基于浮法、光伏玻璃供给过剩矛盾尚未充分化解，我们预计公司2025-2027 年归母净利润为6.0/7.6/11.3 亿元（2025、2026 年预测前值为6.5/11.2亿元），对应市盈率25/20/13 倍，维持"增持"评级。 投资要点 风险提示：地产竣工下行超预期、光伏玻璃竞争格局恶化、新业务开拓不及预期的风险。 公司披露2024 年年报和2025 年一季报，2024 年实现营业收入156.49亿元，同比-0.2%，实现归母净利 润/扣非后归母净利润3.83/2.89 亿元，同比-78.1%/-82.6%。2025Q1 实现营业收入34.84 亿元，同 比-9.7%，实现归母净利润/扣非后归母净利润4.70/-0.03 亿元，同比+6.4%/-100.7%。 浮法玻璃、光伏玻璃盈利持续承压，2025Q1 毛利率有所改善。（1）浮法玻璃：我们测算公司2024 年 浮法原片销量同比-6%，对应单箱毛利13.4 元，同比-8.3 元，主要因地产竣工端需求下滑加剧行业供需 矛盾，2024 年年内浮法玻璃下跌至底部后低位震荡。（2）光伏玻璃：2024 年销售光伏玻璃加工片4.35 亿平，同比+124%，实现收入57 ...

事件：公司2024 年实现营收156.49 亿元，同比下降0.21%；归母净利润3.83亿元，同比下降78.15%；扣 非归母净利润2.89 亿元，同比下降82.63%。1Q2025营收34.84 亿元，同比下降9.68%；归母净利润4.70 亿元，同比上升6.38%；扣非归母净利润-0.03 亿元，同比下降100.74%。 风险提示：宏观经济下行风险、地产市场超预期下滑、成本超预期上涨。 浮法光伏价格下跌，1Q2025 年盈利下滑。浮法方面，竣工同比下滑14.3%，受此拖累玻璃价格同比下 滑28.02%，公司浮法业务盈利也承压；光伏方面，行业竞争激烈形势依旧，一季度光伏玻璃价格同比 下滑21.18%。浮法与光伏业务盈利的压力下，公司1Q2025 年扣非盈利转负，但一季度公司完成绍兴子 公司土地及相关资产处理，增厚利润5.29 亿元，归母净利润得以转正。 投资建议：我们预测公司2025-2027 年归母净利润为5.77/2.43/4.43 亿元，同比增速 50.86%/-57.94%/82.41%，最新收盘价对应3 年PE 分别25x/59x/32x。 维持"增持"评级。 竣工拖累浮法，行业竞争影响光伏，20 ...

丨证券研究报告丨 公司研究丨点评报告丨旗滨集团（601636.SH） [Table_Title] 光伏持续进步，浮法底部盈利 报告要点 [Table_Summary] 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。 2025Q1 公司实现收入 34.84 亿，同比下滑 9.7%；实现归属净利润 4.70 亿，同比增长 6.4%； 实现扣非归属净利润亏损-0.03 亿，同比下滑 100.7%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 [Table_Title2] 光伏持续进步，浮法底部盈利 [Table_Summary2] 事件描述 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。折合 2024Q4 实现收入 40.49 亿，同比下滑 10.0%；实现归属净利润亏损 3.17 亿， 同比下滑 162.4%。 2025Q1 公 ...

旗滨集团（601636） 证券研究报告 24FY 盈利能力下滑明显，25Q1 毛利率环比提升 事件：公司发布 24 年年报及 25 年一季报，24fy 实现营收/归母净利/扣非 归母净利 156.5/3.8/2.9 亿元，yoy-0.21%/-78%/-83%，25Q1 单季营收/归母 净利/扣非归母净利 34.8/4.7/-0.03 亿元，yoy-9.7%/+6.4%/转亏。公司对 2024 年期末各类资产计提减值准备 29,862 万元，扣除所得税费用后影响合并报 表净利润减少 24,467 万元，归属母公司净利润减少 20,197 万元。 浮法/光伏拖累明显，25Q1 毛利率环比提升 分业务看，浮法/节能玻璃 24FY 实现营收 68.6/24.3 亿元，yoy-24%/-13%， 公司披露口径计算，浮法/节能玻璃单位售价 64 元/重箱、77.6 元/平米， yoy-19%/+9% ，浮法 / 节 能 玻 璃销 量 10676 万重箱 /3127 万 平米、 yoy-6.4%/-20%。浮法玻璃毛利率为 20.8%，同比-6%；其中 24H2 毛利率为 11.9%。 光伏玻璃实现营收 57.5 亿元， ...

