring net profit of 287 million yuan, reflecting significant growth across various segments [8] - The gross margin for specialty gases was 40.36%, while the gross margin for bulk gases was 34.20% [8] Business Segments - Specialty gas business revenue increased significantly, while bulk gas revenue grew at a slower pace [8] - The onsite gas and rental business saw a revenue increase of 43.81%, with a gross margin of 59.84% [8] Market Expansion - The company is successfully expanding into the semiconductor market, with several key products being supplied to major clients [8] - New projects in electronic bulk gas are being developed, enhancing the company's market position [8] Research and Development - The company has increased its R&D efforts, achieving recognition as a national-level specialized and innovative enterprise [8] - Ongoing projects include the development of several new specialty gas products [8]