电子气体领军者成长动能充足，后续经营望实现“步步高”

Investment Rating - The report assigns a "Buy" rating, expecting a relative increase of over 15% in the stock price compared to the benchmark index over the next 6 to 12 months [2]. Core Views - The company is positioned as a leader in electronic gases with strong growth momentum, anticipating a steady operational performance [4][14]. - The company achieved a revenue of 1.84 billion in 2023, representing a year-on-year growth of 19.2% [7][14]. - The net profit for 2023 was 320 million, with a significant increase of 35.7% year-on-year [17][14]. - The company is expected to continue its growth trajectory with projected revenues of 2.35 billion, 2.94 billion, and 3.70 billion for 2024, 2025, and 2026 respectively, indicating growth rates of 28% and 25% [13][14]. Financial Summary - The company's debt-to-asset ratio was reported at 21.5% as of Q1 2024, showing a decrease compared to previous years [17]. - The projected net profit for 2024 is 348 million, with a year-on-year growth rate of 8.9% [14]. - The earnings per share (EPS) are expected to increase from 0.24 in 2023 to 0.44 by 2026 [36][14]. - The company maintains a strong cash flow position, with operating cash flow projected at 1.66 billion for 2024 [56]. Industry Insights - The company is recognized as a domestic leader in electronic bulk gases and helium supply, with a robust order backlog and strong growth potential [14]. - The company is expanding its product offerings into electronic specialty gases, leveraging its existing market share and operational expertise [14]. - The helium market is expected to stabilize, with the company aiming to become a Tier 1 helium supplier globally by increasing its self-sourced helium supply [14].