证券研究报告 ＃industryId＃ 新能源行业 ＃investSuggestion＃ ＃00968.HK ＃信dy义Com光pa能ny＃ 买入 （维持） ＃ ＃title＃ 利润超预期，长期空间可期 ＃createTime1＃ 2024 年3 月2日 ＃市场ma数rk据etData＃ 投资要点 日期 2023/3/1 ＃su我mm们a的ry观＃点：信义光能2023H2光伏玻璃毛利率环比大幅提升，利润超预期；公司光伏玻璃产 收盘价（港元） 4.91 能如期扩充，成本优势突出，有望继续通过放量驱动利润增长。我们预计公司2024-2026年归 总股本（亿股） 89.0 母净利润分别为52.5、65.7、78.3亿港元，分别同比+25.3%、+25.3%、+19.2%；对应2024年3 月1日收盘价的PE各为8.3x、6.7x、5.6x；维持公司“买入”评级，建议投资者关注。 总市值（亿港元） 437.1  2023H2利润超预期：2023年，公司营收、毛利、归母净利润各为266.3、70.9、41.9亿港元， 归母净资产（亿港元） 319.7 分别同比+29.6%、+15.1%、+9.6%；其中2023H2 ...

信义光能（968 HK） | 2024年3月1日 香港股市 | 新能源 | 光伏 更新报告 信义光能（968 HK） 评级：买入 目标价：7.22 港元 FY23 业绩胜预期，主因下半年毛利率大幅改善 股票资料（更新至2024年2月29日） 2023年股东净利润同比上升9.6% 现价 4.76港元 即使受到人民币贬值及港元借贷利率上升因素影响，公司2023年股东净利润仍同比上升 9.6%至41.9亿元(港币，下同)，分别高出我们及市场预测11.5%及7.8%。去年下半年原材 总市值 42,379.47百万 港元 料及燃料成本下跌支持光伏玻璃业务毛利率由1H23的15.2%上涨至2H23的26.4%，但由 流通股比例 46.91% 于光伏玻璃平均售价下降，全年相关业务毛利率由 FY22 的 23.8%轻微仅下跌至 FY23 的 已发行总股本 8,903.25百万 21.4%。公司总毛利率则由1H23的22.0%上升至2H23的30.5%，年度总毛利率也由FY22 52周价格区间 3.42-9.78港元 的30.0%温和下跌至FY23的26.6%。 3个月日均成交额 98.04百万 港元 我们预计2024年玻璃价 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年2月29日 港元3.83 港元5.93↑ +54.8% 信义光能 (968 HK) 光伏玻璃毛利率大超预期，行业供给增长继续放缓，维持买入  下半年光伏玻璃毛利率/业绩大超预期：公司去年实现收入/归母净利 个股评级 266/41.9亿港元，同比增长30%/10%，下半年实现归母净利28.0亿港元， 同比/环比增长46%/101%，高于我们/市场预期17%/19%。受新增产能推 买入 动，去年公司光伏玻璃销量增长49%，收入增长33%至235亿港元，其中 下半年环比增长22%，由于售价上涨和天然气采购价格过高等一次性因素 消除导致成本下降，下半年分部毛利率环比大幅提升 11.2 个百分点至 1年股价表现 26.4%，高于我们预期4个百分点，为2021年下半年以来新高。去年光伏 发电收入增长8%至30亿港元，毛利率下降1.9个百分点至68.5%。 968 HK 恒生指数 20%  巩固玻璃龙头地位，多晶硅业务有望具备成本竞争力：公司去年新增 10% 0% 6000吨光伏玻璃产能，仅比计划少1000吨，兑现度远高于同业，年底产 -10% 能增至 ...