证券研究报告·公司点评报告·玻璃玻纤 旗滨集团（601636） 2024 年年报、2025 年一季报点评：Q1 毛利 率改善，静待供需平衡进一步修复 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,683 | 15,649 | 16,278 | 18,563 | 21,507 | | 同比（%） | 17.80 | (0.21) | 4.02 | 14.04 | 15.86 | | 归母净利润（百万元） | 1,750.88 | 382.59 | 603.91 | 757.84 | 1,129.91 | | 同比（%） | 32.98 | (78.15) | 57.85 | 25.49 | 49.10 | | EPS-最新摊薄（元/股） | 0.65 | 0.14 | 0.23 | 0.28 | 0.42 | | P/E（现价&最新摊薄） | 8.52 | 39.00 | 24.71 | 19.69 | 1 ...

证券研究报告·公司点评报告·玻璃玻纤 旗滨集团（601636） 2024 年年报、2025 年一季报点评：Q1 毛利 率改善，静待供需平衡进一步修复 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,683 | 15,649 | 16,278 | 18,563 | 21,507 | | 同比（%） | 17.80 | (0.21) | 4.02 | 14.04 | 15.86 | | 归母净利润（百万元） | 1,750.88 | 382.59 | 603.91 | 757.84 | 1,129.91 | | 同比（%） | 32.98 | (78.15) | 57.85 | 25.49 | 49.10 | | EPS-最新摊薄（元/股） | 0.65 | 0.14 | 0.23 | 0.28 | 0.42 | | P/E（现价&最新摊薄） | 8.52 | 39.00 | 24.71 | 19.69 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next three years [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with a total of 15.65 billion yuan, down 0.2% year-on-year, and a significant drop in net profit by 78.1% to 380 million yuan [1][4]. - The glass industry is facing challenges due to insufficient demand in the real estate sector, leading to a continuous decline in float glass prices [2][4]. - The photovoltaic glass segment saw a significant increase in revenue by 68.6% to 5.75 billion yuan in 2024, but the profit margin decreased due to falling prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year decline of 78.1% [1][5]. - The float glass segment sold 107 million heavy boxes, down 6.4% year-on-year, with an average price of 64.3 yuan per heavy box, a decrease of 19.2% [2][4]. - The photovoltaic glass segment achieved a sales volume of 430 million square meters, up 124.0% year-on-year, but the average price fell to 13.2 yuan per square meter, down 24.7% [3][4]. Market Outlook - The float glass prices are expected to remain low until supply and demand are balanced, which may take time due to ongoing production capacity increases [2][4]. - The photovoltaic glass market is showing signs of recovery, but there may be pressure on prices as demand stabilizes and production ramps up [3][4]. Profitability Metrics - The company's gross margin for 2024 was 15.5%, down 9.5 percentage points year-on-year, primarily due to price declines in both float and photovoltaic glass [4][5]. - The net profit margin decreased to 1.7%, reflecting the impact of reduced gross margins and asset impairment losses totaling 257 million yuan [4][5]. Future Projections - The company is projected to recover with net profits of 829 million yuan, 1.1 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of 41.4% [4][5].

