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KIBING GROUP(601636):STRONG COST CONTROL FOR FLOAT GLASS BUSINESS;PV GLASS OUTPUT AND SALES GROW RAPIDLY

KIBING GROUP(601636):STRONG COST CONTROL FOR FLOAT GLASS BUSINESS;PV GLASS OUTPUT AND SALES GROW RAPIDLY

旗濱集團(601636): 建築平板玻璃業務強勁成本控制;光伏玻璃產量和銷售迅速增長
08/29

1H24 results largely in line with our expectations

1H24年度結果基本符合我們的預期

Kibing Group announced its 1H24 results: Revenue rose 15% YoY to Rmb7.9bn, and attributable net profit rose 25% YoY to Rmb811mn. In 2Q24, revenue grew 8% YoY to Rmb4.1bn and attributable net profit fell 31% YoY to Rmb369mn. The firm's results are largely in line with our expectations.

碧璽集團宣佈其1H24年度結果:營業收入同比增長15%至79億元人民幣,歸屬淨利潤同比增長25%至8.11億元人民幣。在2Q24季度,營業收入同比增長8%至41億元人民幣,歸屬淨利潤同比下降31%至3.69億元人民幣。該公司的結果基本符合我們的預期。

Trends to watch

需要注意的趨勢

Prices of float glass came under pressure; Kibing Group received excess profit thanks to its strong production and sales and effective cost control. In 1H24, the firm's revenue from high-quality float glass was Rmb3.7bn, with output decreasing by 1.88mn weight cases YoY to 55.03mn weight cases. Sales volume of high-quality float glass was 48.82mn weight cases in 1H24, down by 4.87mn weight cases YoY. Sales-to-output ratio of its float glass was 89% in 1H24. We estimate the firm's gross profit per box of float glass at Rmb22 in 1H24, and attribute the firm's effective cost control to: 1) Economies of scale; 2) high self-supply ratio of silica sand; 3) stable and low-cost direct gas supply. We estimate that the firm's net profit per box of float glass at about Rmb10 in 2Q24.

浮法玻璃價格受到壓力;碧璽集團由於強大的生產和銷售以及有效的成本控制而獲得超額利潤。在1H24年度,該公司的優質浮法玻璃收入爲37億人民幣,產量同比減少188萬箱至5503萬箱。優質浮法玻璃的銷量爲4882萬箱,同比下降487萬箱。1H24年度浮法玻璃的銷售產量比爲89%。我們估計該公司1H24年度浮法玻璃每箱的毛利潤爲22元人民幣,並將該公司有效的成本控制歸因於:1)規模經濟;2)高自供比例的石英砂;3)穩定且低成本的直供燃氣。我們估計該公司2Q24年度浮法玻璃每箱的淨利潤約爲10元人民幣。

Production and sales volume of PV glass soared YoY; gross margin was largely the same as that of leading players. In 1H24, the firm's revenue from PV glass was Rmb2.9bn, PV glass output was 213mn sqm, and sales volume was 185mn sqm. We attribute the YoY increase in PV glass output and sales to the construction of a 1,200t/day production line in Zhaotong (Yunnan) and a 1,200t/day production line in Sabah, Malaysia. We estimate the price of the firm's PV glass was Rmb15.7/sqm in 1H24, its cost was Rmb12.4/sqm, and its gross profit was Rmb3.3/sqm. Gross margin of its PV glass business was around 21%, close to the average gross margin of industry leaders. We believe the firm has reaped benefits from economies of scale of its PV glass business and lower prices of raw materials such as fuel and silica sand. We estimate Kibing's net profit of PV glass at about Rmb1/sqm in 2Q24.

