产品维持量增，业绩韧性较强

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the next six months [3][31]. Core Views - The company is expected to show strong resilience in overall performance due to the planned advancement of ongoing projects and the release of product capacity. New products such as high-purity carbon dioxide and electronic-grade TEOS are set to contribute to revenue growth alongside robust downstream demand in the photovoltaic and semiconductor sectors [3][20]. - The projected net profits for the years 2024 to 2026 are estimated at 394 million, 496 million, and 620 million yuan respectively, with corresponding P/E ratios of 22.8, 18.1, and 14.5 for 2024 [3][26]. Financial Summary - The company reported a revenue of 5.89 billion yuan in Q1 2024, representing a year-on-year increase of 13.74%. The special gases segment accounted for 44.59% of total revenue [19][20]. - The projected operating income for the years 2024 to 2026 is 2,955 million, 3,633 million, and 4,574 million yuan, with corresponding net profits of 394 million, 496 million, and 620 million yuan [8][26]. - The gross profit margin is expected to improve gradually, reaching 38.4% by 2026, while the net profit margin is projected to stabilize around 13.6% [26][28]. Product and Market Development - The company is expanding its product offerings with new high-barrier specialty gases, which are expected to enter customer certification processes, thereby opening new growth avenues [17]. - The company has secured contracts for large-scale gas supply projects, including a significant contract worth approximately 2.4 billion yuan for a new air separation unit, expected to start supplying gases in 2025 [25]. Valuation Metrics - The report highlights a projected EPS of 0.81, 1.02, and 1.27 yuan for the years 2024 to 2026, indicating a positive growth trajectory [26][28]. - The company's P/E ratio is expected to decrease from 28.5 in 2023 to 14.5 by 2026, suggesting an attractive valuation as earnings grow [26][28].