Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.72 RMB [8][9]. Core Views - The company reported a revenue of 289 million RMB and a net profit attributable to shareholders of -13 million RMB for 2024, reflecting a year-on-year decline of 20.3% and 2.1 million RMB respectively, which aligns with the midpoint of the earnings forecast [1]. - In Q1 2025, the company achieved a revenue of 56 million RMB and a net profit of 0.5 million RMB, showing a year-on-year decline of 36.8% and 58.3% respectively, although the gross margin improved compared to the previous quarter [1]. - The company is focusing on overseas capacity expansion, particularly in the photovoltaic glass sector, with a planned investment of 240 million USD in a production line in the UAE, which is expected to enhance its international competitiveness [4]. - The company has a differentiated competitive advantage in ultra-thin glass products, with sales of 1.6mm ultra-thin photovoltaic glass accounting for over 50% of its total sales in 2024 [4]. Summary by Sections Financial Performance - The company’s revenue from solar glass, solar modules, electricity sales, and electronic glass products for 2024 was 262 million RMB, 4 million RMB, 5 million RMB, and 16 million RMB respectively, with year-on-year changes of -20.2%, -76.8%, -6.1%, and +68.7% [2]. - The overall gross margin for the company improved from 2.3% in Q4 2024 to 7.2% in Q1 2025, with expectations for continued improvement in Q2 as photovoltaic glass prices stabilize [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 7.2%, an increase of 1.7 percentage points year-on-year, driven by a decline in revenue [3]. - Operating cash flow improved significantly, reaching 340 million RMB in 2024, a year-on-year increase of 187.7%, primarily due to reduced cash payments for goods and services [3]. Profitability Forecast - The company’s EPS is projected to be 0.18 RMB, 0.80 RMB, and 0.90 RMB for 2025-2027, with upward adjustments of 18% and 9% for 2025 and 2026 respectively [5]. - The target price of 17.72 RMB corresponds to a PB ratio of 1.2x for 2025, reflecting the unique characteristics and first-mover advantages of the ultra-thin glass segment [5]. Market Position - The company is leveraging its early technology experience in TCO glass and mature electronic display panel technology to develop ITO conductive glass, which meets the market demand for high-strength, low-thickness cover glass for large-size perovskite products [4].
亚玛顿:布局海外产能,关注钙钛矿、超薄玻璃-20250429