凯盛新能：光伏玻璃景气承压，静待转机

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant decline in revenue and profitability in Q3 2024, with a total revenue of 7.2 billion yuan, down 63% year-on-year, and a net loss of 1.9 billion yuan [2][6] - The photovoltaic glass business is experiencing pressure on both volume and price, leading to a substantial decrease in revenue and profitability [6] - The company is undergoing a strategic transformation focusing on photovoltaic glass and thin-film battery businesses, with growth prospects expected to improve as new capacities come online [6] Financial Performance Summary - For the first three quarters of 2024, the company generated revenue of 36.9 billion yuan, a year-on-year decrease of 22%, and a net loss of 2.5 billion yuan [2][6] - The average price of 2mm photovoltaic coated glass in Q3 2024 was 13.7 yuan, down 25% year-on-year [6] - The company's gross margin in Q3 2024 was -18.8%, reflecting a significant decline compared to previous periods [6] Future Projections - Revenue projections for 2024-2026 are 76 billion yuan, 92 billion yuan, and 111 billion yuan, respectively, with year-on-year growth rates of 16%, 20%, and 20% [6][7] - Expected net profits for the same period are 2.3 billion yuan, 2.9 billion yuan, and 3.8 billion yuan, with a notable recovery anticipated in 2025 and 2026 [6][7] Market Position and Strategy - The company is positioned as a key player in the new energy materials sector, with a focus on photovoltaic glass and thin-film batteries, supported by its integration with the China National Building Material Group [6] - The company is expected to benefit from economies of scale and cost advantages as new production capacities are established [6]