Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a total revenue of 11.6 billion yuan and a net profit attributable to shareholders of 699 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.7% in revenue but a decrease of 43.8% in net profit [1] - In Q3, the company experienced a revenue decline of 14.2% year-on-year and a net profit loss of 112 million yuan, indicating significant pressure from falling prices in the float and photovoltaic glass segments [1] - The report highlights that the company's operating cash flow performance is better than profit, indicating a cash cost advantage and a slowdown in capital expenditure [1] Summary by Sections Financial Performance - For Q3, the company's revenue was 3.689 billion yuan with a gross margin of 7.7%, down 20.0 percentage points year-on-year [1] - The net profit margin for Q3 was -4.7%, a decrease of 18.8 percentage points year-on-year [1] - The company’s total revenue forecast for 2024 is 16.4 billion yuan, with a projected net profit of 604 million yuan, reflecting a significant decline from previous estimates [1] Cash Flow and Capital Expenditure - The net cash flow from operating activities in Q3 was 350 million yuan, a year-on-year increase of 34.3% [1] - Capital expenditures in Q3 amounted to 650 million yuan, a decrease of 48.3% year-on-year, indicating a slowdown in capital spending [1] - The company’s inventory at the end of Q3 was 2.862 billion yuan, showing a slight decrease from the previous quarter [1] Market Outlook - The report notes that the supply of float and photovoltaic glass is expected to clear, with potential for improvement in market conditions as industry overcapacity is addressed [1] - The company’s diversified industrial layout and international strategy are seen as competitive advantages that may lead to excess profits once the supply-demand imbalance is resolved [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.77 CNY and projected dynamic PE ratios of 25, 18, and 14 for the years 2024, 2025, and 2026 respectively [5][3]. Core Views - The company reported a revenue of 11.6 billion CNY for the first three quarters of 2024, a year-on-year increase of 3.72%, but a significant decline in net profit attributable to shareholders by 43.77% to 699 million CNY [1]. - The float glass segment is under pressure with both volume and price facing challenges, leading to a substantial increase in inventory levels and a decrease in average prices [2]. - The photovoltaic glass prices have been declining month by month, with a notable reduction in production capacity as companies respond to the oversupply situation [3]. - The company is expected to benefit from cost advantages in float glass and photovoltaic glass, with a focus on the supply-side policies that may help clear excess capacity in the industry [3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 16.1 billion CNY, with a net profit attributable to shareholders of 720 million CNY, reflecting a significant decrease of 58.9% compared to 2023 [4][6]. - The gross margin is expected to decline significantly, with the overall gross margin for Q3 2024 reported at 7.69%, down 20.01 percentage points year-on-year [1][2]. - The company’s financial metrics indicate a challenging outlook, with net profit margins and return on assets expected to decrease in the coming years [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next six months [7]. Core Views - The company reported a revenue of 11.6 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.7%, but the net profit attributable to shareholders decreased by 43.8% to 700 million yuan [1]. - The third quarter saw a significant decline in revenue and profit, with a revenue of 3.69 billion yuan, down 14.2% year-on-year, and a net loss of 110 million yuan, a drop of 118.8% year-on-year [1]. - The report highlights that while the float glass market is showing signs of recovery, the photovoltaic glass prices remain at a low point, indicating a longer timeline for profit recovery [5]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 19.0%, down 4.4 percentage points year-on-year, with a significant drop in the third quarter gross margin to 7.7%, down 20.0 percentage points year-on-year [4]. - The company’s net profit margin for the first three quarters was 5.9%, a decrease of 5.2 percentage points year-on-year, with a net loss margin of -4.7% in Q3 [4]. - The report projects net profits for 2024-2026 to be 643 million yuan, 954 million yuan, and 1.127 billion yuan respectively, with a compound annual growth rate of 32.4% [5]. Industry Insights - The float glass market experienced a consumption decline of 2.1% year-on-year in Q3 2024, while production increased by 2.4% year-on-year [2]. - The average price of float glass in Q3 was 1405.2 yuan/ton, down 31.0% year-on-year, but has shown a recovery to 1337.38 yuan/ton by the end of October [2]. - The photovoltaic glass market is facing challenges with prices dropping significantly, but potential supply-side reforms may lead to price recovery in the future [3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,688,534,018.85, a decrease of 14.21% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥112,092,767.65, representing a decline of 118.80% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥136,687,958.40, down 123.77% from the previous year[2]. - The basic earnings per share for Q3 2024 was -¥0.0420, a decline of 118.87% year-on-year[3]. - The diluted earnings per share for Q3 2024 was -¥0.0350, down 116.11% from the previous year[3]. - The net profit for Q3 2024 is approximately CNY 688.48 million, a decrease of 44.83% compared to CNY 1.25 billion in Q3 2023[20]. - The total profit for Q3 2024 is CNY 745.62 million, down from CNY 1.41 billion in the same period last year, representing a decline of 47.16%[20]. - The basic earnings per share for Q3 2024 is CNY 0.2621, compared to CNY 0.4642 in Q3 2023, reflecting a decrease of 43.5%[21]. - Total revenue from sales of goods and services for the first three quarters of 2024 is CNY 7.88 billion, down from CNY 8.03 billion in the previous year, indicating a decline of 1.88%[22]. - The total comprehensive income for Q3 2024 is CNY 793.60 million, a decrease of 36.25% from CNY 1.24 billion in Q3 2023[21]. Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was ¥350,169,786.51, a decrease of 34.31% compared to the same period last year[2]. - The net cash inflow from operating activities for the year-to-date was ¥298,519,244.40, a significant decrease of 66.25% year-on-year[3]. - The company reported that the cash flow from sales was impacted by the use of bills for payment, with actual operating cash inflow adjusted to ¥10.48 billion after accounting for bill endorsements[4]. - The company's cash and cash equivalents decreased to CNY 2,822,725,151.04 as of September 30, 2024, down from CNY 3,691,678,131.94 at the end of 2023, a decline of about 23.5%[16]. - Cash flow from operating activities for the first three quarters of 2024 is CNY 298.52 million, a significant drop from CNY 884.57 million in the same period of 2023[22]. - Cash and cash equivalents at the end of Q3 2024 amount to CNY 2.67 billion, compared to CNY 2.43 billion at the end of Q3 2023, showing an increase of 9.88%[23]. - The company reported a net cash outflow from investing activities of approximately CNY 3.58 billion for the first three quarters of 2024, slightly improved from CNY 3.68 billion in the same period of 2023[23]. - The company incurred a total of CNY 5.21 billion in cash inflows from financing activities in the first three quarters of 2024, up from CNY 4.04 billion in the same period last year, representing an increase of 29.05%[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 128,857[8]. - The largest shareholder, Fujian Qibin Group Co., Ltd., holds 681,172,979 shares, representing 25.38% of total shares[9]. - Shareholder Yu Qibin owns 381,423,500 shares, accounting for 14.21% of total shares[9]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for over 40%[9]. - Ningbo Qibin Investment Co., Ltd. increased its holdings from 0 shares at the beginning of the year to 14,090,400 shares, representing 0.53%[10]. - The company has established employee stock ownership plans, including the fifth phase of the long-term development plan[10]. - There are no reported changes in the top ten shareholders due to securities lending or borrowing activities[12]. - The total shares held by the China Agricultural Bank Co., Ltd. - CSI 500 ETF increased to 29,528,933, representing 1.10% of total shares[11]. - The company has no reported related party transactions among the top shareholders, ensuring compliance with regulations[10]. - The shareholder structure indicates a concentrated ownership, which may impact corporate governance and decision-making processes[9]. Operational Changes and Investments - The company approved a cash dividend of 3.30 CNY per 10 shares, totaling 877,129,839.63 CNY distributed to shareholders[13]. - The company completed the sale of assets for 89,352.82 million CNY, receiving 55,676.41 million CNY, which is 62.31% of the total transaction amount[13]. - The company increased its stake in Hunan Qibin Electronic Glass Co., Ltd. from 68.0796% to 88.8652% by acquiring 20.7856% of the shares for 18,956.45 million CNY[14]. - The company also increased its ownership in Fujian Qibin Pharmaceutical Materials Technology Co., Ltd. from 91.9608% to 98.9976% by acquiring 7.0368% of the shares for 2,054.74 million CNY[14]. - The company reported that 1,524,000.00 CNY of "Qibin Convertible Bonds" were converted into A-shares, totaling 121,095 shares, which is 0.004513% of the total shares[14]. - The company plans to relocate glass deep processing equipment by June 2024 as part of its asset disposal strategy[13]. - The company has initiated a shareholding plan for its partners, adjusting the total shares held to 7,562.320 million shares[14]. - The company’s new production line in Shaoxing is scheduled to commence commercial operations in February 2024[13]. - The company has terminated the plan for the spin-off listing of its subsidiary Hunan Qibin Electronic Glass Co., Ltd. on the Shenzhen Stock Exchange[13]. - The company received 11,000 million CNY as part of the asset disposal progress payment, representing 12.31% of the total transaction amount[13]. Cost and Expense Analysis - Total operating costs increased to CNY 10,963,870,120.09 in 2024 from CNY 9,884,127,679.89 in 2023, reflecting a rise of about 10.9%[19]. - Research and development expenses rose to CNY 480,783,549.98 in 2024, compared to CNY 412,662,334.30 in 2023, indicating an increase of approximately 16.5%[19]. - Inventory levels increased significantly to CNY 2,861,671,360.13 in 2024 from CNY 2,013,055,432.81 in 2023, marking a growth of approximately 42.3%[16]. - Short-term borrowings surged to CNY 858,367,294.07 in 2024 from CNY 352,911,296.56 in 2023, representing a significant increase of approximately 143%[16]. - Long-term borrowings rose to CNY 10,553,250,849.67 in 2024, up from CNY 8,062,616,628.23 in 2023, indicating an increase of about 30.9%[17]. - The company's total liabilities increased to CNY 20,632,671,080.15 in 2024 from CNY 16,982,341,513.69 in 2023, reflecting a growth of approximately 21.5%[17]. - The equity attributable to shareholders decreased slightly to CNY 13,491,884,277.24 in 2024 from CNY 13,549,441,532.99 in 2023, a decline of about 0.4%[17].

