On June 17th, Golonghui reported that Haitong Securities research reports stated that Flat Glass Group (601865.SH) had good performance in Q4 2023 and Q1 2024, with continuous improvement in operating cash flow. The fast-growing photovoltaic installation volume and the increasing proportion of double-glass modules ensure the demand for photovoltaic glass. In addition, the company's capacity expansion is orderly, and the large kiln furnace and self-supply of raw materials bring lasting competitive advantages. It is believed that in the fierce competition in the photovoltaic glass industry, Flat Glass Group's cost advantage is still the first key to future success. As the leader in photovoltaic glass, the company's profitability maintains industry-leading status. Using comparable companies as reference, the company is given a 2024 PE valuation of 20-22 times, corresponding to a reasonable value range of 32.60-35.86 yuan, and a "outperform" rating is given.
研报掘金丨海通证券：福莱特盈利能力保持行业领先，予“优于大市”评级
Research report: Flat Glass Group maintains leading profitability in the industry, rated as 'outperform' by Haitong Securities.
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