Zhuzhou Kibing (SH:601636) Tebon Securities·2024-04-25 08:00Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Views - The company achieved a revenue of 15.683 billion yuan in 2023, representing a year-on-year increase of 17.8%, and a net profit of 1.751 billion yuan, up 32.98% [5][10]. - The company is actively expanding its photovoltaic glass production capacity, with a total of 8,200 tons/day by the end of 2023, and plans for further expansion in Malaysia [7][10]. - The company has introduced its fifth employee stock ownership plan, enhancing employee motivation and aligning their interests with the company's growth [8][10]. Financial Performance - In Q1 2024, the company reported a revenue of 3.857 billion yuan, a 23.2% increase, and a net profit of 442 million yuan, up 292.3% [5][10]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling approximately 883 million yuan, with a payout ratio of 50.44% [5][10]. - The gross profit margin for Q1 2024 was 26.09%, with a net profit margin of 12.18%, reflecting stable profitability despite raw material price fluctuations [6][10]. Market Position and Outlook - The company is positioned to benefit from the recovery in the real estate sector, with a 17% year-on-year increase in real estate completions in 2023, supporting glass demand [6][10]. - The report forecasts the company's earnings for 2024-2026 to be 2.167 billion, 2.420 billion, and 2.633 billion yuan, respectively, with corresponding EPS of 0.81, 0.90, and 0.98 yuan [8][10]. - The company is expected to maintain stable profitability in the float glass industry while expanding into new growth areas such as photovoltaic and electronic glass [8][10].