Investment Rating - The report maintains a **Buy** rating for Xinyi Solar (00968 HK) [2] Core Views - Xinyi Solar's 2023 revenue reached HKD 26 63 billion, up 29 6% YoY, with net profit attributable to shareholders of HKD 4 19 billion, up 9 6% YoY, slightly exceeding expectations [2] - The company's profitability improved significantly in H2 2023, driven by lower costs and higher prices for photovoltaic (PV) glass, with H2 gross margin increasing by 11 2 percentage points to 26 4% [3] - Xinyi Solar plans to add 6 new production lines with a total capacity of 6,400 t d in 2024, aiming to increase its annual melting capacity by 35 2% to 10 6 million tons [3] - The company expects to benefit from strong demand for PV glass in 2024, driven by low module prices and increased adoption of double-glass modules in ground-mounted power stations and N-type TOPCon technology [3] - Xinyi Solar's PV power station business also saw growth, with grid-connected capacity increasing by 22% YoY to over 1GW in 2023, and a 790MW power station transfer agreement signed with Xinyi Energy [4] Financial Performance and Forecast - Revenue for 2023 was HKD 26 63 billion, with a net profit of HKD 4 19 billion [2] - The report forecasts 2024-2026 net profits of HKD 4 95 billion, HKD 6 26 billion, and HKD 7 61 billion, respectively, with corresponding P E ratios of 7x, 5x, and 4x [4] - The company's ROE is expected to increase from 13 1% in 2023 to 17 22% in 2026 [5] Industry and Market Position - Xinyi Solar is expanding its production capacity to consolidate its leading position in the PV glass industry, with a market share expected to grow faster than the industry average in 2024 [3] - The PV glass industry saw slower capacity expansion in 2023 due to profit pressures and tighter financing, a trend likely to continue in 2024, particularly among second and third-tier manufacturers [3] Strategic Initiatives - Xinyi Solar is actively expanding its production capacity, with new lines in Wuhu and Malaysia expected to be operational by H1 2024, and cold-repair lines expected to be operational by Q3 2024 [3] - The company's 60,000-ton polysilicon project in Qujing, Yunnan, is expected to start production in H1 2024 and contribute to output in H2 2024 [4]

证券研究报告 | 2024年02月29日 信义光能（00968.HK） 增持 光伏玻璃持续扩产，新能源运营装机稳步增长 核心观点 公司研究·财报点评 2023年公司实现归母净利润37.9亿元，同比+11%。2023年公司实现营收 电力设备·光伏设备 241.3亿元，同比+32%；实现归母净利润37.9亿元，同比+11%。对应2023H2 证券分析师：王蔚祺 证券分析师：陈抒扬 公司实现营收129.4亿元，同比+29%，环比+16%；实现归母净利润25.1亿 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 元，同比+41%，环比+96%。分业务来看，2023年光伏玻璃实现营业收入213.3 S0980520080003 S0980523010001 亿元，同比+32%；毛利率21%，同比-3pcts；光伏电站运营实现营业收入26.9 基础数据 亿元，同比+8%；毛利率69%，同比-1pcts。 投资评级 增持(维持) 光伏玻璃扩产稳步推进，公司份额有望提升。2023年公司新增6条日熔量为 合理估值 收盘价 ...

财联社2月28日讯（编辑 冯轶）财联社为您带来今日港股重要公告 1）业绩速递 信义玻璃(00868.HK)：2023年收入267.99亿港元，同比增加4.1%，净利润53.65亿港元，同比增加4.6%。主要由于汇率因素及销量上升。 信义光能(00968.HK)：2023年收入266.29亿港元，同比增加29.62%，净利润41.87亿港元，同比增加9.61%。主要受太阳能玻璃销售及太阳能发电场业务带动。 信义能源(03868.HK)：2023年收入约25.174亿港元，同比增长8.7%，净利润9.93亿港元，同比增长2.2%。 百度集团-SW(09888.HK)：2023年总收入1345.98亿元，同比增加9%，归属百度净利润203亿元，同比增长169%，非公认会计准则下归属百度净利润287亿元，同比增长39%。 截至2023年底，百度的自动叫车服务萝卜快跑在2023年第四季度提供83.9万次乘车服务，同比增长49%。截至2024年1月2日，萝卜快跑在开放道路提供的累计单量超过500万。 此外，爱奇艺当季单会员月均会员收入为15.98元，较去年同期的14.17元及上一季的15.54元进一步增长。 新鸿 ...

