Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a strong increase of 1.54% as of June 3, 2025, with notable gains in stocks such as China CITIC Bank (00998) up 4.88%, Swire Properties (01972) up 3.94%, and Agricultural Bank of China (01288) up 3.41% [2] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.72%, with a latest price of 0.99 yuan and a trading volume of 61.74 million yuan [2] - The Bosera Hang Seng High Dividend ETF has a recent scale of 4.005 billion yuan and has seen a net financing amount of 1.201 million yuan in the previous trading day [3] Group 2 - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 32.41% over the past two years, ranking 120 out of 2187 in the index stock fund category [4] - The ETF has a maximum monthly return of 24.18% since inception, with an average monthly return of 4.99% [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, with a tracking error of 0.055% over the past six months [4] Group 3 - As of June 2, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.55% of the index, including Yanzhou Coal Mining Company (01171) and Cheung Kong Infrastructure Holdings (00008) [5][7] - The weight of the top stock, Yanzhou Coal Mining Company, is 4.39%, while the second, Cheung Kong Infrastructure Holdings, has a weight of 2.66% [7]

5月14日，重庆永川区国家高新区三教产业园内，绿色电能正源源不断地从信义玻璃(重庆)有限公司(以 下简称：信义玻璃)厂房屋顶输送到生产车间，总装机容量达到18兆瓦峰值功率光伏电站正式并网投 运。国网重庆永川供电公司"耀红岩"品牌服务队队员陈前、沈小生现场巡检，为企业提供技术指导，助 力民营企业生产平稳。 建设期间，国网重庆永川供电公司以"光耀红岩、电亮巴渝"为品牌引领，发挥"永电铁军"子品牌优势， 攻克屋顶防水保护、电缆铺设等难题，累计成功施放电缆20公里，安装逆变器61台，在不影响企业正常 生产的前提下完成设备调试。"我们同步接入光伏运行监测平台，实时跟踪发电数据，确保系统安全稳 定。"陈前表示。据悉，项目投运后每年可为企业节约电费超千万元。 据悉，该屋顶光伏项目是该企业迁建工程的核心配套项目，与9兆瓦余热发电系统共同构建清洁能源供 应网络。项目自2023年12月启动建设，主体工程于2025年3月竣工并通过验收，首条浮法玻璃生产线同 步投产。作为西南地区首个"光伏+浮法玻璃"协同示范项目，项目遵循"自发自用，余电上网"原则，将 有效提升信义玻璃的能源自给率，大幅降低对外部电网的依赖。国网重庆永川供电公司全程 ...

Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, decreased by approximately 8.1% to RMB 22,323.6 million, while the attributable profit to equity holders dropped significantly by about 31.0% to RMB 3,369.2 million[6]. - Basic earnings per share for the year were RMB 0.792, down from RMB 1.176 in the previous year[6]. - The average selling price of float glass significantly declined, contributing to the 31.0% decrease in net profit, alongside one-time impairment losses on property, plant, and equipment[8]. - The average cost of raw materials and energy was lower in 2024, which mitigated the negative impact of lower average selling prices on profitability[8]. - The company's revenue decreased by 8.1% to RMB 22,323.6 million in 2024, down from RMB 24,293.7 million in 2023[28]. - Net profit attributable to equity holders fell by 31.0% to RMB 3,369.2 million in 2024, compared to RMB 4,883.1 million in 2023[28]. - In 2024, the cost of sales decreased by 8.4% to RMB 15,091.8 million, down from RMB 16,476.2 million in 2023, primarily due to reduced sales volume and lower average costs of raw materials and energy[34]. - Gross profit for 2024 was RMB 7,231.8 million, a decrease of 7.5% from RMB 7,817.5 million in 2023, with a slight increase in gross margin from 32.2% to 32.4% attributed to higher average selling prices of automotive glass products[35]. - Other income increased significantly to RMB 721.7 million from RMB 605.7 million in 2023, mainly due to higher rental income and increased sales of self-generated electricity to the grid[36]. - Net profit attributable to equity holders decreased by 31.0% to RMB 3,369.2 million from RMB 4,883.1 million in 2023, with a decline in net profit margin to 15.1%[45]. Cost Control and Efficiency - The company implemented strict policies to control production costs and save energy, focusing on developing innovative high-value-added components and energy-saving coated glass products[9]. - The company has strengthened cost control measures for raw materials and improved production processes, resulting in enhanced production efficiency and compliance with national carbon neutrality policies[12]. - The company has reduced interest expenses by repaying most of its Hong Kong dollar bank loans with its financial resources and RMB loans, which