科达制造（600499）：重组箭在弦上，玻璃再下一城

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The acquisition of a 51.55% stake in Tefu International is expected to significantly enhance the company's net profit attributable to shareholders, with Tefu's projected revenue for 2025 at 8.187 billion RMB and net profit at 1.474 billion RMB [3]. - The company plans to invest 94.72 million USD (approximately 660 million RMB) in a new float glass project in Ghana, which is expected to have a production capacity of 600 tons per day [3]. - The lithium segment is projected to benefit from rising lithium carbonate prices, with a forecasted unit profit recovery in 2026 [4]. Financial Projections - The company’s net profit attributable to shareholders is forecasted to be 1.554 billion RMB in 2025, 3.135 billion RMB in 2026, and 3.810 billion RMB in 2027, with corresponding P/E ratios of 18, 9, and 7 [5]. - Revenue is expected to grow from 9.696 billion RMB in 2023 to 22.342 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.06% [10]. - The net profit margin is projected to improve significantly, with a net profit growth rate of 54.41% in 2025 and 101.75% in 2026 [10].