Huaxin Securities·2024-04-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved a total revenue of 21.524 billion yuan in 2023, representing a year-on-year growth of 39.21%, and a net profit attributable to shareholders of 2.760 billion yuan, up 30.00% year-on-year [2][4] - The photovoltaic glass segment accounted for 91.4% of total revenue, with production and sales volumes of 1.21 billion and 1.22 billion square meters, respectively, reflecting year-on-year increases of 44.5% and 49.5% [2][3] - The company is positioned among the top tier in the photovoltaic glass industry, with a combined market share exceeding 50% alongside a competitor [3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 26.348 billion, 31.838 billion, and 37.298 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.61, 2.12, and 2.62 yuan [4][6] - The gross margin for 2023 was 21.8%, with a net margin of 12.84%, both showing slight declines compared to the previous year [2][4] Market Dynamics - The photovoltaic glass industry faced oversupply in 2023, but the supply-demand balance is expected to improve in 2024, with new capacity additions projected at approximately 18,000 tons per day, an increase of about 18% [3][4] - The company has accelerated its capacity expansion both domestically and internationally, with significant projects in Anhui and Nantong expected to come online this year [3][4] Competitive Position - The company maintains a strong competitive edge due to its scale, resource advantages, and technological capabilities, which have widened the profitability gap with second and third-tier companies [3][4]