自下而上锚定综合定位，横纵战略助推业绩稳增

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [23]. Core Insights - The company achieved a revenue of 2,427 million yuan in 2023, representing a year-on-year growth of 23.4% [6][31]. - The net profit attributable to the parent company for 2023 was 315 million yuan, with a year-on-year increase of 37.5% [13][31]. - The company is positioned as a comprehensive gas supplier, comparable to international leaders like Linde, with a diversified business model that reduces dependency on any single downstream industry [11][12]. Summary by Sections Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 2,877 million yuan, 3,708 million yuan, and 4,357 million yuan respectively, with growth rates of 19%, 29%, and 18% [2]. - The net profit forecasts for the same years are 400 million yuan, 510 million yuan, and 636 million yuan, with corresponding growth rates of 27%, 28%, and 25% [2][4]. - Earnings per share (EPS) are projected to be 0.65 yuan in 2024, 0.82 yuan in 2025, and 1.05 yuan in 2026 [2]. Business Development - The company has established a large industrial division and achieved breakthroughs in medium-sized on-site gas projects, enhancing its comprehensive business matrix [2][11]. - The special gas segment saw a revenue increase of 46.5% in 2023, contributing significantly to the overall business [11]. - The company has successfully launched multiple projects in the electronic gas sector, indicating strong operational capabilities and market expansion [11]. Market Positioning - The company has a diversified customer base across various industries, including electronics, healthcare, and food and beverage, which enhances its resilience against market fluctuations [9][11]. - The strategic focus on both horizontal and vertical growth is expected to contribute to steady revenue growth in the coming years [4][11].