Financial Performance - For the year ended December 31, 2023, the company reported revenue of HKD 26,628.8 million, representing a 29.6% increase from HKD 20,544.0 million in 2022[2]. - The profit attributable to equity holders of the company was HKD 4,187.1 million, up 9.6% from HKD 3,820.1 million in the previous year[2]. - Basic earnings per share increased to HKD 47.04, a rise of 9.5% compared to HKD 42.95 in 2022[2]. - Gross profit for the year was HKD 7,089.7 million, up from HKD 6,158.5 million, indicating a strong operational performance[4]. - The company reported a net operating profit of HKD 5,892.77 million, an increase from HKD 5,317.69 million in the previous year[4]. - The company reported a pre-tax profit of HKD 5,571,434,000 for the year ended December 31, 2023, compared to HKD 5,180,978,000 in 2022, representing an increase of approximately 7.5%[23]. - The company’s net profit attributable to equity holders increased to HKD 4,187,127,000 in 2023 from HKD 3,820,144,000 in 2022, a growth of 9.6%[29]. - The company achieved a revenue of HKD 26,628.8 million in 2023, which is a 29.6% increase compared to 2022[52]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.15 per share, compared to HKD 0.10 per share in the prior year[2]. - Proposed final dividend per share increased to HKD 15.0 in 2023 from HKD 10.0 in 2022, representing a 50% increase[28]. - The board proposed a final dividend of HKD 0.15 per share for the year ending December 31, 2023, subject to shareholder approval at the annual general meeting on May 31, 2024[133]. Assets and Liabilities - Total assets increased to HKD 60,432.99 million from HKD 50,575.06 million, reflecting a growth in the company's asset base[7]. - The company's total equity rose to HKD 37,858.41 million, compared to HKD 35,231.38 million in 2022, showing improved financial stability[8]. - Total liabilities of the company rose to HKD 22,574.59 million from HKD 15,343.68 million, reflecting increased borrowing to support expansion[8]. - Total liabilities as of December 31, 2023, were HKD 22,574,587,000, compared to HKD 15,343,681,000 in 2022, reflecting an increase of approximately 47.2%[22]. - The company's total borrowings increased to HKD 10,502.9 million in 2023, up from HKD 8,032.3 million in 2022, representing a growth of 30.7%[45]. Revenue Breakdown - Solar glass sales contributed HKD 23,532,916,000 to total revenue, up from HKD 17,655,075,000, representing a growth of 33.5%[15]. - The solar power generation business generated revenue of HKD 2,970,472,000, compared to HKD 2,744,387,000 in the previous year, reflecting an increase of 8.2%[15]. - Revenue from external customers in mainland China was HKD 21,174,947,000, accounting for the majority of total revenue[19]. - The company's solar power plant business revenue grew by 8.2% year-on-year to HKD 2,970.5 million in 2023[73]. Operational Efficiency and Costs - The company reported a significant increase in sales costs, totaling HKD 19,539,056,000, compared to the previous year's costs[19]. - The company's sales and marketing expenses for the year ended December 31, 2023, were HKD 106,062,000, up from HKD 91,312,000 in 2022, indicating an increase of about 16.1%[23]. - The depreciation expense for property, plant, and equipment increased to HKD 1,732,561,000 in 2023 from HKD 1,488,577,000 in 2022, reflecting a rise of approximately 16.4%[21]. - Administrative and other operating expenses increased by 22.9% to HKD 1,203.6 million in 2023, mainly due to higher R&D expenses and increased employee costs from business expansion[90]. Market and Industry Trends - In 2023, China's newly installed photovoltaic capacity increased by 148.1% year-on-year to 216.88 GW, with 78.42 GW in the first half and 138.46 GW in the second half[56]. - The average selling price of solar glass declined in the first half of 2023 but improved significantly in the second half due to increased demand and reduced supply chain constraints[51]. - The decline in installation costs in the second half of 2023 was a key driver for the surge in downstream photovoltaic installations[58]. - The geographical distribution of solar glass sales remained stable, with sales in mainland China accounting for 77.0% of total sales in 2023[78]. Research and Development - R&D expenses increased to HKD 766,521,000 in 2023, compared to HKD 561,890,000 in 2022, reflecting a growth of 36.5%[26]. - The joint venture for polysilicon production in Yunnan is nearing completion, with trial production expected to start in Q2 2024[108]. Governance and Compliance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[122]. - The board consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[138].

