Soochow Securities·2025-04-30 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned from a loss to a profit in Q1 2025, with expectations for gradual improvement throughout the year [1] - The company's Q1 2025 revenue was approximately 4.08 billion yuan, a year-on-year decrease of 29%, but a slight quarter-on-quarter increase of 0.01% [7] - The net profit attributable to the parent company for Q1 2025 was 106 million yuan, reflecting a year-on-year decline of 86% but a quarter-on-quarter increase of 137% [7] - The company is expected to maintain a leading position in the photovoltaic glass market due to its production capacity and ongoing overseas expansion [7] Financial Performance Summary - Total revenue forecast for 2023A is 21.524 billion yuan, with a year-on-year growth of 39.21% [1] - The net profit attributable to the parent company for 2023A is projected at 2.75969 billion yuan, with a year-on-year increase of 30% [1] - The latest diluted EPS for 2023A is estimated at 1.18 yuan per share [1] - The company’s P/E ratio for 2023A is 12.44 [1] Production and Market Position - As of April 2025, the company has a total production capacity of 19,400 tons per day, with ongoing projects in Vietnam and plans for new facilities in Indonesia [7] - The company’s market share, combined with its competitor, exceeds 50%, indicating a strong competitive advantage [7] Cost and Inventory Management - The company reported a decrease in inventory by approximately 15% as of Q1 2025 [7] - Operating cash flow for Q1 2025 was 167 million yuan, down from the previous year [7]