Zhuzhou Kibing (SH:601636) KAIYUAN SECURITIES·2024-09-02 11:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][6] Core Views - The profitability of photovoltaic glass has improved, while float glass remains under pressure. The company reported a revenue of 7.912 billion yuan for H1 2024, a year-on-year increase of 14.92%, and a net profit attributable to shareholders of 811 million yuan, up 25.35% year-on-year [5][6] - The company has adjusted its profit forecasts for 2024-2026 due to continued downward pressure on float glass prices, expecting net profits of 1.59 billion, 1.85 billion, and 1.92 billion yuan for 2024, 2025, and 2026 respectively [5][6] - The company has a strong growth in photovoltaic glass sales, with H1 2024 production of approximately 213 million square meters and sales of about 185 million square meters, generating revenue of 2.901 billion yuan [6] Financial Performance Summary - In H1 2024, the company achieved a gross margin of approximately 24.28%, an increase of 3.62 percentage points year-on-year, while the gross margin for Q2 2024 was about 22.56%, a decrease of 4.14 percentage points year-on-year [6] - The company has 24 high-quality float glass production lines with a daily capacity of 16,600 tons and 9 photovoltaic glass production lines with a daily capacity of 10,600 tons, ranking second in float glass capacity and third in photovoltaic glass capacity in the industry [6] - The company's operating cash flow for H1 2024 was -52 million yuan, a year-on-year decrease of 114.69%, primarily due to increased operating assets such as receivables and inventory [7]