Financial Data and Key Metrics Changes - The company reported first quarter adjusted earnings of $0.40 per share, down from the previous year but exceeding management's expectations due to stronger sales volume and Fit to Win benefits [4][14] - Shipments increased by more than 4% compared to last year, reflecting a gradual recovery in market conditions [4][6] - The Fit to Win program generated savings of $61 million in the first quarter, contributing significantly to better-than-expected results [4][10] Business Line Data and Key Metrics Changes - Segment operating profit improved significantly in The Americas, driven by strong demand and strategic initiatives, while results in Europe trended down due to lower net prices and temporary production downtime [4][15] - In The Americas, sales volume grew nearly 4%, with strong performance in beer and spirits, while Europe saw a slight increase in volume but faced competitive pricing pressures [6][15] Market Data and Key Metrics Changes - Shipments in The Americas were up more than 4%, with inventory normalization and structural demand improvement in Latin America [6][7] - In Europe, volumes increased nearly 4% driven by customer inventory rebuilding, but there were challenges due to excess capacity and temporary curtailments [7][15] Company Strategy and Development Direction - The company is reaffirming its full-year 2025 guidance, expecting adjusted earnings to improve between 50% to 85% from 2024 levels [5][17] - The Fit to Win program aims to reduce total enterprise costs and optimize the network to support future profitable growth, with a target of $250 million in savings for 2025 [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the year, noting that while there are anticipated headwinds, the company is well-positioned to manage elements within its control [5][23] - The impact of changing global trade policies is uncertain, but the company believes it can capitalize on domestic production advantages [21][22] Other Important Information - The company is addressing excess capacity in Europe through temporary curtailments and is consulting with local works councils regarding long-term restructuring actions [7][15] - The company has made significant progress in reducing inventory, which is down approximately $225 million from the same time last year [16] Q&A Session Summary Question: Can you talk about any pre-buy effects and volume impacts? - Management indicated that pre-buying had a limited impact on the stronger volume in the quarter, with stronger sales seen in January and February [30] Question: What is the outlook for volumes in April? - Volumes were down about 1% or 2% in April, but overall, the company maintains a stable volume outlook for the year [31][32] Question: Can you provide insights on volume progress by end market? - Strong volume growth was reported across most categories in The Americas, particularly in beer and spirits, while Europe saw mixed results with some softness in spirits [44][45] Question: What are the plans for French operations given the slowdown in wine? - The company is realigning its operations to focus on premium products, while continuing to invest in key markets like France [50][51] Question: How are tariffs on aluminum seen as an opportunity? - Management noted that if aluminum prices increase, it could help close the cost gap with glass, but they are focused on improving their cost base independently of tariffs [54][57] Question: What is the expected trend for net price and operating costs throughout the year? - Net price pressures are expected to moderate in the second half of the year, while curtailment costs are also anticipated to decrease [62][63] Question: How is the company managing energy costs? - The company has favorable long-term energy contracts and is well-positioned for the current year, with ongoing efforts to manage future energy costs [78][81]

Report Investment Rating - There is no information about the industry investment rating provided in the report. Core Viewpoints - There is no explicit core viewpoint presented in the report. It mainly provides detailed data on glass and soda ash prices, profits, production and sales, etc. Summary of Glass Section Price Data - The price of 5mm large - plate glass from different manufacturers changed from April 22 to April 29, 2025. For example, the price of 5mm large - plate glass from Shahe Anquan decreased from 1278.0 to 1220.0, with a weekly change of - 58.0 [1]. - Futures contract prices also changed. The FG09 contract price decreased from 1124.0 on April 22 to 1108.0 on April 29, with a weekly change of - 16.0 [1]. Profit Data - The profit of glass production using different energy sources and in different regions changed. For example, the profit of 09FG盘面 natural gas decreased from - 257.4 on April 22 to - 286.2 on April 29, with a weekly change of - 28.8 [1]. Production and Sales - The production - sales ratios in different regions on April 29 were: Shahe 70, Hubei 89, East China 88, and South China 96 [1]. Summary of Soda Ash Section Price Data - The price of heavy and light soda ash in different regions changed from April 22 to April 29, 2025. For example, the price of Shahe heavy soda increased from 1290.0 to 1350.0, with a weekly change of 60.0 [1]. - Futures contract prices also changed. The SA05 contract price increased from 1274.0 on April 22 to 1329.0 on April 29, with a weekly change of 55.0 [1]. Profit Data - The profit of soda ash production using different methods and in different regions changed. For example, the profit of North China ammonia - soda method increased from - 149.8 on April 22 to - 84.7 on April 29, with a weekly change of 65.1 [1]. Other Data - The SA month - difference 05 - 9 decreased from - 41.0 on April 22 to - 47.0 on April 29, with a weekly change of - 6.0 [1].

