KAIYUAN SECURITIES·2024-03-29 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has solidified its position as a leader in the photovoltaic glass industry, achieving a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21% [3] - The company is accelerating its domestic and international capacity expansion, with plans to increase total capacity from 20,600 tons/day to 30,200 tons/day by 2024 [3] - The forecasted net profit for 2024-2026 is adjusted upwards, with expected figures of 3.898 billion yuan, 5.289 billion yuan, and 6.278 billion yuan respectively, reflecting a strong market demand and favorable pricing conditions [3] Financial Performance Summary - In 2023, the company achieved a net profit of 2.760 billion yuan, a year-on-year increase of 30.00% [3] - The gross margin for the photovoltaic glass business was 22.45%, showing a slight decline of 0.86 percentage points year-on-year [3] - The company’s revenue from photovoltaic glass reached 19.677 billion yuan, with a sales volume of 1.22 billion square meters, marking a year-on-year increase of 43.82% and 44.52% respectively [3] Capacity Expansion and Market Strategy - The company plans to invest in a photovoltaic glass furnace in Indonesia to meet the global demand for photovoltaic glass [3] - The company’s strategic expansion is expected to leverage scale effects and resource advantages to reduce costs and maintain market share [3] Revenue and Profit Forecast - The projected earnings per share (EPS) for 2024-2026 are 1.66 yuan, 2.25 yuan, and 2.67 yuan, with corresponding price-to-earnings (P/E) ratios of 17.4, 12.8, and 10.8 times [3][5] - The company’s revenue is expected to grow to 25.506 billion yuan in 2024, reflecting an 18.5% year-on-year increase [5]