Zhongyuan Securities·2024-03-28 16:00Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [2][3]. Core Views - The company has experienced significant growth in photovoltaic glass shipments, solidifying its leading position in the industry. The total revenue for 2023 reached 21.524 billion yuan, a year-on-year increase of 39.21%, with net profit attributed to shareholders of 2.760 billion yuan, up 30% year-on-year [2][3]. - The company is expected to maintain a strong growth trajectory, with projected net profits of 3.517 billion yuan, 5.067 billion yuan, and 6.109 billion yuan for 2024, 2025, and 2026 respectively. Corresponding earnings per share are forecasted to be 1.50 yuan, 2.15 yuan, and 2.60 yuan [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 21.80% and a diluted return on equity of 12.42%, despite a slight decline of 0.78 percentage points year-on-year [2][3]. - The photovoltaic glass sales volume reached 1.22 billion square meters, a year-on-year increase of 139.23%, while the average selling price per square meter was 16.13 yuan, down 39.88% year-on-year [2][3]. Market Position - The company holds a robust market position, with a combined market share exceeding 50% alongside its main competitor. It continues to expand its production capacity, with a total capacity of 20,600 tons per day by the end of 2023 [2][3]. - The company is strategically increasing its production of 2.0mm photovoltaic glass, which has become a significant part of its sales structure, enhancing its competitive edge over smaller manufacturers [2][3]. Future Outlook - The global photovoltaic installation is expected to maintain steady growth, with the company poised to benefit from an improving supply-demand balance in the photovoltaic glass market. The anticipated new capacity additions in the industry are expected to slow down, which may enhance market conditions [3][4].