智通财经APP获悉，光伏玻璃整体走低，截止发稿信义光能(00968)跌6.46%，报3.62港元，信义玻璃(00868)跌5.58%，报6.43港元，福莱特玻璃(06865)跌3.58%，报11.84港元。 此前，据SMM，近期已到1月新一轮报价谈判期，由于终端及组件需求的减弱，同时近期组件利润再度降低，当前对于1月采购的意愿减少且对价格仍保持压价心态。SMM认为1月光伏玻璃定价仍将下跌，但跌幅有限。主要由于成本方面支撑仍在，但由于需求的减少，成本支撑乏力，玻璃企业为抢订单价格有望下跌，预计1月光伏玻璃定价单平方米将下跌0.25元/平方米幅度。 交银国际研报认为，23年11月至今光伏玻璃行业新增日熔量仅2000吨，低于该行预期，反映出行业扩产仍较为理性。该行预计在产能预警机制约束下明年行业产能有望明显低于市场预期，或不会出现市场担忧的严重产能过剩。该行认为，市场对明年光伏玻璃产能过剩过度悲观。 ...

智通财经APP获悉，光伏股强势反弹，截至发稿，信义光能(00968)涨10%，报4.07港元；福莱特玻璃(06865)涨7.5%，报16.06港元；协鑫科技(03800)涨5.94%，报1.07港元；新特能源(01799)涨2.87%，报8.97港元。 消息面上，根据中国有色金属工业协会硅业分会发布的信息，在刚刚过去的一周，除组件价格下调外，光伏产业链其余环节价格暂时趋稳。相比P型产品价格，代表新趋势、正在加速替代的N型产品价格稳中有升。此外，1月22日，光伏逆变器龙头阳光电源发布业绩预告，预计2023年归属于上市公司股东的净利润为93亿元-103亿元，同比增长159%-187%。 首创证券近期研报指出，近期光伏产业链价格阶段性趋稳，伴随着光伏装机淡季的到来，下游陆续降低开工负荷。新产能投放有明显趋缓迹象，供给端正在边际改善。看好成本优势显著的硅料龙头企业；产品出货结构好，高盈利市场出货占比高的组件龙头企业；供给压力已基本释放，预期反转的辅材环节。 ...

Financial Performance - The company reported a consolidated revenue of HKD 12,141.9 million for the first half of 2023, representing a 25.2% increase compared to HKD 9,697.5 million in the same period of 2022[8]. - Profit attributable to equity holders decreased by 26.9% to HKD 1,391.5 million in the first half of 2023, down from HKD 1,904.6 million in the first half of 2022[8]. - The basic earnings per share for the first half of 2023 was HKD 15.63, compared to HKD 21.42 in the first half of 2022[8]. - The company declared an interim dividend of HKD 7.5 per share, down from HKD 10.0 per share in the previous year[4]. - Gross profit decreased by HKD 308.3 million or 10.3% to HKD 2,672.3 million, with the overall gross margin dropping to 22.0% from 30.7% in the same period last year[52]. - The net profit attributable to equity holders for the first half of 2023 was HKD 1,391.5 million, down 26.9% from HKD 1,904.6 million in the same period of 2022, resulting in a net profit margin decrease from 19.6% to 11.5%[66]. - The company reported a net profit of HKD 1,904,638 thousand for the six months ended June 30, 2023, compared to HKD 2,929,081 thousand in the same period last year, representing a decrease of approximately 35%[93]. - The company reported a pre-tax profit of HKD 2,018,159 thousand for the first half of 2023, a decline of about 24.1% compared to HKD 2,657,283 thousand in the prior year[131]. Sales and Revenue Growth - The company experienced a 49.8% increase in solar glass sales volume and a 30.8% increase in revenue compared to the first half of 2022[7]. - The company's solar glass revenue increased by 30.8% year-on-year to HKD 10,578.9 million in the first half of 2023, primarily due to increased sales volume[44]. - Solar glass sales accounted for HKD 10,578,891 thousand, representing a 30.7% increase from HKD 8,090,646 thousand in the previous year[111]. - The solar power generation business generated revenue of HKD 1,490,675 thousand, slightly down from HKD 1,518,253 thousand in the prior year, with power sales at HKD 872,756 thousand[111]. - Total revenue for the six months ended June 30, 2023, was HKD 12,141,921 thousand, an increase of 25.2% compared to HKD 9,697,539 thousand for the same period in 2022[111]. Production and Capacity Expansion - The company continues to expand its production capacity in response to strong market demand and declining costs in the photovoltaic sector[7]. - The company added two new solar glass production lines with a daily melting capacity of 1,000 tons in the first half of 2023, enhancing overall production efficiency[21]. - The total daily melting