Flat(SH:601865) 光大证券研究·2025-04-02 09:29Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, indicating challenges in the market and operational performance [3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 18.683 billion yuan, a year-on-year decrease of 13.20%, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [3]. - For Q4 2024, the operating revenue was 4.079 billion yuan, a decrease of 27.67% year-on-year, with a net profit of -289 million yuan, reflecting a year-on-year decline of 136.54% and an expanded loss compared to the previous quarter [3]. Group 2: Solar Glass Segment - The company maintained a steady increase in solar glass sales, with a 3.70% year-on-year rise to 1.265 billion square meters in 2024 [4]. - The average selling price (ASP) of solar glass (2.0mm) dropped significantly from 17 yuan per square meter at the beginning of the year to 11.5 yuan per square meter by year-end, resulting in an ASP of 13.30 yuan per square meter for 2024, a decrease of 17.59% year-on-year [4]. - The total revenue from solar glass in 2024 was 16.816 billion yuan, down 14.54% year-on-year, with a gross margin reduction of 6.81 percentage points to 15.64%, indicating temporary pressure on profitability [4]. Group 3: Other Business Segments - The engineering glass segment experienced a revenue decline of 13.83% to 502 million yuan in 2024, with a gross margin decrease of 3.58 percentage points to 7.21% [5]. - The home glass segment saw a revenue drop of 6.10% to 308 million yuan, but the gross margin increased by 1.81 percentage points to 13.33% [5]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight gross margin increase of 0.03 percentage points to -3.59% [5]. - The overall gross margin for the company decreased by 6.31 percentage points to 15.50%, while the period expense ratio increased by 0.47 percentage points to 7.45% [5]. Group 4: Future Plans - The company plans to gradually activate the Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage while expanding steadily [6]. - In addition to existing overseas capacity in Vietnam, the company intends to invest in building solar glass furnaces in Indonesia to meet the demand in various countries and regions [6].