have a lower interest cost[8]. Market and Sales Strategy - Despite weak demand for float glass in China, the sales volume of construction glass products still recorded growth due to the company's strong reputation and flexible marketing strategies[10]. - The construction glass sales volume continued to grow, driven by increasing demand for energy-efficient low-emissivity glass[10]. - The company is focusing on commercial and public projects for new glass window installations, primarily led by government-related entities or financially strong state-owned enterprises[10]. - The automotive glass business is focusing on addressing challenges from overseas demand slowdown due to high inflation, high loan interest costs, and increased transportation costs, with new glass products for ADAS, HUD, and electric vehicles being developed for future launch[11]. - The company anticipates a cautious optimistic outlook for the float glass market in 2025, supported by government initiatives to ensure property project completions and easing of property purchase restrictions[18]. Research and Development - The company is investing in R&D for new glass products and advanced low-emission coating materials to capture new market opportunities[15]. - The company plans to allocate sufficient resources for R&D to enhance product quality and develop new products and materials[23]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year ending December 31, 2024[76]. - The board consists of 12 members, with 11 males and 1 female, achieving gender diversity[101]. - The board has implemented a diversity policy, considering factors such as gender, age, cultural background, and professional experience in appointing board members[97]. - The company has a strong governance framework, with the chairman and CEO closely monitoring operational and financial performance[84]. - The board closely monitors corporate governance practices, risk management, and internal control systems to align corporate value with the company's culture[78]. Environmental and Social Responsibility - The company has implemented environmental measures, including using natural gas as the main energy source for glass furnaces and utilizing waste heat for power generation[126][127]. - The group has established a wind power project in Anhui Province and several small solar power projects to reduce fossil fuel consumption and improve air quality[128]. - The company is preparing its Environmental, Social, and Governance (ESG) report for the fiscal year ending December 31, 2024, to be published by April 30, 2025[129]. Shareholder Information - The company plans to propose a final dividend of HKD 0.10 per share at the upcoming annual general meeting[6]. - The board proposed a final dividend of HKD 0.10 per share for the fiscal year ending December 31, 2024, subject to shareholder approval at the annual general meeting scheduled for May 30, 2025[122]. - The company intends to maintain a relatively stable dividend payout ratio, balancing operational cash needs and future growth[144]. Employee and Workforce - The number of full-time employees as of December 31, 2024, was 16,485, with 15,039 based in China and 1,446 in Hong Kong and other regions, reflecting the company's commitment to maintaining a skilled workforce[54]. - As of December 31, 2024, the employee gender distribution is 88% male and 12% female among 16,485 employees[101]. Related Party Transactions - The company has ongoing related party transactions, including a glass procurement agreement with Xinyi Solar, with a transaction limit of RMB 13.6 million and an actual transaction amount of RMB 5.417 million for the year[185]. - A production equipment procurement agreement with Xinyi Solar has a transaction limit of RMB 288 million and an actual transaction amount of RMB 199.371 million for the year[186]. - The company established a glass supply agreement with 信義汽車玻璃, with a transaction cap of HKD 8,600,000 (approximately RMB 7,922,000) and an actual transaction amount of HKD 8,224,000 (approximately RMB 7,575,000) for the year ending December 31, 2024[189].

