广钢气体：稳健成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company achieved a revenue of 1.498 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 10.54%. This growth is attributed to the commercialization of several projects and a focus on expanding its electronic gas business [13] - The net profit attributable to the parent company for the same period was 181 million yuan, a decrease of 20.09% year-on-year, primarily due to the ramp-up of new electronic gas projects and a decline in helium revenue and gross profit [13] - The company is making progress in the electronic specialty gas sector, with projects in Hefei and Chifeng underway, which will enhance its product offerings in the electronic gas market [13] - Helium sales volume continues to grow, supported by a global supply chain strategy and partnerships with key helium-producing countries [13] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 2.1 billion yuan, 2.6 billion yuan, and 3.2 billion yuan, respectively. The net profit attributable to the parent company is expected to be 240 million yuan, 350 million yuan, and 510 million yuan for the same years [14] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 54 times for 2024, 37 times for 2025, and 26 times for 2026 [14] Company Overview - The company has a total share capital of 1.319 billion shares, with a market capitalization of 13.2 billion yuan [5][4] - The company has a debt-to-asset ratio of 20.5% and a current price-to-earnings ratio of 34.48 [7][8]