Peric Special Gases (SH:688146) Great Wall Securities·2024-06-13 02:31Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [19][28]. Core Views - The company is expected to benefit from the recovery in downstream demand, particularly in the semiconductor industry, which is projected to grow significantly due to government policies and technological advancements [3][19]. - The company has established a leading position in the domestic market for electronic specialty gases, with significant production capacities and advanced technologies that meet international standards [19]. - The financial forecasts for the company indicate a gradual recovery, with projected net profits of 396 million, 499 million, and 562 million yuan for 2024, 2025, and 2026 respectively [19]. Financial Summary - In 2023, the company reported revenue of 1.616 billion yuan, a decrease of 17.39% year-on-year, and a net profit of 335 million yuan, down 12.55% year-on-year [17]. - The company's gross margin for 2023 was 36.81%, showing a slight decline from the previous year, while the net margin improved to 20.72% [7]. - The earnings per share (EPS) for 2023 was 0.63 yuan, with projections of 0.75 yuan, 0.94 yuan, and 1.06 yuan for the years 2024, 2025, and 2026 respectively [19][6].