capacity of solar glass is expected to rise from 19,800 tons at the end of 2022 to 26,800 tons by the end of 2023, with two new production lines already operational in the first half of 2023[34]. - The company plans to construct two new solar glass production lines in Malaysia, each with a daily melting capacity of 1,200 tons, expected to commence operations in the first half of 2024[34]. Market Trends and Demand - New installed photovoltaic capacity in China reached 78.42 GW in the first half of 2023, a year-on-year increase of 154%[14]. - The market share of large-scale centralized projects increased in the first half of 2023, with installed capacity growth outpacing that of 2022[15]. - The average selling price of solar glass declined, impacting the gross margin negatively, although there was a recovery in the second quarter of 2023[7]. - The average selling price of solar glass in the first half of 2023 was lower than that of the first half of 2022, primarily due to increased industry supply[19]. - The company anticipates that the release of polysilicon capacity and the decrease in solar component costs will drive global photovoltaic installation growth in the second half of 2023[38]. Financial Position and Debt - The net debt ratio increased from 7.7% as of December 31, 2022, to 12.9% as of June 30, 2023, primarily due to increased financing for solar power projects[28]. - Total assets increased by 4.9% to HKD 53,042.9 million, while shareholders' equity decreased by 2.4% to HKD 29,028.2 million as of June 30, 2023[67]. - The net cash inflow from operating activities was HKD 2,189.0 million, down from HKD 2,929.1 million in the first half of 2022, primarily due to increased working capital requirements[70]. - The company raised HKD 3,575,927 thousand from borrowings during the first half of 2023, significantly higher than HKD 540,000 thousand in the same period last year[96]. - The total liabilities rose to HKD 18,227,159 thousand, up from HKD 15,343,681 thousand at the end of 2022, indicating a 19.0% increase[89]. Cost Management and Expenses - The gross profit contribution from the solar glass business decreased compared to the first half of 2022 due to RMB depreciation and increased financial costs[7]. - Administrative and other operating expenses rose by 30.9% to HKD 565.3 million, driven by increased R&D expenses and employee benefits[60]. - Financial costs increased to HKD 172.2 million in the first half of 2023, primarily due to rising interest rates[61]. - The company implemented various targeted measures to alleviate gross margin pressure, including flexible marketing strategies and cost control initiatives[19]. Research and Development - Research and development expenses for the first half of 2023 amounted to HKD 317,379 thousand, up from HKD 238,804 thousand in the same period of 2022, representing a rise of about 32.9%[140]. - The company continues to develop the thin glass and large-size glass markets to meet customer demand and drive technological advancements in the solar industry[21]. Related Party Transactions - The company reported significant related party transactions, including procurement of machinery amounting to HKD 120.7 million and procurement of glass products totaling HKD 2.19 million for the six months ended June 30, 2023[190]. - The company’s related party transactions with Xinyi Glass included sales of silica sand totaling HKD 38.23 million for the six months ended June 30, 2023[190].