[Table_Page] 年报点评|玻璃玻纤 证券研究报告 [旗Table_滨Title] 集团（601636.SH） [公Tab司le_I评nves级t] 买入 当前价格 7.73元 看好公司光伏玻璃的增长与突破 合理价值 10.86元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 公司发布 2023 年年报及 2024 年一季度。23 年营收 156.8 亿，同比 [相Tab对le_P市icQ场uote表] 现 17.8%，归母17.5亿，同比33%；24Q1营收38.6亿，同比23.2%， 归母 4.4 亿，同比 292.3%。23 年公司拟分红 8.83 亿元，分红比例 2% 50.4%，按当前市值计算股息率约4.4%。 -7%05/23 07/23 09/23 10/23 12/23 02/24 04/24 ⚫ 浮法玻璃单位盈利韧性强，Q2行业供给存缩减预期。据公司财报，23 -16% -24% 年生产1.10亿重箱，销售1.14亿重箱，测算单箱收入79.5元，同比 -33% -1.1元，单箱成本57.9元，同比-4.2元，单箱毛利21.6元 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 15.683 billion yuan in 2023, a year-on-year increase of 17.80%, and a net profit attributable to shareholders of 1.751 billion yuan, up 32.98% year-on-year. In Q4 alone, revenue reached 4.498 billion yuan, marking a 29.48% increase year-on-year, with net profit soaring by 645.38% to 508 million yuan [3][5]. - The company’s product segments showed varied performance, with revenue from high-quality float glass, energy-saving building glass, ultra-white photovoltaic glass, and other functional glass reaching 906.6 million, 278.1 million, 341.2 million, and 23.7 million yuan respectively. Notably, ultra-white photovoltaic glass revenue surged by 114.13% year-on-year [3][4]. - The company’s production capacity for ultra-white photovoltaic glass has significantly increased, with production volume reaching 199.5 million square meters, a year-on-year increase of 178.67%, and sales volume up 201.72% [3][4]. Financial Summary - The company achieved a comprehensive gross margin of 24.99% in 2023, an increase of 3.77 percentage points year-on-year, driven by lower raw material prices and improved business structure [4][5]. - The company’s financial forecasts for 2024-2026 project net profits of 1.817 billion, 2.129 billion, and 2.451 billion yuan respectively, with corresponding price-to-earnings ratios of 11.1, 9.4, and 8.2 times [5][6]. - The company’s total assets as of December 31, 2023, were 33.64979 billion yuan, with net assets of 13.96536 billion yuan [2][5].

建筑材料/玻璃玻纤 公 司 研 旗滨集团（601636.SH） 浮法玻璃盈利稳健，光伏玻璃贡献成长 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/26 证 书编号：S0790520020003  浮法玻璃盈利显韧性，光伏玻璃逐步放量，维持“买入”评级 当前股价(元) 7.49 公司发布 2023 年年报及 2024 年一季报：2023 年实现收入 156.8 亿元，同比 公 一年最高最低(元) 10.35/5.21 +17.8%，实现归母净利 17.5 亿元，同比+33.0%，扣非归母净利 16.6 亿元，同 司 比+39.4%。其中2023Q4实现收入45.0亿元，环比+4.6%，归母净利5.1亿元， 信 总市值(亿元) 200.99 环比-14.9%，扣非归母净利5.3亿元，环比-8.6%。2024Q1实现营收38.6亿元， 息 流通市值(亿元) 200.99 同比+23.2%，归母净利4.4亿元，同比+292.3%，扣非归母净利4.2亿元，同比 更 总股本(亿股) 26.84 +543.1%。 ...