浮法玻璃在产日熔量为15.78万吨，环比-0.44%万吨。浮法玻璃周产量110.58吨，环比-0.32%，同 比-9.32%。浮法玻璃开工率为75.85%，环比+0.19%，产能利用率为78.78%，环比-0.25%。 据悉，湖北三峡新型建材股份有限公司三线设计产能600吨原产白玻改产殴灰于4月20日正色。株洲醴陵 旗滨玻璃有限公司四线600吨4月25日放水。 4月30日，国内期市能化板块涨幅居前。其中，玻璃期货主力合约开盘报1106.00元/吨，今日盘中低位震 荡运行；截至午间收盘，玻璃主力最高触及1111.00元，下方探低1079.00元，跌幅达2.69%。 4月29日，郑商所玻璃期货仓单2441张，环比上个交易日持平。 后市来看，玻璃期货行情将如何运行，相关机构观点汇总如下： 金信期货指出，当下日融处于较低位置，现货产销虽有所好转，但厂库仍在高位，下游深加工订单补库 动力不强，需求持续放量仍待地产刺激效果显现或重大政策出台。技术面上，今日再创新低，短期震荡 偏空思路不变，临近假期做好风险控制。 中信建投（601066）期货表示，短期玻璃供应高于需求，供应端对价格影响偏空。近期玻璃下游需求环 比略降，投机 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0500 | 0.0100 | 400 | -0.0700 | | 每股净资产（元） | 3.74 | 3.62 | 3.31 | 3.67 | | 每股公积金(元) | 1.3 | 1.3 | 0 | 1.3 | | 每股未分配利润(元) | 0.92 | 0.80 | 15 | 0.86 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.62 | 13.34 | -5.4 | 10.41 | | 净利润(亿元) | 0.43 | 0.12 | 258.33 | -0.66 | | 净资产收益率(%) | 1.23 | 0.36 | 241.67 | -1.91 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 本次公司不分配不转赠。 前十大流通股东累计持有： 56727.66万股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 15.455 billion in 2024, a decrease of 15.1% year-on-year, with a net profit attributable to shareholders of 267 million, down 83.9% [4][10]. - The first quarter of 2025 is projected to have a revenue of 3.069 billion, a decline of 22.3%, and a net profit of 16 million, down 95.1% [4][10]. - The company is experiencing a downturn in profitability, with a significant drop in net profit margins and gross margins across various segments [10]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.455 billion, with a gross profit margin of 16.9%, down 5.4 percentage points year-on-year [10]. - The glass industry revenue was 13.76 billion, a decline of 6.3%, while the photovoltaic glass segment saw a growth of 25.77% [10]. - The company reported a net profit margin of 1.7% for the year, down 7.4 percentage points [10]. Segment Analysis - The photovoltaic glass production capacity is expanding, with the company operating nine production lines across various locations, leading to a daily melting capacity of approximately 9,000 tons [10]. - The company is positioned as one of the earliest entrants in the photovoltaic glass market, which is expected to enhance its cost competitiveness as production scales up [10]. Future Outlook - The company anticipates continued growth in photovoltaic glass production, with a projected net profit of 710 million for 2025, corresponding to a PE ratio of 21 times [10].