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown a decline of 5.21% over the past month, but has increased by 9.01% over the last three months and 15.14% year-to-date [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index is currently at 1882.14 points [1] - The index is based on a sample of securities classified according to the China Securities industry classification standards, reflecting the overall performance of different industries in the Hong Kong market [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index are: Zijin Mining (26.75%), China Hongqiao (9.83%), Zhaojin Mining (8.26%), Conch Cement (7.59%), Luoyang Molybdenum (6.09%), Shandong Gold (5.15%), Xinyi Glass (4.87%), China Aluminum (4.43%), Dongyue Group (4.06%), and China National Building Material (3.85%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 75.58%, non-metallic materials for 17.55%, chemicals for 4.06%, and paper and packaging for 2.81% [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the Hong Kong real estate market and overall economic stability [2]. Group 1: Market Performance - As of April 25, 2025, the HSSCHKY index rose by 0.85%, with notable increases in stocks such as China Resources Land (4.64%) and China Overseas Development (3.76%) [2]. - The Bosera Hang Seng High Dividend ETF (513690) increased by 1.20%, with a latest price of 0.93 yuan and a trading volume of 16.6197 million yuan [2]. - Over the past year, the Bosera Hang Seng High Dividend ETF has seen an average daily trading volume of 78.9566 million yuan [2]. Group 2: Economic Measures - A recent State Council meeting focused on stabilizing employment and the economy, emphasizing the need to maintain a stable stock market and promote healthy development in the real estate sector [2]. - Despite a slight decline in new home sales and falling second-hand home prices, historical trends suggest that the real estate sector often rebounds before the fundamentals stabilize, supported by strong expectations for new policies [2]. Group 3: ETF Performance Metrics - The Bosera Hang Seng High Dividend ETF has a current size of 3.731 billion yuan, with net inflows remaining balanced recently [3]. - The ETF's net value increased by 22.27% over the past year, with a maximum monthly return of 24.18% since inception [3]. - The ETF's Sharpe ratio for the past year is 1.48, indicating a favorable risk-adjusted return [3]. Group 4: Index Composition - As of April 24, 2025, the top ten weighted stocks in the HSSCHKY index account for 28.32% of the index, with Yanzhou Coal Mining (4.39%) and Hang Lung Properties (3.38%) being the most significant [4][6].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6][11]. Core Views - The company is expected to experience a 31% decline in profit for 2024, with total revenue projected at RMB 22.324 billion, a decrease of 8.1% year-on-year. The earnings per share (EPS) is expected to drop to 79.23 cents, with a dividend payout ratio of 48.5% [3][8]. - The float glass industry is facing pressure due to weak demand, leading to price declines and increased inventory levels. The supply of float glass has decreased by 9.6% year-on-year, while the average order days for downstream processing enterprises have dropped by 39.3% [4][9]. - The company has a significant advantage in glass deep processing, particularly in the automotive glass sector, which is expected to see continued demand growth in 2025. The expansion of overseas production capacity in Malaysia is anticipated to mitigate the impact of U.S. tariffs [5][10]. Summary by Sections Financial Performance - In 2024, the company recorded a revenue of RMB 223.24 billion, down 8.1% year-on-year, with a net profit of RMB 33.69 billion, reflecting a 31% decrease. The basic earnings per share fell to 79.23 cents, and the total dividend for the year was HKD 0.41, with a payout ratio of 48.5% [3][8]. - The company is expected to reduce long-term loans significantly, leading to lower interest expenses and improved cash flow, enhancing financial stability [3][8]. Industry Outlook - The float glass market is currently under pressure due to excess inventory and weak downstream demand, particularly in real estate and processing sectors. The average inventory days have increased, indicating a need for supply-demand balance improvement [4][9]. - The average price of float glass has decreased, with the national weekly average price at RMB 1,334 per ton, down by RMB 9.80 per ton [4][9]. Future Projections - For 2025, the company anticipates a revenue increase to RMB 23.345 billion, representing a 4.6% year-on-year growth, with a net profit of RMB 3.446 billion, a slight increase of 2.3% [7][15]. - The dynamic dividend yield for 2025 is projected to exceed 5%, maintaining a stable high dividend policy [6][11].