Zhuzhou Kibing (SH:601636) Tianfeng Securities·2025-11-12 12:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a net profit attributable to shareholders of 0.2 billion yuan in Q3, representing a year-on-year increase of 122% [1]. - The company’s revenue for the first three quarters reached 11.78 billion yuan, with a year-on-year growth of 1.6%, while the net profit attributable to shareholders was 0.92 billion yuan, up 30.9% year-on-year [1]. - The report highlights significant growth in photovoltaic glass production, driven by strong demand and inventory reduction in the industry [2]. - The company’s gross margin for the first three quarters was 12.3%, a decrease of 6.7 percentage points year-on-year, but Q3 gross margin improved to 10.81%, showing a year-on-year increase of 3.12 percentage points [3]. - The company is expanding its production capacity in photovoltaic glass and diversifying into energy-saving building glass and pharmaceutical glass, which is expected to support long-term growth [4]. Financial Summary - The company’s revenue is projected to reach 15.68 billion yuan in 2023, with a growth rate of 17.8%, and is expected to grow to 20.25 billion yuan by 2027 [5][11]. - The net profit attributable to shareholders is forecasted to be 1.75 billion yuan in 2023, with a significant increase of 32.97% year-on-year, but a decline of 78.15% is expected in 2024 [5][11]. - The company’s earnings per share (EPS) is estimated to be 0.63 yuan in 2023, decreasing to 0.14 yuan in 2024, and then recovering to 0.37 yuan in 2025 [5][11]. - The report indicates that the company’s price-to-earnings (P/E) ratio is projected to be 10.43 in 2023, increasing to 47.74 in 2024, and then stabilizing around 17.89 in 2025 [5][11].