耀皮玻璃：2025年第一季度净利润4266.45万元，同比增长251.98% 金十数据4月29日讯，耀皮玻璃公告，2025年第一季度营收为12.62亿元，同比下降5.40%；净利润为 4266.45万元，同比增长251.98%。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.72 RMB [8][9]. Core Views - The company reported a revenue of 289 million RMB and a net profit attributable to shareholders of -13 million RMB for 2024, reflecting a year-on-year decline of 20.3% and 2.1 million RMB respectively, which aligns with the midpoint of the earnings forecast [1]. - In Q1 2025, the company achieved a revenue of 56 million RMB and a net profit of 0.5 million RMB, showing a year-on-year decline of 36.8% and 58.3% respectively, although the gross margin improved compared to the previous quarter [1]. - The company is focusing on overseas capacity expansion, particularly in the photovoltaic glass sector, with a planned investment of 240 million USD in a production line in the UAE, which is expected to enhance its international competitiveness [4]. - The company has a differentiated competitive advantage in ultra-thin glass products, with sales of 1.6mm ultra-thin photovoltaic glass accounting for over 50% of its total sales in 2024 [4]. Summary by Sections Financial Performance - The company’s revenue from solar glass, solar modules, electricity sales, and electronic glass products for 2024 was 262 million RMB, 4 million RMB, 5 million RMB, and 16 million RMB respectively, with year-on-year changes of -20.2%, -76.8%, -6.1%, and +68.7% [2]. - The overall gross margin for the company improved from 2.3% in Q4 2024 to 7.2% in Q1 2025, with expectations for continued improvement in Q2 as photovoltaic glass prices stabilize [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 7.2%, an increase of 1.7 percentage points year-on-year, driven by a decline in revenue [3]. - Operating cash flow improved significantly, reaching 340 million RMB in 2024, a year-on-year increase of 187.7%, primarily due to reduced cash payments for goods and services [3]. Profitability Forecast - The company’s EPS is projected to be 0.18 RMB, 0.80 RMB, and 0.90 RMB for 2025-2027, with upward adjustments of 18% and 9% for 2025 and 2026 respectively [5]. - The target price of 17.72 RMB corresponds to a PB ratio of 1.2x for 2025, reflecting the unique characteristics and first-mover advantages of the ultra-thin glass segment [5]. Market Position - The company is leveraging its early technology experience in TCO glass and mature electronic display panel technology to develop ITO conductive glass, which meets the market demand for high-strength, low-thickness cover glass for large-size perovskite products [4].

Core Viewpoint - The company reported a decline in revenue and net profit for FY 2024, with a significant drop in net profit year-over-year, while Q1 2025 showed a slight recovery in net profit despite a decrease in revenue [1][5]. Financial Performance - FY 2024 revenue was 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-over-year decline of 0.21% and 78% respectively [1]. - Q1 2025 revenue was 3.48 billion yuan, with a net profit of 470 million yuan, showing a year-over-year decrease of 9.7% but a 6.4% increase in net profit [1]. - The company made impairment provisions of 298.62 million yuan, impacting net profit by 244.67 million yuan after tax [1]. Business Segments - Float glass and energy-saving glass revenue for FY 2024 was 6.86 billion yuan and 2.43 billion yuan, down 24% and 13% year-over-year respectively [2]. - The average selling price for float glass was 640 yuan per heavy box, down 19% year-over-year, while energy-saving glass saw a price increase of 9% to 776 yuan per square meter [2]. - Solar glass revenue increased by 69% to 5.75 billion yuan, with sales of 45.741 million square meters, benefiting from an increase in production capacity [2]. Profitability - The overall gross margin for FY 2024 was 15.5%, a decline of 9.5 percentage points year-over-year, primarily due to falling prices [3]. - Q1 2025 gross margin was 12%, down 14 percentage points year-over-year but up 6.5 percentage points quarter-over-quarter [3]. Capacity Expansion - As of the end of FY 2024, the company operated 24 float glass production lines with a daily capacity of 16,600 tons, 9 solar glass production lines with a capacity of 10,600 tons, and several other specialized production lines [4]. - The company has over 200 million tons of available silica sand resources, indicating strong scale and raw material advantages [4]. Long-term Outlook - The company is viewed positively for its long-term growth potential, maintaining a "buy" rating despite lowering profit forecasts for 2025-2027 [5]. - Projected net profits for 2025, 2026, and 2027 are 750 million yuan, 820 million yuan, and 1.53 billion yuan respectively, revised down from previous estimates [5].

