Zhuzhou Kibing (SH:601636) EBSCN·2024-04-29 03:02Investment Rating - The report maintains a "Buy" rating for Qibin Group (601636.SH) with a current price of 7.49 CNY [2] Core Views - Qibin Group's photovoltaic glass business is experiencing rapid growth, with continuous capacity expansion in new business areas [1][4] - The company achieved significant revenue and profit growth in 2023, with a projected revenue of 205 billion CNY for 2024, representing a year-on-year increase of 31% [4][5] - The report highlights the company's diversified glass business, including float glass, energy-saving building glass, and electronic and pharmaceutical glass, with varying performance across segments [5][6][7][9] Summary by Sections Revenue Performance - In 2023, Qibin Group reported revenues of 15.7 billion CNY, a year-on-year increase of 18%, with a net profit of 1.8 billion CNY, up 33% [4] - For Q1 2024, the company achieved revenues of 3.9 billion CNY, a 23% increase year-on-year, and a net profit of 440 million CNY, up 292% [5] Photovoltaic Glass Business - The photovoltaic glass segment saw revenues of 3.4 billion CNY in 2023, a 114% increase, with sales volume rising by 202% [8] - The company has expanded its photovoltaic glass production capacity to 8,200 tons per day, ranking among the top three in the industry [5] Float Glass Business - The float glass segment generated revenues of 9.1 billion CNY in 2023, a 4% increase, with sales volume up 6% [6] - The unit cost of float glass decreased by 7%, contributing to improved profitability, with a gross margin of approximately 27.2% [6] Energy-Saving Building Glass Business - The energy-saving building glass segment reported revenues of 2.8 billion CNY, an 8% increase, with a gross margin of 20.7% [7] Electronic and Pharmaceutical Glass Business - The electronic glass segment faced challenges due to increased competition, leading to a decline in profitability [9] - The pharmaceutical glass segment also experienced losses due to price declines amid expanding domestic capacity [9] Financial Forecasts - The report adjusts the net profit forecasts for 2024 and 2025 to 2.18 billion CNY and 2.43 billion CNY, respectively, reflecting a downward adjustment of 46% and 54% [9][10]