Flat(601865) 德邦证券·2024-05-07 11:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 2.760 billion yuan, up 30% year-on-year [4] - The company benefits from the release of new production capacity and high growth in photovoltaic installations, with China's new photovoltaic installations reaching 216.88 GW in 2023, a year-on-year increase of 148.1% [4] - The photovoltaic glass market is gradually moving towards supply-demand balance, which the company is expected to benefit from as a leading player in the industry [4] Financial Performance - The company's total production capacity reached 20,600 tons/day by the end of 2023, with significant projects in Anhui and Nantong expected to commence operations this year [4] - Forecasted net profits for 2024-2026 are 3.884 billion yuan, 4.844 billion yuan, and 5.924 billion yuan, respectively, with corresponding P/E ratios of 16X, 13X, and 11X [5] - The company's gross margin is projected to be around 21.8% in 2023, slightly decreasing to 21.4% in 2024 [7] Market Position - The company is positioned as a leader in the photovoltaic glass sector, with significant technological, scale, and customer resource advantages [5] - The report highlights the strong growth momentum in centralized photovoltaic power stations, which saw a new installation of 120.59 GW in 2023, a year-on-year increase of 232.2% [4] Future Outlook - The company plans to invest in photovoltaic glass furnace construction in Indonesia to meet diverse regional demands [4] - The report emphasizes the company's commitment to high-quality development and technological innovation as key drivers for future growth [4]