基于浮法、光伏玻璃供给过剩矛盾尚未充分化解，我们预计公司2025-2027 年归母净利润为6.0/7.6/11.3 亿元（2025、2026 年预测前值为6.5/11.2亿元），对应市盈率25/20/13 倍，维持"增持"评级。 投资要点 风险提示：地产竣工下行超预期、光伏玻璃竞争格局恶化、新业务开拓不及预期的风险。 公司披露2024 年年报和2025 年一季报，2024 年实现营业收入156.49亿元，同比-0.2%，实现归母净利 润/扣非后归母净利润3.83/2.89 亿元，同比-78.1%/-82.6%。2025Q1 实现营业收入34.84 亿元，同 比-9.7%，实现归母净利润/扣非后归母净利润4.70/-0.03 亿元，同比+6.4%/-100.7%。 浮法玻璃、光伏玻璃盈利持续承压，2025Q1 毛利率有所改善。（1）浮法玻璃：我们测算公司2024 年 浮法原片销量同比-6%，对应单箱毛利13.4 元，同比-8.3 元，主要因地产竣工端需求下滑加剧行业供需 矛盾，2024 年年内浮法玻璃下跌至底部后低位震荡。（2）光伏玻璃：2024 年销售光伏玻璃加工片4.35 亿平，同比+124%，实现收入57 ...

Core Viewpoint - The company faced significant revenue and profit declines in 2024, with a challenging outlook for 2025 due to industry competition and market conditions [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 15.649 billion yuan, a year-on-year decrease of 0.21% [1]. - The net profit attributable to shareholders was 383 million yuan, down 78.15% year-on-year [1]. - The non-recurring net profit was 289 million yuan, a decline of 82.63% year-on-year [1]. - For Q1 2025, revenue was 3.484 billion yuan, a decrease of 9.68% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 470 million yuan, an increase of 6.38% year-on-year [1]. - The non-recurring net profit for Q1 2025 was -3 million yuan, a decline of 100.74% year-on-year [1]. Group 2: Business Segment Analysis - The float glass business revenue decreased by 24.32% in 2024 due to weak demand from the real estate sector, with a gross margin decline of 6.40 percentage points [2]. - The average price of photovoltaic glass in 2024 was 25.16 yuan per square meter, down 1.21 yuan per square meter, a decrease of 4.61% [2]. - The average price of soda ash in 2024 was 1989 yuan per ton, down 756 yuan per ton, a decline of 27.54% [2]. - The photovoltaic gross margin for 2024 was 9.01%, down 12.54 percentage points [2]. - The processing and other glass business saw a revenue increase of 27.23%, but the gross margin declined by 34.80 percentage points [2]. Group 3: Market Conditions and Future Outlook - The float glass price decreased by 28.02% year-on-year due to a 14.3% decline in construction completions [3]. - The photovoltaic glass price dropped by 21.18% year-on-year in Q1 2025 due to intense industry competition [3]. - The company expects net profits for 2025-2027 to be 577 million, 243 million, and 443 million yuan, with year-on-year growth rates of 50.86%, -57.94%, and 82.41% respectively [3]. - The latest closing price corresponds to a three-year PE of 25x, 59x, and 32x [3].