光伏玻璃的生產和銷售量同比大幅增長;毛利率與領先企業基本相同。在1H24年度,該公司的光伏玻璃收入爲29億元人民幣,光伏玻璃產量爲2.13億平方米,銷量爲1.85億平方米。我們將光伏玻璃產量和銷量同比增長歸因於雲南昭通和馬來西亞沙巴的1200噸/日產線的建設。我們估計該公司1H24年度光伏玻璃的價格爲15.7元/平方米,成本爲12.4元/平方米,毛利潤爲3.3元/平方米。光伏玻璃業務的毛利率約爲21%,接近行業領先企業的平均毛利率。我們認爲該公司受益於光伏玻璃業務的規模經濟和燃料、石英砂等原材料價格的下降。我們估計碧璽2Q24年度光伏玻璃的淨利潤約爲1元/平方米。

Earnings of energy-saving architectural glass remained stable; other functional glass businesses reported losses. In 1H24, revenue from architectural glass was Rmb1.1bn, operating cost was Rmb900mn, and gross margin reached 20%. Other functional glass businesses (e.g., electronic glass and pharmaceutical glass) generated revenue of Rmb115mn and operating cost of Rmb130mn in 1H24.

節能建築玻璃盈利穩定;其他功能玻璃業務虧損。1H24,建築玻璃收入11億元人民幣,運營成本9億元人民幣,毛利率達到20%。其他功能玻璃業務(如電子玻璃和藥品玻璃)在1H24年實現收入1.15億元人民幣,運營成本1.3億元人民幣。

Accounts receivable turnover days increased; operating cash flow under pressure; capex slightly fell YoY. The firm's accounts receivable turnover days rose 12 days YoY to 35 days, mainly due to increased sales volume of PV glass and longer payment cycles. The firm's inventory turnover days rose 4 days YoY to 75 days, mainly due to increased inventory caused by sales volume growth of PV glass as well as restocking of raw materials for new PV glass production lines. In 1H24, the firm's net operating cash flow dropped YoY to -Rmb52mn, with the revenue-to-cash- flow ratio falling 8ppt YoY to 66% and capex falling slightly YoY to Rmb2.1bn.

應收賬款週轉天數增加;經營現金流受壓力;資本支出同比略降。公司的應收賬款週轉天數同比增加12天至35天,主要是由於光伏玻璃銷量增加和付款週期延長所致。公司的存貨週轉天數同比增加4天至75天,主要是由於光伏玻璃銷量增長以及新光伏玻璃生產線的原材料進貨所致。1H24年,公司的淨經營現金流同比下降至-5200萬人民幣,營收與現金流比例同比下降8個百分點至66%,資本支出同比略微下降,達到21億元人民幣。

Financials and valuation

財務和估值。

Due to sharper-than-expected prices of float glass, and supply-demand imbalance in the PV glass industry, we cut our 2024 and 2025 EPS by 58% and 55% to Rmb0.33 and Rmb0.34. The stock is trading at 16x 2024e and 15x 2025e P/E. Considering that the float glass and photovoltaic glass are currently at the bottom of the cycle, the company, as a leader, still has its strength, we maintain an OUTPERFORM rating, and considering both profit forecast adjustments and sector valuations, we cut our TP 40% to Rmb6.1, implying 19x 2024e and 18x 2025e P/E, offering 17% upside.

由於浮法玻璃價格下跌幅度超出預期,以及光伏玻璃行業供需失衡,我們將2024年和2025年每股收益預測下調了58%和55%,分別調至0.33元人民幣和0.34元人民幣。該股票目前以2024年市盈率16倍和2025年市盈率15倍的水平交易。考慮到浮法玻璃和光伏玻璃目前處於週期底部,作爲行業領頭企業,公司仍然有其實力,我們維持超越市場評級,並考慮了利潤預測調整和行業估值因素,將目標價下調40%至6.1元人民幣,對應2024年市盈率19倍和2025年市盈率18倍的水平,提供17%的上漲空間。

Risks

風險

Price declines caused by falling demand from housing completions and/or imbalanced supply and demand conditions in the PV glass industry.

房屋竣工需求下降和/或光伏玻璃行業供需狀況不平衡導致價格下降。

譯文內容由第三人軟體翻譯。


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