Zhuzhou Kibing (SH:601636) GOLDEN SUN SECURITIES·2024-08-31 09:37Investment Rating - The report maintains a "Buy" rating for Qibin Group (601636.SH) [4] Core Views - The company reported a revenue of 7.91 billion yuan for the first half of 2024, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 810 million yuan, up 25.3% year-on-year. However, the second quarter saw a revenue of 4.05 billion yuan, an 8.0% increase year-on-year, but a net profit decline of 30.9% [1] - The float glass segment is facing challenges due to supply-demand imbalance, with construction area down 21.8% year-on-year, leading to a price drop of 3.2% for the first half of the year. The average price in Q2 was 1,698.3 yuan/ton, down 18.0% year-on-year [1] - The photovoltaic glass segment shows potential with cost control and increased production capacity, achieving a gross margin of 21.2% in the first half of the year. However, demand has weakened since July, leading to price declines [2] Summary by Sections Float Glass - The float glass segment experienced a revenue decline of 10.0% year-on-year to 3.71 billion yuan, with sales volume down 9.1% to 48.82 million heavy boxes. The gross margin fell to 28.4% [1] - The average price per box decreased by 1.1% year-on-year to 76.0 yuan, with Q2 revenue at 1.99 billion yuan, a 15.4% increase from Q1, but with a price drop of 10.9% [1] Photovoltaic Glass - The company has increased its production capacity to 10,600 tons/day, ranking among the top three in the industry. The photovoltaic glass segment achieved sales of 1.85 million square meters and revenue of 2.90 billion yuan [2] - The gross margin for photovoltaic glass reached 21.2%, with a Q2 margin of 23.3%, reflecting significant cost control measures [2] Financial Projections - The report adjusts profit expectations, forecasting net profits of 1.15 billion yuan, 1.58 billion yuan, and 1.75 billion yuan for 2024-2026, with a compound annual growth rate of 23.2% [2]