2024-03-27 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a 30% year-on-year increase in profit for 2023, achieving a total profit of 2.76 billion RMB [4][6] - The sales volume of photovoltaic glass grew rapidly, with a total sales volume of 1.22 billion square meters, representing a 49.52% year-on-year increase [4][6] - The company is expanding its production capacity, with plans to increase its photovoltaic glass capacity to 30,200 tons/day by the end of 2024, a 50% year-on-year increase [4][6] - The photovoltaic glass market is entering a destocking phase, which may lead to price increases and improved profitability for leading manufacturers [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.52 billion RMB, a 39.21% increase from 2022 [6][7] - The EBITDA for 2023 was 5.18 billion RMB, reflecting a 42.7% growth [7] - The net profit attributable to the parent company was 2.76 billion RMB, marking a 30% increase compared to the previous year [6][7] Production Capacity and Expansion - As of the end of 2023, the company had a photovoltaic glass production capacity of 20,600 tons/day [4][6] - The company plans to gradually start operations at its new projects in Anhui and Nantong, adding 9,600 tons/day of capacity [4][6] Market Outlook - The report anticipates a tightening supply in the photovoltaic glass segment, which may lead to price increases in the near future [4][6] - The company is also planning to invest in a photovoltaic glass furnace in Indonesia to meet regional demand [4][6]