2023年报及2024年一季报点评：24Q1盈利承压，新增项目助力成长

Investment Rating - The report assigns a "Buy" rating for the company, predicting steady growth in performance due to the gradual implementation of projects [2]. Core Views - The company is a leading supplier of electronic bulk gases in China, with an increasingly complete helium supply chain. It aims to provide comprehensive solutions for the electronic semiconductor industry [2]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit attributable to shareholders of 320 million, up 35.73% year-on-year. For Q1 2024, revenue was 461 million, a year-on-year increase of 11.33%, but net profit decreased by 10.18% [11]. - The company is actively expanding its electronic bulk gas projects and has seen growth in helium sales, although profits were pressured by declining helium prices in Q1 2024 [11]. Financial Summary - Revenue projections for 2024-2026 are 2.26 billion, 2.858 billion, and 3.655 billion, respectively, with corresponding growth rates of 23.11%, 26.49%, and 27.88% [14]. - The net profit attributable to shareholders is projected to be 350 million, 467 million, and 610 million for 2024-2026, with growth rates of 9.44%, 33.44%, and 30.67% respectively [14]. - The company’s diluted earnings per share (EPS) are expected to be 0.27, 0.35, and 0.46 for 2024-2026, with a price-to-earnings (PE) ratio decreasing from 35.27 in 2024 to 20.23 in 2026 [14].