Zhuzhou Kibing (SH:601636) INDUSTRIAL SECURITIES·2024-04-30 01:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 15.683 billion yuan in 2023, a year-on-year increase of 17.80%, and a net profit attributable to shareholders of 1.751 billion yuan, up 32.98% year-on-year. In Q4 alone, revenue reached 4.498 billion yuan, marking a 29.48% increase year-on-year, with net profit soaring by 645.38% to 508 million yuan [3][5]. - The company’s product segments showed varied performance, with revenue from high-quality float glass, energy-saving building glass, ultra-white photovoltaic glass, and other functional glass reaching 906.6 million, 278.1 million, 341.2 million, and 23.7 million yuan respectively. Notably, ultra-white photovoltaic glass revenue surged by 114.13% year-on-year [3][4]. - The company’s production capacity for ultra-white photovoltaic glass has significantly increased, with production volume reaching 199.5 million square meters, a year-on-year increase of 178.67%, and sales volume up 201.72% [3][4]. Financial Summary - The company achieved a comprehensive gross margin of 24.99% in 2023, an increase of 3.77 percentage points year-on-year, driven by lower raw material prices and improved business structure [4][5]. - The company’s financial forecasts for 2024-2026 project net profits of 1.817 billion, 2.129 billion, and 2.451 billion yuan respectively, with corresponding price-to-earnings ratios of 11.1, 9.4, and 8.2 times [5][6]. - The company’s total assets as of December 31, 2023, were 33.64979 billion yuan, with net assets of 13.96536 billion yuan [2][5].