资金流向方面，主力资金净流出1038.82万元，特大单买入247.71万元，占比2.61%，卖出533.31万元， 占比5.62%；大单买入1802.62万元，占比18.99%，卖出2555.84万元，占比26.92%。 截至9月19日，旗滨集团股东户数9.81万，较上期减少2.48%；人均流通股27368股，较上期增加2.54%。 2025年1月-6月，旗滨集团实现营业收入73.93亿元，同比减少6.55%；归母净利润8.91亿元，同比增长 9.77%。 旗滨集团今年以来股价涨26.33%，近5个交易日涨6.35%，近20日涨11.76%，近60日涨25.09%。 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 旗滨集团所属申万行业为：建筑材料-玻璃玻纤-玻璃制造。所属概念板块包括：BIPV概念 ...

旗滨集团所属申万行业为：建筑材料-玻璃玻纤-玻璃制造。所属概念板块包括：BIPV概念、光伏玻璃、 太阳能、新能源、特种玻璃等。 旗滨集团今年以来股价涨29.20%，近5个交易日涨12.87%，近20日涨13.59%，近60日涨26.58%。 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 9月30日，旗滨集团盘中上涨2.13%，截至13:16，报7.19元/股，成交1.94亿元，换手率1.02%，总市值 192.95亿元。 资金流向方面，主力资金净流入191.77万元，特大单买入832.69万元，占比4.28%，卖出960.03万元，占 比4.94%；大单买入3885.01万元，占比19.99%，卖出3565.90万元，占比18.35%。 机构持仓方面，截止2025年6月30日，旗滨集团十大流通股 ...

旗滨集团所属申万行业为：建筑材料-玻璃玻纤-玻璃制造。所属概念板块包括：BIPV概念、光伏玻璃、 太阳能、新能源、特种玻璃等。 9月25日，旗滨集团公告，公司拟以集中竞价交易方式回购股份。回购金额不低于1亿元且不超过2亿 元；回购价格不超9.00元/股。资金来源为自有资金、自筹资金，回购期限为12个月内。 旗滨集团当前最新价为6.81元，今年以来，旗滨集团股价累计上涨22.47%。此次公告拟定的最高回购价 格，比现价高32.16%。 股票回购往往被视为一种稳价措施。指上市公司用现金等方式从股票市场买回自家公司已经发行在外的 一定数额的股票。一般来讲，回购后可以注销，也可以用于实施员工持股计划或股权激励计划等。 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 风险提示：市场有风险，投资需谨慎。本文为 ...

Core Viewpoint - Qibin Group's stock has shown a mixed performance in recent trading, with a year-to-date increase of 16.80% but a decline of 4.13% over the last five trading days [1] Group 1: Stock Performance and Market Data - As of September 24, Qibin Group's stock price reached 6.50 CNY per share, with a market capitalization of 17.443 billion CNY [1] - The company experienced a net inflow of main funds amounting to 7.9549 million CNY, with significant buying and selling activities recorded [1] - The stock's performance over various periods includes a 5.52% increase over the last 20 days and a 19.71% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Qibin Group reported a revenue of 7.393 billion CNY, reflecting a year-on-year decrease of 6.55%, while the net profit attributable to shareholders increased by 9.77% to 891 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 7.92 billion CNY, with 1.666 billion CNY distributed over the past three years [3] Group 3: Shareholder and Institutional Holdings - As of September 10, the number of shareholders for Qibin Group was 100,500, a decrease of 5.36% from the previous period, while the average circulating shares per person increased by 5.66% to 26,690 shares [2] - Notable changes in institutional holdings include a decrease in shares held by Invesco Great Wall New Energy Industry Fund and an increase in holdings by Hong Kong Central Clearing Limited and Southern CSI 500 ETF [3]

Core Viewpoint - Qibin Group's stock price has shown a positive trend with a year-to-date increase of 15.36%, reflecting strong performance in the glass manufacturing sector [1][2]. Financial Performance - For the first half of 2025, Qibin Group reported operating revenue of 7.393 billion yuan, a year-on-year decrease of 6.55%, while net profit attributable to shareholders increased by 9.77% to 891 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.92 billion yuan, with 1.666 billion yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, the number of shareholders for Qibin Group is 106,200, a slight decrease of 0.17% from the previous period, with an average of 25,259 circulating shares per person, which increased by 0.17% [2]. - The top ten circulating shareholders include notable entities such as Invesco Great Wall New Energy Industry Stock A and Hong Kong Central Clearing Limited, with changes in their holdings noted [3]. Stock Market Activity - On September 4, Qibin Group's stock rose by 2.07%, reaching 6.42 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 0.85% [1]. - The stock has experienced a 25.51% increase over the past 60 days, indicating strong market interest [1].

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].

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Zhuzhou Kibing Group Co., Ltd. in the first half of 2025, emphasizing the impact of the real estate market on glass demand and the company's strategic initiatives for growth and innovation [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 7.39 billion yuan, a decrease of 6.55% compared to the same period last year [3][4]. - The net profit attributable to shareholders was approximately 890.52 million yuan, an increase of 9.77% year-on-year [3][4]. - The total assets at the end of the reporting period were approximately 35.70 billion yuan, reflecting a 3.10% increase from the previous year [3]. Industry Overview - The company operates in the manufacturing sector, specifically in the non-metallic mineral products industry, focusing on the research, production, and sales of various glass products, including float glass, energy-saving building glass, photovoltaic glass, high-performance electronic glass, and pharmaceutical glass [4][5]. - The float glass market is currently facing challenges due to a decline in new construction and completion rates in the real estate sector, which has affected demand [5][6]. - Energy-saving building glass is gaining traction due to national policies promoting green building, with a shift in market demand towards higher performance products [6][7]. Operational Challenges - The real estate market remains weak, with new construction area down by 20% and completion area down by 14.8%, leading to increased inventory levels and pressure on deep processing orders [5][6]. - The photovoltaic glass market experienced a temporary demand surge due to policy-driven installations, but prices have since declined as supply outstrips demand [7][8]. - The electronic glass sector is facing intense competition, leading to price wars and declining profit margins, necessitating a focus on high-end technology and customer relationships for sustainable growth [9][10]. Strategic Initiatives - The company is implementing a long-term strategic development plan for 2025-2030, focusing on innovation, quality improvement, and expanding into high-end markets [13][14]. - Significant investments in research and development have been made, with a reported R&D expenditure of 271 million yuan, reflecting a commitment to technological advancement [16][17]. - The company is enhancing its governance structure and operational efficiency to adapt to market changes and improve decision-making processes [14][15].

公司研究 证 券 研 究 报 告 旗滨集团（601636）2024 年报及 2025 年一季报点评 推荐（维持） 光伏玻璃业务快速发展，一季度盈利改善 目标价：6.1 元 事项： 2024 年公司实现总营业收入 156.49 亿元，同比减少 0.21%，归母净利润 3.83 亿元，同比减少 78.15%。2025 年一季度公司实现总营业收入 34.84 亿元，同 比减少 9.68%，归母净利润 4.70 亿元，同比增长 6.38%。 评论： 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 公司基本数据 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,649 | 16,562 | 17,913 | 19,784 | | 同比增速(%) | -0.2% | 5.8% | 8.2% | 10.4% | | 归母净利润(百万) | ...