Flat(SH:601865) Soochow Securities·2025-03-28 04:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's profit low point has been reached, and there is an expectation for gradual improvement in 2025 [8] - The company's 2024 revenue is projected at 18.683 billion yuan, a decrease of 13.20% year-on-year, with a net profit of 1.007 billion yuan, down 63.52% year-on-year [8] - The report highlights that the company's glass sales volume for 2024 is expected to be approximately 1.26 billion square meters, an increase of 3.7% [8] - The company is expected to benefit from industry self-discipline, with daily melting capacity reduced to about 80,000 tons, leading to improved profitability in 2025 [8] - The company maintains a leading production capacity and is gradually establishing overseas operations, with total production capacity expected to reach 19,400 tons/day by the end of 2024 [8] Financial Summary - The company's total revenue for 2023 is 21.524 billion yuan, with a projected decline to 18.683 billion yuan in 2024, followed by a recovery to 21.117 billion yuan in 2025 [1][9] - The net profit for 2024 is expected to be 1.007 billion yuan, with forecasts of 1.041 billion yuan in 2025 and 1.597 billion yuan in 2026 [1][9] - The earnings per share (EPS) is projected to be 0.43 yuan in 2024, increasing to 0.44 yuan in 2025 and 0.68 yuan in 2026 [1][9] - The company's operating cash flow for Q4 2024 is reported at 2.896 billion yuan, indicating a stable cash flow situation [8]