特气品类积极扩张，电子大宗载气服务能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is actively expanding its specialty gas category and continuously enhancing its electronic bulk gas service capabilities. As projects under construction progress, on-site gas production and electronic bulk gas orders are expected to contribute to rapid growth in the company's performance. The forecasted net profits for 2023, 2024, and 2025 are 398 million, 502 million, and 619 million respectively, corresponding to current P/E ratios of 24x, 19x, and 15x [1][7]. Financial Summary - Balance Sheet (in million) - Total assets are projected to grow from 6,240 million in 2023 to 9,232 million by 2026 [5]. - Income Statement (in million) - Revenue is expected to increase from 2,427 million in 2023 to 4,266 million in 2026, with a growth rate of 23.40% in 2023 [5][18]. - Net profit is forecasted to rise from 315 million in 2023 to 619 million in 2026, with a growth rate of 37.48% in 2023 [5][18]. - Profitability Ratios - Gross margin is expected to improve from 37.73% in 2023 to 39.43% in 2026 [5]. - Net profit margin is projected to increase from 12.98% in 2023 to 14.50% in 2026 [5]. - Earnings Per Share (EPS) - The diluted EPS is expected to grow from 0.65 in 2023 to 1.27 in 2026 [18]. - Valuation Metrics - The P/E ratio is projected to decrease from 37.06 in 2023 to 15.17 in 2026, indicating an attractive valuation as earnings grow [18].