Core Viewpoint - The company reported a significant decline in revenue and profit for 2024, primarily due to oversupply in the photovoltaic glass industry, leading to price drops and reduced margins [1] Financial Performance - In 2024, the company achieved operating revenue of 18.683 billion, a year-on-year decrease of 13.20% [1] - The net profit attributable to shareholders was 1.007 billion, down 63.52% year-on-year [1] - The non-recurring net profit was 1.015 billion, a decline of 62.32% year-on-year [1] - In Q4 2024, operating revenue was 4.079 billion, down 27.67% year-on-year but up 4.37% quarter-on-quarter [1] - The net profit attributable to shareholders in Q4 was -289 million, a year-on-year decrease of 136.54% and a quarter-on-quarter decrease of 42.40% [1] Industry Dynamics - The photovoltaic glass industry is experiencing a phase of oversupply, leading to sustained price declines and pressure on profitability [1] - In 2024, the company's photovoltaic glass sales volume was 1.265 billion square meters, a year-on-year decrease of 3.7%, with revenue from this segment at 16.816 billion, down 14.54% year-on-year [1] - The gross margin for the photovoltaic glass business was 15.64%, a decrease of 6.81 percentage points year-on-year [1] Market Outlook - In March, photovoltaic glass prices increased, which is expected to aid in profit recovery [2] - The supply side is seeing accelerated cold repairs of older production capacities due to shrinking profits, while new investment projects are being postponed or canceled [2] - Demand is increasing, with a 35% month-on-month rise in component production in March, and further growth expected in April [2] - The company has a total production capacity of 19,400 tons/day, with 2,600 tons/day currently under cold repair, and plans to start operations in new projects based on market conditions [2] Investment Projections - Revenue projections for 2025-2027 are 20.371 billion, 23.619 billion, and 27.551 billion, with corresponding growth rates of 9.0%, 15.9%, and 16.6% [3] - Net profit projections for the same period are 1.085 billion, 1.811 billion, and 2.771 billion, with growth rates of 7.7%, 67.0%, and 53.0% respectively [3] - The company is positioned as a leading player in the photovoltaic glass industry, with expectations of profit stabilization and recovery as supply-demand pressures ease [3]
福莱特(601865):盈利短期承压 玻璃价格上涨有望促进盈利修复