业绩同比承压，扩充特气品类，推进国际化布局

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [5][11]. Core Views - The company's performance in 2023 was under pressure, with a revenue of 1.5 billion yuan, down 16.80% year-on-year, and a net profit of 171 million yuan, down 17.18% year-on-year. This decline was attributed to the normalization of rare gas product prices and weak demand in the consumer electronics sector, along with decreased operating rates in downstream semiconductor factories [2][5]. - The company is actively expanding its specialty gas product categories and enhancing its international presence, which is expected to drive future growth [5][11]. Financial Performance Summary - 2023 Financials: Revenue was 1.5 billion yuan, with a year-on-year decline of 16.80%. The net profit was 171 million yuan, down 17.18% [2][6]. - 2024-2026 Projections: Expected net profits are 232 million yuan in 2024, 313 million yuan in 2025, and 384 million yuan in 2026, with corresponding PE ratios of 23, 17, and 14 [5][6]. - Revenue Growth Rates: Projected revenue growth rates are 26.80% in 2024, 25.33% in 2025, and 22.88% in 2026 [6]. Business Segment Performance - Specialty Gases: Revenue for specialty gases in 2023 was 1.023 billion yuan, down 22.67% year-on-year, accounting for 68.16% of total revenue [2]. - Industrial Gases: Revenue for industrial gases was 227 million yuan, up 3.11% year-on-year, with a gross margin of 14.04% [2]. - Equipment and Engineering: Revenue from this segment was 201 million yuan, down 13.98% year-on-year, with a gross margin of 9.88% [2]. Strategic Initiatives - The company has achieved import substitution for over 55 products and has a customer coverage rate exceeding 90% for domestic 8-inch and above integrated circuit manufacturers [2]. - New product launches in 2023 included four electronic-grade products, indicating a commitment to innovation and market expansion [2][5].