业绩增长亮眼，新增项目助力成长

Investment Rating - The report assigns a "Buy" rating for the company, with expected net profits for 2023-2025 projected at 350 million, 467 million, and 610 million respectively, corresponding to PE ratios of 38x, 28x, and 22x [3][10]. Core Views - The company focuses on electronic bulk gases, helium, and electronic specialty gases, aiming to become a world-class comprehensive gas company. It emphasizes technological innovation to enhance core competitiveness and provide greener, energy-efficient gas solutions. The gradual implementation of projects is expected to lead to steady growth in performance [3][10]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit of 320 million, up 35.73% year-on-year. The growth is attributed to the ongoing construction and production of electronic bulk gas projects and an improved helium supply chain [19][26]. Financial Summary - Revenue projections for 2023-2026 are as follows: 1.835 billion (2023), 2.260 billion (2024), 2.858 billion (2025), and 3.655 billion (2026), with growth rates of 19.20%, 23.11%, 26.49%, and 27.88% respectively [12][14]. - The net profit forecasts for the same period are 320 million (2023), 350 million (2024), 467 million (2025), and 610 million (2026), with corresponding net profit growth rates of 35.73%, 9.44%, 33.57%, and 30.66% [12][14]. - The company has increased its R&D expenditure to 88.76 million in 2023, a 23.79% increase year-on-year, and has filed 39 patents, receiving 22 authorizations [26].