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6]. Core Insights - The company is experiencing a significant decline in profitability, with a projected 31% decrease in net profit for 2024, attributed to weak demand for float glass, price declines, and substantial losses from joint ventures [3][8]. - The float glass industry is facing pressure from excess inventory and weak downstream demand, particularly in real estate and deep processing sectors, leading to a need for improvement in the supply-demand balance [4][9]. - The company has a competitive advantage in glass deep processing, particularly in the automotive glass segment, which is expected to see continued demand growth in 2025 [5][10]. - The company maintains a stable high dividend payout, with a projected dynamic dividend yield exceeding 5% for 2025 [6][11]. Financial Summary - For 2024, the company is expected to report revenues of RMB 22.32 billion, a decline of 8.1% year-on-year, with net profit dropping to RMB 3.37 billion [7][8]. - The earnings per share (EPS) is projected to decrease to 79.23 cents, with a total dividend of HKD 0.41 per share for the year [3][8]. - The financial outlook shows a gradual recovery in revenues and profits from 2025 onwards, with expected revenues of RMB 23.35 billion in 2025, reflecting a growth of 4.6% [7][16].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 22,323.6 million, a decrease of 8.1% compared to RMB 24,293.7 million in 2023[3] - Profit attributable to equity holders of the company was RMB 3,369.2 million, down 31.0% from RMB 4,883.1 million in the previous year[3] - Basic earnings per share decreased by 32.6% to RMB 79.23 from RMB 117.60[3] - Proposed final dividend per share is HKD 0.10, a reduction of 73.0% from HKD 0.37 in the previous year[3] - Operating profit for the year was RMB 4,185.5 million, down from RMB 5,141.6 million in 2023[5] - The company reported a total comprehensive income of RMB 3,475.8 million for the year, down from RMB 4,568.9 million in 2023[6] - The gross profit for the fiscal year was RMB 6,729.66 million, resulting in a gross margin of approximately 27.2%[27] - The company reported a net profit before tax of RMB 5,775,149 thousand for 2023, which decreased to RMB 4,248,029 thousand in 2024, reflecting a decline of about 26.5%[32] - Net profit attributable to equity holders decreased by 31.0% to RMB 3,369.2 million in 2024, compared to RMB 4,883.1 million in 2023[61] - Basic earnings per share for 2024 is RMB 79.23, down 32.6% from RMB 117.60 in 2023[43] - EBITDA decreased by 21.4% to RMB 5,832.4 million in 2024, compared to RMB 7,423.6 million in 2023[78] Assets and Liabilities - Total assets increased to RMB 48,078.3 million from RMB 46,316.1 million in the previous year[10] - The total assets as of December 31, 2024, were RMB 48,078.30 million, with total liabilities amounting to RMB 13,701.16 million[28] - The total liabilities increased slightly from RMB 13,621,491 thousand in 2023 to RMB 13,701,155 thousand in 2024[32] - The net asset liability ratio increased to 16.3% in 2024 from 13.3% in 2023, reflecting the company's financial leverage[88] Cash Flow and Investments - Cash and bank balances decreased to RMB 1,709.3 million in 2024 from RMB 3,123.4 million in 2023, despite a net cash inflow from operating activities of RMB 5,589.7 million[86] - The company reported a significant investment in joint ventures, totaling RMB 9,203.63 million[28] - The company's investment in joint ventures was RMB 9,066,707 thousand as of December 31, 2023[31] - Capital expenditures increased to RMB 5,124.0 million in 2024 from RMB 3,202.9 million in 2023, used for purchasing facilities and machinery[84] Revenue Breakdown - The company’s operating segments include Float Glass, Automotive Glass, and Construction Glass, with Float Glass generating the highest revenue of RMB 15,343.52 million[27] - Sales revenue from float glass products was RMB 12,909.9 million, accounting for 57.8% of total sales in 2024, down from RMB 15,839.7 million and 65.2% in 2023[64] - Sales revenue from automotive glass products increased to RMB 6,304.8 million, representing 28.3% of total sales in 2024, compared to RMB 5,417.3 million and 22.3% in 2023[64] Expenses and Costs - Selling and promotional expenses decreased by 11.0% to RMB 1,055.7 million in 2024[73] - Administrative and other operating expenses increased by 9.4% to RMB 2,244.0 million in 2024[74] - Financial costs significantly decreased by 60.3% to RMB 181.0 million in 2024, attributed to refinancing most HKD loans with lower interest RMB loans[77] - The average cost of raw materials and energy decreased in 2024, which mitigated the negative impact of lower average selling prices on profitability in the processed glass market[100] Dividends - The interim dividend for 2024 is HKD 0.31 per share, an increase from HKD 0.26 per share in 2023, totaling RMB 1,225,025,000[47] - The proposed final dividend for 2024 is HKD 0.10 per share, down from HKD 0.37 per share in 2023, totaling RMB 409,881,000[47] - The board of directors has proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, subject to shareholder approval[135] Market and Strategic Outlook - The group anticipates a cautious but optimistic outlook for the float