Zhuzhou Kibing (SH:601636) 光大证券研究·2025-09-18 23:07Core Viewpoint - The report highlights the financial performance of Qibin Group for the first half of 2025, indicating a decline in revenue but an increase in net profit, suggesting a mixed outlook for the company amidst market challenges [4]. Group 1: Float Glass Business - In H1 2025, the float glass business generated revenue of 2.8 billion yuan, a year-on-year decrease of 24%, while sales volume increased by 7% to 52.21 million weight boxes [5] - The average price of float glass dropped by 29% year-on-year, leading to a gross profit of 500 million yuan and a gross margin of 17.8%, down by 10.6 percentage points [5] - The real estate market is showing signs of stabilization due to government policies, but the float glass industry faces challenges from high fixed costs and low price elasticity, resulting in ongoing price declines [5] Group 2: Photovoltaic Glass Business - In H1 2025, the photovoltaic glass business achieved revenue of 3.2 billion yuan, reflecting an 11% year-on-year increase, with sales of photovoltaic glass processing sheets reaching 26.672 million square meters [6] - The demand for photovoltaic glass surged due to policies promoting distributed photovoltaic power generation, with new installed photovoltaic capacity reaching 212 GW, a 107% increase year-on-year [6] - However, as the initial surge in demand subsides, the industry faces challenges of oversupply and intensified price competition, leading to a rapid decline in photovoltaic glass prices [6]