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旗滨集团(601636):24FY盈利能力下滑明显,25Q1毛利率环比提升
Tianfeng Securities· 2025-04-28 06:15
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company has experienced a significant decline in profitability for FY 2024, with revenue and net profit decreasing by 0.21% and 78% year-on-year, respectively. However, Q1 2025 shows a sequential improvement in gross margin [1][2]. - The company is a leader in the float glass industry and is expanding its production capacity in electronic glass and photovoltaic glass, which is expected to enhance future profitability [4]. Financial Performance Summary - For FY 2024, the company reported revenue of 15.65 billion yuan, a slight decrease of 0.21% year-on-year. The net profit attributable to the parent company was 382.59 million yuan, down 78.15% year-on-year [4][11]. - In Q1 2025, the company achieved revenue of 348 million yuan, a year-on-year decrease of 9.7%, but net profit increased by 6.4% year-on-year [1][2]. - The gross margin for FY 2024 was 15.5%, down 9.5 percentage points year-on-year, while Q1 2025 saw a gross margin of 12%, a year-on-year decline of 14 percentage points but a sequential increase of 6.5 percentage points [2][4]. Business Segment Analysis - The float and energy-saving glass segments generated revenues of 6.86 billion yuan and 2.43 billion yuan for FY 2024, reflecting year-on-year declines of 24% and 13%, respectively. The unit prices for float glass and energy-saving glass were 64 yuan per heavy box and 77.6 yuan per square meter, showing a year-on-year decrease of 19% and an increase of 9%, respectively [2]. - The photovoltaic glass segment achieved revenue of 5.75 billion yuan, a year-on-year increase of 69%, driven by a 129% increase in production and a 124% increase in sales volume [2][3]. Capacity Expansion and Competitive Advantage - As of the end of FY 2024, the company operated 24 float glass production lines with a daily capacity of 16,600 tons, 9 photovoltaic glass production lines with a capacity of 10,600 tons per day, and several other specialized production lines, indicating strong scale and raw material advantages [3][4].
旗滨集团:2024年年报、2025年一季报点评:Q1毛利率改善,静待供需平衡进一步修复-20250428
Soochow Securities· 2025-04-28 05:23
证券研究报告·公司点评报告·玻璃玻纤 旗滨集团(601636) 2024 年年报、2025 年一季报点评:Q1 毛利 率改善,静待供需平衡进一步修复 增持(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 15,683 | 15,649 | 16,278 | 18,563 | 21,507 | | 同比(%) | 17.80 | (0.21) | 4.02 | 14.04 | 15.86 | | 归母净利润(百万元) | 1,750.88 | 382.59 | 603.91 | 757.84 | 1,129.91 | | 同比(%) | 32.98 | (78.15) | 57.85 | 25.49 | 49.10 | | EPS-最新摊薄(元/股) | 0.65 | 0.14 | 0.23 | 0.28 | 0.42 | | P/E(现价&最新摊薄) | 8.52 | 39.00 | 24.71 | 19.69 | 1 ...
旗滨集团:浮法底部,光伏成本持续下降-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next three years [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with a total of 15.65 billion yuan, down 0.2% year-on-year, and a significant drop in net profit by 78.1% to 380 million yuan [1][4]. - The glass industry is facing challenges due to insufficient demand in the real estate sector, leading to a continuous decline in float glass prices [2][4]. - The photovoltaic glass segment saw a significant increase in revenue by 68.6% to 5.75 billion yuan in 2024, but the profit margin decreased due to falling prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year decline of 78.1% [1][5]. - The float glass segment sold 107 million heavy boxes, down 6.4% year-on-year, with an average price of 64.3 yuan per heavy box, a decrease of 19.2% [2][4]. - The photovoltaic glass segment achieved a sales volume of 430 million square meters, up 124.0% year-on-year, but the average price fell to 13.2 yuan per square meter, down 24.7% [3][4]. Market Outlook - The float glass prices are expected to remain low until supply and demand are balanced, which may take time due to ongoing production capacity increases [2][4]. - The photovoltaic glass market is showing signs of recovery, but there may be pressure on prices as demand stabilizes and production ramps up [3][4]. Profitability Metrics - The company's gross margin for 2024 was 15.5%, down 9.5 percentage points year-on-year, primarily due to price declines in both float and photovoltaic glass [4][5]. - The net profit margin decreased to 1.7%, reflecting the impact of reduced gross margins and asset impairment losses totaling 257 million yuan [4][5]. Future Projections - The company is projected to recover with net profits of 829 million yuan, 1.1 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of 41.4% [4][5].
