Huafu Securities·2024-05-03 04:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.0 CNY per share, reflecting a 20x PE for 2024 [5][18]. Core Insights - The company reported Q1 2024 earnings that exceeded expectations, with revenue of 5.726 billion CNY, a year-on-year increase of 6.73%, and a net profit of 760 million CNY, up 48.6% year-on-year [3]. - The increase in shipments and cost improvements have mitigated the impact of falling glass prices, with a gross margin of 21.47%, up 3 percentage points year-on-year [3]. - Price increases in photovoltaic glass and declining costs are expected to drive profitability upward in Q2 2024 [3]. - The company is continuing to expand both domestically and internationally, solidifying its leading position in the market [3]. - Earnings forecasts for 2024-2026 predict revenues of 26.965 billion CNY, 31.989 billion CNY, and 38.017 billion CNY, respectively, with net profits of 3.994 billion CNY, 4.839 billion CNY, and 5.859 billion CNY [4][11]. Financial Summary - For 2024, the company is expected to achieve a revenue growth rate of 25% and a net profit growth rate of 44.7% [12]. - The projected earnings per share (EPS) for 2024 is 1.70 CNY, with a PE ratio of 15.7 [4][12]. - The company’s total assets are projected to reach 49.003 billion CNY by 2024, with a debt-to-equity ratio of 47.10% [5][11].