旗滨集团：2024年三季报点评：浮法、光伏玻璃景气承压，静待供给进一步出清

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a total revenue of 11.6 billion yuan and a net profit attributable to shareholders of 699 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.7% in revenue but a decrease of 43.8% in net profit [1] - In Q3, the company experienced a revenue decline of 14.2% year-on-year and a net profit loss of 112 million yuan, indicating significant pressure from falling prices in the float and photovoltaic glass segments [1] - The report highlights that the company's operating cash flow performance is better than profit, indicating a cash cost advantage and a slowdown in capital expenditure [1] Summary by Sections Financial Performance - For Q3, the company's revenue was 3.689 billion yuan with a gross margin of 7.7%, down 20.0 percentage points year-on-year [1] - The net profit margin for Q3 was -4.7%, a decrease of 18.8 percentage points year-on-year [1] - The company’s total revenue forecast for 2024 is 16.4 billion yuan, with a projected net profit of 604 million yuan, reflecting a significant decline from previous estimates [1] Cash Flow and Capital Expenditure - The net cash flow from operating activities in Q3 was 350 million yuan, a year-on-year increase of 34.3% [1] - Capital expenditures in Q3 amounted to 650 million yuan, a decrease of 48.3% year-on-year, indicating a slowdown in capital spending [1] - The company’s inventory at the end of Q3 was 2.862 billion yuan, showing a slight decrease from the previous quarter [1] Market Outlook - The report notes that the supply of float and photovoltaic glass is expected to clear, with potential for improvement in market conditions as industry overcapacity is addressed [1] - The company’s diversified industrial layout and international strategy are seen as competitive advantages that may lead to excess profits once the supply-demand imbalance is resolved [1]