株洲旗滨集团股份有限公司 2024 年年度股东会会议资料 株洲旗滨集团股份有限公司 2024 年年度股东会会议资料 （二〇二五年五月十五日召开） 二〇二五年五月 * 为便于材料使用，议程议案等落款日期均使用会议召开当日日期 1 株洲旗滨集团股份有限公司 2024 年年度股东会会议资料 株洲旗滨集团股份有限公司 2024 年年度股东会会议议程 现场会议时间：2025 年 5 月 15 日 14 点 00 分 网络投票起止时间：自 2025 年 5 月 15 日至 2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 现场会议地点：公司会议室（具体地址：深圳市南山区桃源街道龙珠四路 2 号方大城 T1 栋 31 楼） 会议方式：现场投票和网络投票相结合的方式 主持人：董事长张柏忠先生 一、宣读参加股东会现场会议的股东（包括股东代理人）人数、持有和代表 的股份数； 二、宣布会议开幕； 三、宣读《会议须知 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.90 [8][9]. Core Views - The company reported a revenue of RMB 156.5 million and a net profit attributable to shareholders of RMB 3.8 million for 2024, showing a slight decline of 0.2% and a significant drop of 78.2% year-on-year, respectively. The performance was below expectations primarily due to asset impairment losses recognized in Q4 [1]. - In Q1 2025, the company achieved a revenue of RMB 34.8 million and a net profit of RMB 4.7 million, reflecting a year-on-year decrease of 9.7% in revenue but a growth of 6.4% in net profit, mainly due to non-recurring gains from asset disposals [1][4]. - The company has a competitive edge due to its scale and cost advantages, and its diversified development strategy is expected to enhance resilience during industry downturns [1][5]. Summary by Sections Financial Performance - In 2024, the company’s revenue from float glass, energy-saving glass, and photovoltaic glass was RMB 68.6 billion, RMB 24.3 billion, and RMB 57.5 billion, respectively, with photovoltaic glass showing a significant year-on-year growth of 68.6% [2]. - The gross margin for photovoltaic glass was under pressure, declining by 12.5 percentage points year-on-year to 9.0% in 2024, although it improved to 12.0% in Q1 2025 due to a rebound in prices [2]. Cash Flow and Expenses - The company’s operating cash flow in 2024 was RMB 9.1 billion, down 40.9% year-on-year, but improved to RMB 0.2 billion in Q1 2025, indicating a recovery in cash flow driven by rising photovoltaic glass prices [3]. Asset Management and Acquisitions - The increase in net profit in Q1 2025 was largely attributed to a non-recurring gain of RMB 4.7 billion from the disposal of non-current assets. The company plans to acquire the remaining 28.8% stake in its subsidiary, Qibin Energy, which is expected to enhance operational control and decision-making efficiency [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted upwards, with projected net profits of RMB 10.1 billion, RMB 9.5 billion, and RMB 13.6 billion, respectively. The target price is set at RMB 6.90, reflecting a price-to-book ratio of 1.3x for 2025 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 6.90 [8][9]. Core Views - The company reported a revenue of RMB 156.5 million and a net profit of RMB 3.8 million for 2024, showing a slight decline of 0.2% and a significant drop of 78.2% year-on-year, respectively. The underperformance was primarily due to asset impairment losses recognized in Q4 [1]. - In Q1 2025, the company achieved a revenue of RMB 34.8 million and a net profit of RMB 4.7 million, reflecting a year-on-year decrease of 9.7% in revenue but a growth of 6.4% in net profit, mainly attributed to non-recurring gains from asset disposals [1][4]. - The company maintains a competitive edge through scale and cost advantages, and its diversified development strategy enhances resilience during industry downturns [1]. Summary by Sections Financial Performance - For 2024, the company’s revenue from float glass, energy-saving glass, and photovoltaic glass was RMB 68.6 billion, RMB 24.3 billion, and RMB 57.5 billion, respectively. Photovoltaic glass saw a significant year-on-year increase of 68.6%, while float glass and energy-saving glass experienced declines of 24.3% and 12.7% [2]. - The gross margin for photovoltaic glass was under pressure, dropping by 12.5 percentage points year-on-year to 9.0%. However, the gross margin improved from 5.5% in Q4 2024 to 12.0% in Q1 2025 due to a rebound in photovoltaic glass prices [2]. Cash Flow and Expenses - The company’s operating cash flow for 2024 was RMB 9.1 billion, down 40.9% year-on-year, primarily due to increased working capital needs from new photovoltaic production lines. However, Q1 2025 saw an improvement in operating cash flow to RMB 0.2 billion, up RMB 3.4 billion year-on-year [3]. - The financial expense ratio increased slightly to 12.2% in 2024, with the rise attributed to increased borrowing costs related to new photovoltaic glass production lines [3]. Asset Management and Future Outlook - The net profit for Q1 2025 included a non-recurring gain of RMB 4.7 billion from the disposal of non-current assets. The company plans to acquire the remaining 28.8% stake in its subsidiary, Qibin Energy, which is expected to enhance operational control and decision-making efficiency [4]. - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of RMB 10.1 billion, RMB 9.5 billion, and RMB 13.6 billion, respectively, reflecting a 47% and 4% increase from previous estimates [5].