glass market in 2025, supported by government measures to ensure project completions and easing property purchase restrictions[115] - The group is expanding its operations in Southeast Asia, including a new float glass production facility in Indonesia, to enhance market coverage and reduce costs[118] - The group is actively participating in overseas exhibitions and visiting international clients to strengthen its market presence across over 140 countries[106] - The company continues to face challenges from global market changes, financial risks, geopolitical risks, and electricity price threats, but remains cautiously optimistic about long-term business development prospects[122] Research and Development - The group has invested in R&D for new materials, production processes, and advanced float glass design, resulting in reduced carbon emissions and production costs[109] - The group plans to continue investing in R&D to improve product quality and develop new products, focusing on innovative technologies and automation[121] Corporate Governance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[126] - The company has adopted a code of conduct for securities trading by directors, confirming compliance throughout the year ending December 31, 2024[127] - The company will publish its annual report for the year ending December 31, 2024, containing all required information as per listing rules and applicable laws[132]

Financial Performance - For the six months ended June 30, 2024, the company's revenue decreased by 6.4% to HKD 11,807,194,000 compared to the same period in 2023[4]. - The profit attributable to equity holders increased by 27.1% to HKD 2,729,916,000, with basic earnings per share rising to HKD 0.646 from HKD 0.521 in the previous year[5]. - For the first half of 2024, the group's revenue and net profit were HKD 11,807,200,000 and HKD 2,729,900,000, representing a decrease of 6.4% and an increase of 27.1% compared to the first half of 2023[19]. - Gross profit for the first half of 2024 was HKD 4,046,700,000, a significant increase of 10.6% from HKD 3,659,500,000 in the first half of 2023, with a gross profit margin rising to 34.3% from 29.0%[21]. - The company reported a net profit for the first half of 2024 of HKD 2,729.9 million, an increase of 27.1% from HKD 2,144.5 million in the first half of 2023, with a net profit margin rising from 17.0% to 23.1%[30]. - The company reported a net operating profit of HKD 2,897,675, an increase of 26.0% compared to HKD 2,303,358 in the previous year[42]. - The total comprehensive income for the six months ended June 30, 2024, was HKD 1,495,078, a significant increase compared to the previous year's total of HKD 327,121[48]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.31 per share, up from HKD 0.26 per share in the same period last year[4]. - The interim dividend declared for the first half of 2024 is HKD 0.31 per share, up from HKD 0.26 per share in the first half of 2023[129]. - The company has provided shareholders with the option to receive the interim dividend in cash or in newly issued shares[129]. Cost Management and Efficiency - The average cost of raw materials and energy decreased, which mitigated the negative impact of falling average selling prices for float glass products[7]. - The group has implemented measures to enhance performance, including cost control of raw materials and improved supply chain processes, resulting in reduced carbon emissions and overall production costs[10]. - The group has streamlined production processes and logistics to enhance cost efficiency[7]. - Selling and promotional expenses decreased by 8.8% to HKD 611,700,000, attributed to reduced transportation and international freight costs[24]. - Administrative expenses rose by 7.4% to HKD 1,179,800,000, mainly due to increased employee costs and R&D expenditures[25]. Market and Product Development - The company reported an increase in sales volume for automotive and architectural glass products, contributing to the overall profit growth[7]. - The demand for energy-efficient low-emissivity glass remains strong, supported by the company's reputation and advanced coating materials[8]. - The company is focusing on developing new glass products for advanced driver-assistance systems (ADAS) and electric vehicles, preparing for future launches[8]. - The architectural glass business is focusing on projects led by government entities and financially stable developers due to challenges faced by private developers[8]. - The company plans to continue developing unique glass products with advanced designs and features, leveraging favorable policies under China's 14th Five-Year Plan[9]. - The company is optimistic about the growth of the automotive glass aftermarket and OEM business globally, driven by an expected increase in the number of vehicles and new car sales in 2024[16]. Investments and Capital Expenditures - Capital expenditures totaled HKD 2,695.7 million in the first half of 2024, primarily for the purchase of plants