天眼查App显示，近日，长沙市扬纳建材有限责任公司成立，法定代表人为祝俊，注册资本20万人民 币，经营范围为一般项目：建筑材料销售;建筑装饰材料销售;功能玻璃和新型光学材料销售;日用玻璃制 品销售;高性能有色金属及合金材料销售;玻璃纤维及制品销售;金属材料销售;金属结构销售;非金属矿及 制品销售;金属制品销售;门窗销售;办公设备销售;办公用品销售;家具销售;家具安装和维修服务;家具零配 件销售;针纺织品及原料销售;花卉绿植租借与代管理（除依法须经批准的项目外，自主开展法律法规未 禁止、未限制的经营活动）。 ...

Investment Rating - The report maintains an "Increase" rating for the company, indicating a forecasted relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [4][21]. Core Views - The company is expected to achieve a net profit of 1,057 million yuan in 2025, with a significant rebound of 176% year-on-year after a projected decline in 2024 [4][6]. - The company has a strong cost advantage in glass production and is expected to benefit from a recovery in market conditions, which will enhance its profit elasticity [6]. Financial Summary - The total share capital is 2,683.57 million shares, with a market price of 6.35 yuan, resulting in a market capitalization of 17,040.70 million yuan [1]. - Revenue for 2023 is projected at 15,683 million yuan, with a year-on-year growth rate of 18%. However, a decline of 4% is expected in 2025 [4]. - The company's net profit for 2023 is estimated at 1,751 million yuan, with a significant drop of 78% in 2024, followed by a recovery in subsequent years [4]. - The company’s cash flow per share is expected to increase from 0.34 yuan in 2024 to 1.60 yuan in 2026 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 44.5 in 2024 to 16.1 in 2025, indicating improved valuation [4]. Operational Performance - In the first half of 2025, the company reported a revenue of 7,393 million yuan, a decrease of 6.55% year-on-year, while the net profit increased by 9.77% to 891 million yuan [6]. - The company produced 5,531 million weight boxes of float glass and sold 5,221 million weight boxes, showing significant production and sales growth [6]. - The photovoltaic glass segment saw a revenue increase of 11.09% year-on-year, despite a decline in profit margins due to price pressures [6]. - The company maintains a market share of approximately 11% in float glass and 10% in photovoltaic glass, positioning it among the industry leaders [6].