旗滨集团：景气底部，成本α凸显

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 11.6 billion in the first three quarters of 2024, representing a year-on-year growth of 3.7%. However, the net profit attributable to shareholders was 699 million, a decline of 43.8% year-on-year [4][6]. - In Q3 alone, the company reported a revenue of 3.689 billion, a year-on-year decrease of 14.2%, and a net profit loss of 112 million, marking a 118.8% decline year-on-year [4][6]. - The Q3 gross margin was 7.7%, down 20 percentage points year-on-year and 14.9 percentage points quarter-on-quarter, indicating significant pressure on float and photovoltaic glass prices [4][6]. - The report highlights that the recent price increases in float glass are influenced by supply-demand dynamics and emotional recovery in the market, despite the overall industry facing losses [5][6]. - The company is expected to maintain stable profitability in 2024, with a projected net profit of around 670 million, corresponding to a PE ratio of 27 times [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 11.6 billion, with a net profit of 699 million, reflecting a significant decline compared to the previous year [4][6]. - Q3 results showed a revenue of 3.689 billion and a net loss of 112 million, indicating the first quarterly loss in recent years [4][6]. Market Dynamics - The report notes that the float glass market has shown signs of improvement since October, with a reduction in manufacturer inventory and a return to historical median supply levels [5][6]. - The emotional recovery in the market, particularly among channel traders, has contributed to recent price increases, although the fundamental conditions remain under pressure [5][6]. Future Outlook - The company is expected to benefit from its photovoltaic glass production capacity, with plans to expand and maintain profitability despite industry challenges [6]. - The report suggests that the company's low price-to-book ratio makes it an attractive investment opportunity, especially with anticipated policy support and marginal improvements in the glass industry [6].