and machinery and the construction of production facilities in China, Malaysia, and Indonesia[32]. - The group continues to invest in R&D for new materials and advanced float glass designs, enhancing production efficiency and product quality[10]. - The group is expanding its production capacity in Malaysia and Indonesia, with a new float glass production line in East Java expected to commence operations in the first half of 2025[14]. Financial Position and Liabilities - As of June 30, 2024, the group's cash and bank deposits amounted to HKD 1,651,900,000, with a current ratio of 1.08 and a net capital debt ratio of 15.2%[12]. - The group has repaid HKD 923,900,000 of bank loans in the first half of 2024, aiming to reduce the percentage of HKD loans to save on interest expenses[12]. - As of June 30, 2024, the total bank borrowings amounted to HKD 7,100.2 million, with a net debt-to-equity ratio of 15.2%, up from 13.3% at the end of 2023[35]. - The company’s total liabilities increased to HKD 15,224,187 from HKD 14,947,566, reflecting a rise of 1.9%[41]. - The company’s cash and cash equivalents decreased to HKD 1,337,493 from HKD 1,990,800, indicating a reduction of 32.8%[40]. Shareholder Structure and Governance - The company has established an audit committee to oversee financial reporting and internal control systems[134]. - The company has a significant ownership structure with various entities holding substantial stakes, including 福廣 with multiple shareholders[150]. - The report indicates a stable governance structure with clear delineation of shareholdings among directors and major shareholders[148]. - The company has complied with the corporate governance code as per the listing rules during the first half of 2024[132]. Future Outlook - The group anticipates a stable outlook for the soda ash prices in 2024 due to increased supply in China and other countries, while energy costs are expected to stabilize[13]. - The company is actively exploring new market opportunities both domestically and internationally, participating in various overseas exhibitions[8]. - The company plans to expand its market presence and invest in new technologies to enhance production efficiency and product offerings in the upcoming quarters[51].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 10.40, representing a potential upside of 35.1% from the current price of HKD 7.77 [2][4]. Core Insights - The company demonstrates strong profitability resilience despite a revenue decline, with a 6.4% year-on-year decrease in total revenue to HKD 11.81 billion in the first half of 2024, primarily due to falling float glass prices. However, the gross margin improved by 5.3 percentage points to 34.3%, benefiting from lower raw material and energy costs, as well as improved margins in the automotive glass segment. Net profit increased by 27.1% year-on-year to HKD 2.73 billion, driven by significantly reduced financial expenses and contributions from joint ventures [2]. - The company has effectively controlled costs and diversified its product offerings. Revenue from float glass, automotive glass, and construction glass was HKD 6.98 billion, HKD 3.26 billion, and HKD 1.56 billion respectively, with year-on-year changes of -12.9%, +8.9%, and -2.8%. The decline in float glass revenue is attributed to weak domestic real estate performance, with a nearly 22% year-on-year drop in completed area. Despite this, profitability remained stable due to lower prices of soda ash and natural gas, with gross margins rising to 28.4%, 49.6%, and 28.5% for float glass, automotive glass, and construction glass respectively [2]. - The float glass price is nearing its low point from the first half of 2020, with current industry production capacity close to 170,000 tons per day and inventory levels at historical highs. The oversupply situation has led to a continued decline in prices, now around HKD 1,400 per ton, putting pressure on the profitability of secondary enterprises. An acceleration in industry maintenance and potential capacity reductions are anticipated [2]. - The report projects revenue for 2024-2026 at HKD 24.0 billion, HKD 24.1 billion, and HKD 25.8 billion, with net profit estimates of HKD 5.4 billion, HKD 5.5 billion, and HKD 6.5 billion respectively. The target price corresponds to forecasted P/E ratios of 8.0, 7.8, and 6.8 for 2024-2026 [2]. Financial Summary - For 2024, the company is expected to generate revenue of HKD 23.95 billion, a decrease of 10.6% from 2023, with net profit projected at HKD 5.38 billion, reflecting a slight increase from the previous year. The earnings per share (EPS) is forecasted to remain stable at HKD 1.29 [5][6]. - The gross margin is expected to stabilize around 33.3% for 2024, with an EBITDA margin of 29.2% and a net margin of 22.5% [6]. - The company’s total assets are projected to grow from HKD 50.81 billion in 2023 to HKD 52.97 billion in 2024, while total liabilities are expected to decrease from HKD 14.95 billion to HKD 14.36 billion over the same period [6].