China Post Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [7]. Core Insights - The company achieved a revenue of 21.524 billion yuan in 2023, representing a 39% increase year-on-year, and a net profit attributable to shareholders of 2.760 billion yuan, up 30% [4][5]. - The main revenue driver was photovoltaic glass, generating 19.677 billion yuan, with a production volume of approximately 1.2 billion square meters, reflecting nearly a 50% increase year-on-year [4]. - The company is expanding its production capacity significantly, with plans to add 9,600 tons per day by the end of 2024, leading to a total capacity exceeding 30,000 tons per day [4]. - The demand for photovoltaic products is expected to exceed expectations, with a projected growth rate of 25-30% for the year [4]. Financial Performance - The company reported a gross margin of 22.45% for photovoltaic glass, slightly down from the previous year, while the mining products segment saw an increase in gross margin to 26.44% [4]. - For Q4 2023, the company achieved a revenue of 5.639 billion yuan, a 33% increase, and a net profit of 791 million yuan, up 28% [4]. - The projected net profits for 2024, 2025, and 2026 are 3.947 billion yuan, 5.194 billion yuan, and 6.414 billion yuan, respectively, with corresponding P/E ratios of 17.35x, 13.19x, and 10.68x [5][6].