Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The Q1 performance of the company is in line with expectations, with helium prices expected to recover from the bottom, and on-site gas production is steadily advancing [5] - The company achieved a revenue of 548 million yuan in Q1 2025, representing a year-on-year growth of 19% but a quarter-on-quarter decline of 9% [5] - The company is expected to benefit from the ongoing capital expenditure in the domestic semiconductor and panel industries, with helium prices projected to rise by 10%-25% or more starting December 2024 [5] - The company is enhancing its global supply chain and has signed a long-term helium procurement agreement with Qatar Energy, aiming for an annual procurement volume of approximately 100 million standard cubic feet [5] - The company is establishing a self-controlled equipment manufacturing base to strengthen its advantages in on-site gas production and is expanding into electronic specialty gases [5] Financial Data and Profit Forecast - Total revenue is projected to reach 2,650 million yuan in 2025, with a year-on-year growth rate of 26% [4] - The net profit attributable to the parent company is forecasted to be 306 million yuan in 2025, with a year-on-year growth rate of 23.5% [4] - The earnings per share (EPS) is expected to be 0.23 yuan in 2025, with a projected price-to-earnings (PE) ratio of 46 [4] - The gross profit margin is anticipated to be 28.1% in 2025, improving from 25.8% in Q1 2025 [4] - The return on equity (ROE) is expected to increase to 5.1% in 2025 [4]