| 证券代码：601636 | 证券简称：旗滨集团 公告编号：2024-110 | | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | 株洲旗滨集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 7 日(星期四)上午 11:00-12:00； （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com）； （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司总裁凌根略先生、财务总监杜海先生、董事会秘书邓凌云先生、独立董 事郜卓先生（如遇特殊情况，参会人员将可能进行调整）。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； 会议召开方式：上证路演中心网络互动； 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 6 日( ...

| 证券代码：601636 | 证券简称：旗滨集团 公告编号：2024-109 | | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | 株洲旗滨集团股份有限公司 关于理财产品投资的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次理财产品投资内容：收回到期理财产品 39,000 万元；办理购买理 财产品 83,000 万元 本次购买理财产品的受托方：中国光大银行股份有限公司株洲文化路支 行、中国光大银行股份有限公司深圳华丽支行、中国工商银行股份有限公司株洲 醴陵支行、浙商银行股份有限公司深圳宝安支行、中国建设银行股份有限公司醴 陵支行、交通银行股份有限公司株洲醴陵支行、中国民生银行股份有限公司上海 自贸试验区分行营业部、招商银行股份有限公司深圳分行深圳新时代支行、中国 建设银行股份有限公司漳州东山支行营业部、中国民生银行股份有限公司株洲支 行营业部、平安银行股份有限公司宁波分行营业部、中国银行股份有限公司深圳 前海支行 本次委托理财金额：收回到期理财产品金额为人民 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2024-108 株洲旗滨集团股份有限公司 2024 年第二次临时股东大会决议公告 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,884 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,247,627,322 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 46.6992 | | 份总数的比例（%） | | （四） 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召集人是公司董事会，公司董事长张柏忠先生主持本次会议。 会议采用现场投票与网络投票相结合的表决方式。本次会议的召集、召开及表决 符合《公司法》《证券法》和《公司章程》的有关规定。 （五） 公司董事、监事和董事会秘书的出席情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一） 股东大 ...

法律意见书 北京大成（广州）律师事务所 关于株洲旗滨集团股份有限公司 2024 年第二次临时股东大会的 guangzhou.dachenglaw.com 广州市天河区珠江新城珠江东路 6 号广州周大福金融中心 14 层、15 层（510623） 14/F,15/F CTF Finance Centre No 6 Zhujiang East Road Tianhe District 510623, Guangzhou, China Tel:+8620-85277000 Fax:+8620-85277002 2024 年第二次临时股东大会的法律意见书 致：株洲旗滨集团股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东大会规则》（以下简称"《股东大会规则》"）等法律、法规和其他有关规范 性文件的要求，北京大成（广州）律师事务所（以下简称"本所"）接受株洲旗滨 集团股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2024 年第二 次临时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对 ...

本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 证券代码：601636 证券简称：旗滨集团 公告编号：2024-107 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于召开 2024 年第二次临时股东大会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2024年10月15日 公司已于2024年9月30日在上交所网站（http://www.sse.com.cn）及《中 国证券报》《上海证券报》《证券日报》和《证券时报》上刊登了《旗滨集团关于 召开2024年第二次临时股东大会的通知》（公告编号：2024-103），本次股东大会 采用现场投票和网络投票相结合的方式召开，现将有关事项再次提示如下： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次理财产品投资内容：收回到期理财产品 37,000 万元；办理购买理 财产品 13,000 万元 本次购买理财产品的受托方：厦门银行股份有限公司漳州漳浦支行、中 国民生银行股份有限公司株洲芦淞支行、中国光大银行股份有限公司深圳华丽支 行 本次委托理财金额：收回到期理财产品金额为人民币 37,000 万元；办 理购买理财产品金额为人民币 13,000 万元 证券代码：601636 证券简称：旗滨集团 公告编号：2024-106 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于理财产品投资的进展公告 购买的理财产品名称：厦门银行漳州旗滨玻璃有限公司定制型、中国民 生银行聚赢利率-挂钩中债 10 年期国债到期收益率结构性存款（SDGA241804Z）、 中国光大银行 2024 年挂钩汇率对公结构性存款月月存第 1 期产品 10、中国光大 银行 2024 年挂钩汇率对公结构性存款月月存第 2 期产品 10 购买的理财期限：分别为 30 天、 ...