光伏放量，期待电子改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company achieved a revenue of 18.195 billion, an increase of 19.7% year-on-year, but the net profit attributable to shareholders decreased by 18.73% to 1.656 billion [2][19] - The company is expected to benefit from the growth in the photovoltaic sector, with significant revenue contributions from photovoltaic glass and engineering glass [24][26] Financial Performance Summary - In 2023, the company reported a total revenue of 18.195 billion, with a year-on-year increase of 19.7%. The net profit attributable to shareholders was 1.656 billion, down 18.73% year-on-year, and the net profit excluding non-recurring items was 1.536 billion, down 15.59% [2][19] - For Q4 2023, the company achieved a revenue of 4.715 billion, a year-on-year increase of 7.28%, but the net profit attributable to shareholders fell by 51.14% to 189 million [2][4] - The gross profit margin for 2023 was 22.3%, a decrease of 5.3 percentage points compared to the previous year [24] Segment Performance - The glass segment generated revenue of 14.69 billion, a year-on-year increase of 46.03%, driven primarily by photovoltaic glass and engineering glass, with sales growth of 272.7% and 21.86% respectively [24] - The electronic glass and display segment reported revenue of 1.57 billion, a year-on-year decrease of 4.29%, despite a 12.14% increase in electronic glass sales [24] - The solar and other segments saw revenue decline by 42.18% to 2.25 billion, primarily due to a 42.75% drop in high-purity crystalline silicon sales [24] Future Outlook - The company is expanding its photovoltaic glass production capacity, with ongoing construction of two new production furnaces in Beihai, expected to be operational in 2024 [4][24] - The company anticipates a recovery in the electronic glass industry, which could positively impact future earnings [26]