Investment Rating - The report maintains a "Buy" rating for Qibin Group (601636.SH) with a current price of 7.49 CNY [2] Core Views - Qibin Group's photovoltaic glass business is experiencing rapid growth, with continuous capacity expansion in new business areas [1][4] - The company achieved significant revenue and profit growth in 2023, with a projected revenue of 205 billion CNY for 2024, representing a year-on-year increase of 31% [4][5] - The report highlights the company's diversified glass business, including float glass, energy-saving building glass, and electronic and pharmaceutical glass, with varying performance across segments [5][6][7][9] Summary by Sections Revenue Performance - In 2023, Qibin Group reported revenues of 15.7 billion CNY, a year-on-year increase of 18%, with a net profit of 1.8 billion CNY, up 33% [4] - For Q1 2024, the company achieved revenues of 3.9 billion CNY, a 23% increase year-on-year, and a net profit of 440 million CNY, up 292% [5] Photovoltaic Glass Business - The photovoltaic glass segment saw revenues of 3.4 billion CNY in 2023, a 114% increase, with sales volume rising by 202% [8] - The company has expanded its photovoltaic glass production capacity to 8,200 tons per day, ranking among the top three in the industry [5] Float Glass Business - The float glass segment generated revenues of 9.1 billion CNY in 2023, a 4% increase, with sales volume up 6% [6] - The unit cost of float glass decreased by 7%, contributing to improved profitability, with a gross margin of approximately 27.2% [6] Energy-Saving Building Glass Business - The energy-saving building glass segment reported revenues of 2.8 billion CNY, an 8% increase, with a gross margin of 20.7% [7] Electronic and Pharmaceutical Glass Business - The electronic glass segment faced challenges due to increased competition, leading to a decline in profitability [9] - The pharmaceutical glass segment also experienced losses due to price declines amid expanding domestic capacity [9] Financial Forecasts - The report adjusts the net profit forecasts for 2024 and 2025 to 2.18 billion CNY and 2.43 billion CNY, respectively, reflecting a downward adjustment of 46% and 54% [9][10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Views - The company's dual main businesses of float glass and photovoltaic glass have entered a stable phase, with Q1 performance showing year-on-year improvement [1]. - The 2023 revenue reached 15.683 billion, a year-on-year increase of 17.80%, while the net profit attributable to shareholders was 1.751 billion, up 32.98% year-on-year [1]. - In Q1 2024, the company achieved revenue of 3.857 billion, a year-on-year increase of 23.20%, and a net profit of 442 million, reflecting a significant year-on-year growth of 292.30% [1]. Financial Performance Summary - **2023 Financials**: - Total revenue: 15.683 billion, up 17.80% year-on-year - Net profit: 1.751 billion, up 32.98% year-on-year - Float glass sales volume: 11.4 million heavy boxes, up 599 thousand heavy boxes year-on-year - Photovoltaic glass sales volume: 19.4 million square meters, up 201.7% year-on-year [1][2]. - **Q1 2024 Financials**: - Revenue: 3.857 billion, up 23.20% year-on-year - Net profit: 442 million, up 292.30% year-on-year - Sales gross margin: 26.1%, up 12.7 percentage points year-on-year [1][2]. Business Segment Performance - **Float Glass**: - Revenue: 9.07 billion, up 4.0% year-on-year - Gross margin: 27.2%, up 4.2 percentage points year-on-year [1]. - **Photovoltaic Glass**: - Revenue: 3.41 billion, up 114.1% year-on-year - Gross margin: 21.6%, up 13.5 percentage points year-on-year - Despite a decrease in price per square meter by 7.2 yuan to 17.6 yuan, the company achieved a gross profit increase of 1.8 yuan per square meter [1]. Capacity Expansion and Future Outlook - The company has established a photovoltaic glass production capacity of 8,200 tons/day, ranking among the top three in the industry. An additional 3 production lines (totaling 3,600 tons/day) are expected to be operational in 2024, increasing total capacity to 11,800 tons/day [1]. - The company is also expanding into electronic glass and pharmaceutical glass, with ongoing projects to enhance production capabilities [1]. Valuation and Price Target - The report adjusts the EPS forecast for 2024-2025 to 0.72/0.87 yuan per share, with a new 2026 EPS forecast of 0.97 yuan per share. The target price is set at 8.64 yuan, based on a 12x PE for 2024 [1][2].

公司也是发布了年报从收入和利润的角度都是符合预期的然后QE的情况也非常不错我们今天非常荣幸的邀请到了公司的副总董秘邓总以及投关崔总给大家做一个交流首先我们还是请邓总就年报和季报的一些主要的情况先跟大家做一个简单的介绍再进行问答交流 各位投资者大家好昨天晚上我们披露了2023年度的以及24年QE的报告业绩的完成结果跟公司的业绩预告基本上是一致的非常感谢我们追风电台团队支持本次业绩收入会 下面我就这年报跟季报的经营情况还有大家关注的一些事项做个简要的汇报首先我们把公司业务板块所出的这个行业我们23年做一个做一个回顾吧第一个板块就是扶法跟节能板块 二三年受益于房地产行业保交流政策的进攻需求还有一个是加装玻璃需求的这种利好建筑玻璃需求在那表现比较强劲比较前期建筑玻璃产的二二年二二年到二三年上半年一个次发生的出清过程同期的同比的产量了减少较多行业的紧急度 有回升库存的应该23年一直处在低位加之主要延燃料的价格来有所降低这个我后面会在分析经营数据的时候再跟大家再分析所以毛利率就是提高提高很快所以营运能力也行整个行业的营运能力都得到了提升建筑玻璃 板块的就是收地产的开工量跟房地产企业他们持续爆雷所以订单也不是很充分加上扶法 ...

| 证券代码：601636 | 证券简称：旗滨集团 | 公告编号：2024-045 | | --- | --- | --- | | 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 关于子（孙）公司通过高新技术企业认定的公告 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。 根据全国高新技术企业认定管理工作领导小组办公室下发的《对浙江省认定 机构 2023 年认定报备的高新技术企业拟进行备案的公示》《对天津市认定机构 2023 年认定报备的第二批高新技术企业拟进行备案的公示》《对湖南省认定机 构 2023 年认定报备的第二批高新技术企业拟进行备案的公示》，株洲旗滨集团 股份有限公司（以下简称"公司"）全资子公司长兴旗滨玻璃有限公司（以下简 称"长兴旗滨"）、绍兴旗滨玻璃有限公司（以下简称"绍兴旗滨"）于近日收 到了由浙江省科学技术厅、浙江省财政厅、国家税务总局浙江省税务局联合颁发 的《高新技术企业证书》；公司全资子公司天津旗滨节能玻璃有限公司（以下简 称"天津节能"）于近日收到了由天津市科学技 ...

