南玻A：景气承压，盈利稳定性体现

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 11.837 billion, a year-on-year decrease of 12.2%, and a net profit attributable to shareholders of 786 million, down 46.4% year-on-year for the first three quarters of 2024 [3][4]. - In Q3, the company achieved a revenue of 3.758 billion, a year-on-year decline of 26.2%, with a net profit of 53 million, down 90.8% year-on-year [3][4]. - The company's gross profit margin for the first three quarters was 19.1%, a decrease of 3.7 percentage points year-on-year, primarily due to the decline in downstream demand [4]. - The company has demonstrated operational resilience despite the challenging market conditions, particularly in the glass industry and consumer electronics [4][5]. Financial Performance - The company expects to achieve a net profit of 800 million in 2024, corresponding to a PE ratio of 21 times [6]. - The financial forecast indicates a total revenue of 17.244 billion for 2024, with a gross profit of 2.977 billion, reflecting a gross margin of 17% [10]. - The company has a total asset value projected to reach 31.909 billion by 2024, with a debt-to-asset ratio of 51.9% [10]. Business Development - The company is expanding its photovoltaic glass production capacity, with ongoing projects expected to significantly enhance its production capabilities [5]. - The company has established a complete industrial chain in energy-saving glass, electronic glass, and solar photovoltaic products, which strengthens its competitive advantage [5]. - As of June 30, 2024, the company has filed a total of 3,210 patent applications, indicating a strong focus on research and development [5].