Huachuang Securities·2024-03-27 16:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.79 CNY [2][3]. Core Insights - The company's overall profitability remains robust, with significant growth in revenue and net profit for 2023. Revenue reached 21.524 billion CNY, up 39.2% year-on-year, while net profit was 2.760 billion CNY, an increase of 30.0% [2][3]. - The photovoltaic glass business is thriving, supported by high demand in downstream installations. The company produced and sold 1.21 billion square meters of photovoltaic glass in 2023, marking increases of 44.5% and 49.5% respectively [3]. - The company is rapidly advancing its domestic and international projects, with a nominal production capacity of 20,600 tons per day by the end of 2023. Plans for additional capacity of 9,600 tons per day are set for 2024 [3]. - Operating cash flow improved significantly in Q4 2023, reaching 1.99 billion CNY, attributed to no new capacity additions during the year [3]. Financial Summary - Total revenue for 2023 was 21,524 million CNY, with a projected growth rate of 15.4% for 2024 [4]. - The net profit for 2023 was 2,760 million CNY, with an expected growth of 34.7% in 2024 [4]. - The company’s earnings per share (EPS) for 2023 was 1.17 CNY, projected to rise to 1.58 CNY in 2024 [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2023 to 18 in 2024, indicating a more attractive valuation [4].