Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][9]. Core Insights - In Q1 2024, the company achieved operating revenue of RMB 5.73 billion, representing a year-on-year growth of 6.7% and a quarter-on-quarter growth of 1.5%. The net profit attributable to the parent company was RMB 760 million, with a year-on-year growth of 48.6% [6][9]. - The gross profit margin for Q1 2024 was 21.5%, showing a year-on-year increase of 3 percentage points, primarily due to lower costs from declining prices of soda ash and natural gas [6][9]. - The company expects to ignite new production capacity in 2024, which will support sustained performance growth. The total capacity is projected to reach 30,200 tons per day by the end of 2024 [8][9]. Financial Summary - The company reported a net profit margin of 13.2% in Q1 2024, with a year-on-year increase of 3.7 percentage points [6]. - The forecasted net profit attributable to the parent company for 2024-2026 is RMB 3.936 billion (-5.6%), RMB 4.934 billion (-4.8%), and RMB 5.762 billion (-4.8%) respectively [9]. - The target price has been revised from HKD 27.25 down by 12.3% to HKD 23.91 based on a DCF valuation model [9]. Market Dynamics - The price of photovoltaic glass has declined, while overall inventory continues to grow, indicating significant supply and demand pressures [7][9]. - The company’s production of photovoltaic glass remained stable in Q1 2024, with a slight increase in sales volume and a decrease in inventory by 23.7% compared to the end of 2023 [8][9].
福莱特玻璃：24Q1光伏玻璃销量实现持续增长，新增产能加快释放