行业投产节奏有序，Q4业绩略超预期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 29.27 CNY [6]. Core Insights - The company achieved a revenue of 21.52 billion CNY and a net profit of 2.76 billion CNY for FY23, reflecting a year-on-year growth of 39% and 30% respectively. In Q4 alone, revenue reached 5.64 billion CNY, up 32.8% year-on-year, with a net profit of 790 million CNY, an increase of 27.9% [1]. - The company’s photovoltaic glass revenue was 19.68 billion CNY for FY23, with a total sales volume of 1.212 billion square meters at an average price of 16.13 CNY per square meter. The second half of FY23 saw a revenue of 10.89 billion CNY, a quarter-on-quarter increase of 24% [2]. - The company plans to expand its production capacity significantly, with a nominal capacity expected to reach 30,200 tons per day by the end of 2024. The company is also investing in new production lines in Indonesia [4]. Financial Performance Summary - For FY23, the company reported total revenue of 21.52 billion CNY, with a growth rate of 39.21%. The projected revenue for FY24 is 23.95 billion CNY, indicating a growth rate of 11.28% [5]. - The EBITDA for FY23 was 5.97 billion CNY, with a projected increase to 7.10 billion CNY in FY24 [5]. - The net profit for FY23 was 2.76 billion CNY, with projections of 3.95 billion CNY for FY24, reflecting a growth rate of 43.14% [5]. Market Position and Outlook - The company holds a leading position in the photovoltaic glass market, benefiting from significant cost advantages. The report anticipates rapid revenue growth due to capacity expansion and an expected increase in photovoltaic glass prices [4]. - The report projects net profits for FY24, FY25, and FY26 to be 4.0 billion CNY, 4.91 billion CNY, and 5.73 billion CNY respectively, indicating a positive growth trajectory [4].