Zhuzhou Kibing (SH:601636) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company faced significant revenue and profit declines in 2024, with a challenging outlook for 2025 due to industry competition and market conditions [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 15.649 billion yuan, a year-on-year decrease of 0.21% [1]. - The net profit attributable to shareholders was 383 million yuan, down 78.15% year-on-year [1]. - The non-recurring net profit was 289 million yuan, a decline of 82.63% year-on-year [1]. - For Q1 2025, revenue was 3.484 billion yuan, a decrease of 9.68% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 470 million yuan, an increase of 6.38% year-on-year [1]. - The non-recurring net profit for Q1 2025 was -3 million yuan, a decline of 100.74% year-on-year [1]. Group 2: Business Segment Analysis - The float glass business revenue decreased by 24.32% in 2024 due to weak demand from the real estate sector, with a gross margin decline of 6.40 percentage points [2]. - The average price of photovoltaic glass in 2024 was 25.16 yuan per square meter, down 1.21 yuan per square meter, a decrease of 4.61% [2]. - The average price of soda ash in 2024 was 1989 yuan per ton, down 756 yuan per ton, a decline of 27.54% [2]. - The photovoltaic gross margin for 2024 was 9.01%, down 12.54 percentage points [2]. - The processing and other glass business saw a revenue increase of 27.23%, but the gross margin declined by 34.80 percentage points [2]. Group 3: Market Conditions and Future Outlook - The float glass price decreased by 28.02% year-on-year due to a 14.3% decline in construction completions [3]. - The photovoltaic glass price dropped by 21.18% year-on-year in Q1 2025 due to intense industry competition [3]. - The company expects net profits for 2025-2027 to be 577 million, 243 million, and 443 million yuan, with year-on-year growth rates of 50.86%, -57.94%, and 82.41% respectively [3]. - The latest closing price corresponds to a three-year PE of 25x, 59x, and 32x [3].