2024年一季报点评：新建项目陆续实现商业化，氦价低迷致盈利承压

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][18] Core Views - The company has achieved significant commercial progress with its electronic bulk gas projects, leading to an industry-leading capacity in newly awarded projects. As of 2023, the company's market share in the electronic bulk gas business reached 11.75% by revenue, and 24.60% in newly awarded projects in the integrated circuit manufacturing and semiconductor display sectors, second only to Air Liquide [3][16] - The company is enhancing its one-stop service capabilities by expanding its specialty gas business, which is expected to lower customers' overall procurement costs and strengthen customer loyalty [3][16] Financial Performance - In Q1 2024, the company reported revenue of 461 million yuan, a year-on-year increase of 11.33%, while net profit attributable to the parent company was 67 million yuan, a year-on-year decline of 10.18% [15][16] - The decline in net profit was primarily due to a significant drop in helium prices, which negatively impacted the gross margin, reducing it by 10.95 percentage points to 30.74% [16] - The company forecasts revenues of 2,239 million yuan, 2,840 million yuan, and 3,731 million yuan for 2024, 2025, and 2026 respectively, with net profits of 354 million yuan, 456 million yuan, and 612 million yuan for the same years [19][18] Market Position - The company has established a self-controlled technological capability around the helium supply chain, becoming the first domestic gas company to enter the global helium supply chain, indicating a high barrier to entry [16][18] - The company's total market capitalization is approximately 12.4 billion yuan, with a circulating market capitalization of about 2.46 billion yuan [3]