凯盛新能：供需边际改善，盈利弹性释放

Investment Rating - The report maintains a "Buy" rating for the company [52][53]. Core Views - The company is expected to experience a recovery in profitability as industry supply-demand dynamics improve, with a projected revenue growth of 31.5% in 2024 and a compound annual growth rate of 25.8% from 2024 to 2026 [52][56]. - The company has successfully implemented cost control measures and expanded production capacity, which are anticipated to enhance profit margins [47][51]. Financial Summary Revenue and Profitability - The company reported a revenue of 65.95 billion yuan in 2023, a year-on-year increase of 31.1%, with a net profit of 1.92 billion yuan, reflecting an 88.4% increase [78]. - For 2024, the expected revenue is 83.25 billion yuan, with a net profit forecast of 5.19 billion yuan, representing a 31.5% year-on-year growth [52][55]. Cash Flow - The operating cash flow is projected to improve significantly, with estimates of 915 million yuan in 2024, 1.27 billion yuan in 2025, and 1.64 billion yuan in 2026 [2]. Key Financial Ratios - The company’s P/E ratio is expected to decrease from 19.8 in 2023 to 15.0 in 2024, indicating improved valuation attractiveness [55]. - The net profit margin is projected to stabilize around 6.2% in 2024, with a gradual increase in subsequent years [55]. Industry Overview - The industry is witnessing a gradual easing of supply-demand imbalances, leading to improved profit margins for companies [42][56]. - The overall market for photovoltaic glass is expected to stabilize in pricing, with a forecast that average prices will remain flat compared to 2023 [56].