ShaanGu(601369) 光大证券·2024-04-18 06:31Investment Rating - The report maintains a "Buy" rating for the company [18] Core Insights - The company experienced overall revenue pressure in 2023, with a reported revenue of 10.14 billion yuan, a decrease of 5.79% year-on-year. However, the net profit attributable to the parent company increased by 5.36% to 1.02 billion yuan, indicating a continuous improvement in profitability [12][21] - The gas operation business showed remarkable performance, with significant growth in sales and revenue, contributing positively to the overall financial results [21][22] - The company is actively expanding its service areas and new business initiatives, which are expected to support future performance despite challenges in the traditional metallurgy sector [13][16] Financial Performance Summary - Revenue for 2023 was 10,143 million yuan, down from 10,766 million yuan in 2022, with a projected increase to 11,958 million yuan in 2024 [14] - The net profit for 2023 was 1,020 million yuan, with forecasts of 1,112 million yuan in 2024 and 1,369 million yuan in 2025 [14] - The company’s EPS is expected to grow from 0.59 yuan in 2023 to 0.91 yuan in 2026 [14] Business Development and Projects - The company has signed several significant projects, including a 350MW gas storage project and a carbon capture and storage project, which are expected to enhance its market position and revenue streams [16][21] - The successful launch of the refined krypton-xenon project marks a breakthrough in the gas industry, expanding the company's product offerings [21][22]