Guangzhou Guanggang Gases & Energy (688548) 兴业证券·2025-02-23 01:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - Revenue growth is steady, with significant projects validating the company's competitive strength [4] - Future profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - There are multiple potential large project opportunities ahead, driven by the growth in computing power and AI applications [4] Financial Summary - Total revenue for 2024 is projected at 20.98 billion yuan, a year-on-year increase of 14.33% [4] - The net profit attributable to the parent company for 2024 is expected to be 2.40 billion yuan, a decrease of 24.75% year-on-year [4] - The gross profit margin is forecasted to be 28.2% in 2024, with an expected recovery to 30.8% in 2025 [3][4] - The return on equity (ROE) is projected to improve from 4.1% in 2024 to 6.2% in 2025 [3][4] - Earnings per share (EPS) is expected to rise from 0.18 yuan in 2024 to 0.28 yuan in 2025 [3][4] Market Position - The company has secured contracts worth 2.74 billion yuan with domestic integrated circuit enterprises, reinforcing its strong competitive position in the electronic bulk gas market [4] - The company is well-positioned to benefit from the ongoing demand for advanced manufacturing processes and storage solutions in the electronics sector [4]