Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported Q1 2024 revenue of 5.726 billion HKD, a year-on-year increase of 7% and a quarter-on-quarter increase of 2%. The net profit attributable to shareholders was 760 million HKD, representing a year-on-year increase of 49% but a quarter-on-quarter decrease of 4% [4]. - The increase in glass sales volume in Q1 was attributed to strong demand for glass components after the Spring Festival. The company's inventory at the end of Q1 was 1.53 billion HKD, down 24% quarter-on-quarter [4]. - The company expects significant improvement in profitability in Q2 due to stable glass prices and effective procurement management, with projected profits of 3.85 billion HKD and 4.66 billion HKD for 2024 and 2025, respectively [4]. Summary by Sections Event Description - The company released its Q1 report, showing better-than-expected performance with a revenue of 5.726 billion HKD and a net profit of 760 million HKD [4]. Event Commentary - The company experienced a slight increase in glass sales volume, driven by strong demand post-Spring Festival. Inventory levels are low, supporting future sales [4]. - Profitability is expected to improve due to stable pricing and effective cost management strategies, including flexible procurement of raw materials [4]. - The company is accelerating capacity expansion, with new production lines expected to come online within the year, which will support market share growth [4].
Q1业绩超预期，高景气充分验证