下游需求底部企稳复苏，扩能拓品蓄势成长： 中船特气

Investment Rating - The report maintains an "Outperform" rating for the company [7][18]. Core Views - The company aims to establish itself as a national brand in electronic specialty gases, focusing on capacity expansion and product diversification to accelerate domestic substitution [3][7]. - The company reported a revenue of 1.616 billion yuan in 2023, a year-on-year decrease of 17%, and a net profit of 335 million yuan, down 13% year-on-year [7][8]. - The first quarter of 2024 showed a revenue increase of 8% year-on-year to 435 million yuan, with a net profit of 90 million yuan, reflecting a positive trend [7][8]. Financial Summary - For 2023, the company achieved total revenue of 1,616 million yuan, with a gross margin of 36.81% and a net margin of 20.72% [7][8]. - The projected revenues for 2024, 2025, and 2026 are 2,010 million yuan, 2,642 million yuan, and 3,330 million yuan respectively, indicating a growth rate of 24.3%, 31.5%, and 26.0% [8][12]. - The forecasted net profits for the same years are 391 million yuan, 496 million yuan, and 625 million yuan, with respective growth rates of 16.8%, 26.8%, and 26.1% [8][12]. Market Position and Strategy - The company is focusing on "bottleneck" specialty gas products and is expanding its capacity and product range to support domestic production [7][8]. - The company has established subsidiaries in Shanghai and Hohhot, with significant investments planned for electronic specialty gas production and advanced materials [7][8]. - The company plans to complete the development of 14 high-end products in 2024, including pure gases and mixed gases [7][8].