公司报告 | 年报点评报告 光伏玻璃盈利能力接近龙头水平，看好公司未来成长 事件：公司发布 23 年年报，23fy 实现营收/归母净利/扣非归母净利 156.8/17.5/16.6 亿元，yoy+17.8/+33%/+39.4%，24Q1 单季营收/归母净利 38.6/4.4 亿元，yoy+23%/+292%。公司计划 23 年现金分红金额 8.83 亿元（含 税），分红比例为 50.4%，对应 4 月 25 日收盘股息率为 4.5%。 光伏玻璃盈利能力大幅提升，电子/药用玻璃亏损加大 分业务看，浮法/节能玻璃 23FY 实现营收 90.66/27.8 亿元，yoy+4%/+8%， 公司披露口径下，浮法/节能玻璃单位售价 79.5 元/重箱、71 元/平米， yoy-1%/+8%，浮法/ 节 能玻 璃 销量 11402 万重 箱 、3919 万平 米， yoy+5.5%/+1%。光伏玻璃实现营收 34 亿元，同比增长 114%，我们认为， 营收增加主要受益于新增 6000 吨的名义产能。其他玻璃方面（原药用+电 子口径）实现营收 2.4 亿元，同比下降 8%，主要系下游竞争激烈价格有所 下降所致。 盈利方面， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 15.683 billion yuan in 2023, a year-on-year increase of 17.8%, and a net profit attributable to shareholders of 1.751 billion yuan, up 33.0% year-on-year [8] - The profitability of float glass shows resilience, while photovoltaic glass is accelerating in volume [9][10] - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, with a cash dividend payout ratio of 50.44% [8] Summary by Sections Financial Performance - In Q4 2023 and Q1 2024, the company achieved revenues of 4.498 billion yuan and 3.857 billion yuan, respectively, with year-on-year growth of 29.5% and 23.2% [8] - The float glass segment saw a 6% increase in sales volume in 2023, with a gross profit per box of 21.6 yuan, up 3.1 yuan year-on-year [9] - The photovoltaic glass segment sold 19.408 million square meters in 2023, a 201.7% increase, generating revenue of 3.412 billion yuan, up 114.1% year-on-year, with a gross margin of 21.5%, an increase of 12.3 percentage points [9][10] Cost and Expenses - The company's expense ratio for 2023 was 11.1%, an increase of 1.1 percentage points year-on-year, with financial expenses rising by 142 million yuan due to increased borrowing and reduced foreign exchange gains [10] - The asset impairment loss for 2023 was 153 million yuan, primarily due to inventory write-downs and fixed asset impairments [10] Capital Expenditure and Growth - The company maintained strong capital expenditure, with cash payments for fixed assets and other long-term assets of 17.13 billion yuan and 11.79 billion yuan in Q4 2023 and Q1 2024, respectively, reflecting ongoing investment in photovoltaic and electronic glass segments [10] - The photovoltaic glass segment is expected to become a new growth driver, with revenue contribution increasing to 23.3% in 2023, and a gross profit of 756 million yuan, up 287% year-on-year [11] Profit Forecast and Investment Outlook - The company is expected to maintain excess profits in the float glass segment due to cost advantages from resource reserves and raw material procurement [12] - The forecast for net profit attributable to shareholders is 1.95 billion yuan for 2024 and 1.97 billion yuan for 2025, with a new forecast of 2.61 billion yuan for 2026 [12] - The closing price on April 25 corresponds to a P/E ratio of 10, 10, and 8 times for the years 2024, 2025, and 2026, respectively, maintaining an "Accumulate" rating [12]

股 票 研 究 [Table_industryInfo] 建材/原材料 [ Table_Main[旗ITnaf 滨bol]e 集_Ti团tle]( 601636) [评Tab级le_：Inv est] 增持 上次评级： 增持 浮法高盈利延续，光伏玻璃规模效应显现 目标价格： 10.06 上次预测： 12.32 公 ——2023年报及2024 年一季报业绩点评 当前价格： 7.40 司 鲍雁辛(分析师) 杨冬庭(分析师) 花健祎(分析师) 2024.04.26 更 0755-23976830 0755-23976166 0755-23976858 [交Ta易bl数e_M据a rket] 新 baoyanxin@gtjas.com yangdongting@gtjas.com huajianyi@gtjas.com 证书编号 S0880513070005 S0880522080004 S0880521010001 52周内股价区间（元） 5.42-11.00 报 总市值（百万元） 19,858 告 本报告导读： 总股本/流通A股（百万股） 2,684/2,684 流通 B股/H股（百万股） 0/0 公司 2023 ...