长海股份(300196):玻纤量增价跌、化工量减价升,Q4业绩同比显著修复
Tianfeng Securities· 2025-04-19 13:13
Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to see slight revenue growth in 2024, with a significant improvement in Q4 performance. The annual revenue is projected to reach 2.662 billion yuan, a year-on-year increase of 2.10%, while the net profit attributable to the parent company is expected to be 274.78 million yuan, a decrease of 7.20% year-on-year [1][4]. - The company has shown resilience in its glass fiber and chemical segments, with glass fiber revenue increasing by 3.2% to 1.969 billion yuan, driven by increased production capacity. However, the average selling price per ton decreased by 6% year-on-year [2][3]. - The overall gross margin for the year is reported at 22.72%, a decline of 1.79 percentage points year-on-year, with Q4 gross margin at 21.05% [3]. Financial Performance Summary - In Q4, the company achieved a revenue of 759 million yuan and a net profit of 72 million yuan, marking a year-on-year increase of 22.66% and 786.99% respectively [1]. - The company’s operating cash flow for the year was 448 million yuan, a decrease of 272 million yuan year-on-year, with a cash collection ratio of 68.97% [3]. - The company’s total assets are projected to reach 7.120 billion yuan in 2024, with a debt-to-asset ratio of 35.07% [3][19]. Future Earnings Forecast - The report projects the net profit attributable to the parent company for 2025 and 2026 to be 420.25 million yuan and 572.76 million yuan respectively, reflecting a growth rate of 52.94% and 36.29% [4][19]. - The company is expected to maintain a steady growth trajectory, with revenue forecasts for 2025 and 2026 at 3.106 billion yuan and 4.126 billion yuan respectively, indicating growth rates of 16.68% and 32.86% [6][19].
山东玻纤:Q4利润扭亏为盈,看好25年价格修复+产能释放带来业绩弹性-20250410
Tianfeng Securities· 2025-04-10 02:23
Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a net profit of 2.006 billion yuan in 2024, with a significant turnaround in Q4, where it reported a net profit of 12 million yuan, indicating a recovery trend [1][2] - The glass fiber business experienced a decline in both volume and price, with revenues dropping to 1.55 billion yuan, a decrease of 14.2% year-on-year, while the thermal power business showed strong growth with an 18.65% increase in revenue [2][3] - The company is expected to benefit from price recovery and capacity release in 2025, with a projected net profit of 80 million yuan for 2025 and 130 million yuan for 2026 [5] Financial Performance Summary - In 2024, the company reported total revenue of 2.00586 billion yuan, down 8.89% year-on-year, with a gross margin of 8.11%, a decrease of 2.33 percentage points [4][7] - The company’s operating cash flow was 162 million yuan, reflecting a decrease of 38.5 million yuan year-on-year, but the cash collection ratio improved to 77% [4][19] - The company’s total assets reached 7.138 billion yuan in 2024, with a debt-to-asset ratio of 63.18%, an increase of 5.13 percentage points from the previous year [4][19]
山东玻纤(605006):Q4利润扭亏为盈,看好25年价格修复+产能释放带来业绩弹性
Tianfeng Securities· 2025-04-10 01:42
Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a net profit of 2.006 billion yuan in 2024, with a significant recovery in Q4, where it turned a profit of 12 million yuan [1]. - The glass fiber business experienced a decline in both volume and price, with revenues of 1.55 billion yuan, down 14.2% year-on-year, and sales volume decreased by 8% to 443,000 tons [2]. - The thermal power business showed strong growth, with revenues of 436 million yuan, up 18.65%, and electricity sales increased by 156% to 317 million kWh [3]. - The overall gross margin for the company was 8.11%, a decrease of 2.33 percentage points year-on-year, while Q4 gross margin improved to 13.19% [4]. Financial Performance Summary - The company reported a total revenue of 2.00586 billion yuan in 2024, a decrease of 8.89% compared to the previous year [7]. - The net profit attributable to the parent company for 2024 was -989.3 million yuan, reflecting a significant decline of 193.92% [7]. - The company’s operating cash flow was 162 million yuan, down 3.85 million yuan year-on-year, with a cash collection ratio of 77% [4][7]. - The company’s asset-liability ratio stood at 63.18%, an increase of 5.13 percentage points year-on-year [4][9].