Flat(601865) 国开证券·2024-11-22 08:15Investment Rating - The report assigns a "Recommended" investment rating to the company [3][6]. Core Insights - The company reported a revenue of 14.604 billion yuan for Q3 2024, a year-on-year decline of 8.06%, and a net profit attributable to shareholders of 1.296 billion yuan, down 34.18% year-on-year. In Q3 2024 alone, revenue was 3.908 billion yuan, a decrease of 37.03%, with a net profit of -203 million yuan, a decline of 122.97% year-on-year, slightly below market expectations [6][10]. - The company achieved positive cash flow, with operating cash inflow of 3.017 billion yuan, turning from negative to positive due to increased sales collections and reduced raw material purchases. However, a provision for asset impairment of 113 million yuan impacted profits [6][10]. - The gross margin for Q3 was 5.97%, down 18.55 percentage points quarter-on-quarter and 20.48 percentage points year-on-year, indicating pressure on profitability due to a significant drop in photovoltaic glass prices caused by supply-demand mismatches [6][10]. - The company is experiencing growth in cold repair scale, with over 10,000 tons of production capacity being cold repaired in the industry. The future progress of domestic and overseas projects will depend on market conditions [11][6]. - The report forecasts net profits for 2024-2026 to be 1.163 billion, 2.040 billion, and 2.868 billion yuan, respectively, with corresponding earnings per share (EPS) of 0.50, 0.87, and 1.22 yuan. The price-to-earnings (PE) ratios are projected to be 54.56, 31.12, and 22.13 times, respectively, based on the closing price of 27.09 yuan on October 30, 2024 [6][8][11]. Financial Summary - For 2023A, the company reported a revenue of 21.524 billion yuan, with a year-on-year growth of 39.21%. The projected revenue for 2024E is 18.977 billion yuan, reflecting a decline of 11.83% [8][15]. - The operating profit for 2023A was 2.892 billion yuan, with a year-on-year increase of 41.58%. The forecast for 2024E is 1.448 billion yuan, indicating a significant drop of 49.91% [8][15]. - The net profit attributable to shareholders for 2023A was 2.760 billion yuan, up 34.22% year-on-year, while the forecast for 2024E is 1.163 billion yuan, a decrease of 57.84% [8][15].