Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has seen a year-on-year increase in net profit attributable to shareholders, primarily due to the gradual production of newly established electronic bulk gas projects, which has led to increased capacity [2] - The company is strengthening its position in the electronic bulk onsite gas production sector and enhancing its global helium supply chain [2][3] - The company has successfully secured multiple electronic bulk onsite gas projects in various locations, further solidifying its competitive advantage [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1.721 billion yuan, a year-on-year increase of 14.85%, and a net profit attributable to shareholders of 201 million yuan, up 10.64% year-on-year [1] - In Q3 2025, the company reported operating revenue of 607 million yuan, a year-on-year increase of 15.40% and a quarter-on-quarter increase of 7.15%, with a net profit of 83 million yuan, reflecting a significant year-on-year increase of 82.47% and a quarter-on-quarter increase of 35.99% [1] - The company's gross profit margin was 26.71%, a decrease of 1.22 percentage points year-on-year [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 299 million yuan, 378 million yuan, and 472 million yuan, respectively [3] - The report projects operating revenue for 2025, 2026, and 2027 to be 2.874 billion yuan, 3.637 billion yuan, and 4.354 billion yuan, respectively, with growth rates of 36.65%, 26.52%, and 19.73% [4] - The report indicates a projected P/E ratio of 58 for 2025, decreasing to 37 by 2027 [4][10]