目錄 1 信義玻璃控股有限公 司 I 二零二四年年報 2 公司資料 4 主席報告 10 管理層討論及分析 17 董事及高級管理層履歷 22 企業管治報告 33 董事會報告 57 獨立核數師報告 63 綜合資產負債表 65 綜合收益表 66 綜合全面收益表 67 綜合權益變動表 69 綜合現金流量表 71 綜合財務報表附註 186 財務概要 公司資料 執行董事 李賢義博士（銀紫荊星章）（主席） ø~ 拿督威拉董清波 D.C.S.M （副主席） 丹斯里拿督董清世 P.S.M, D.M.S.M（太平紳士） （行政總裁） <ø 李聖根先生（榮譽勳章） 非執行董事 李清懷先生 施能獅先生 李清涼先生 吳銀河先生 獨立非執行董事 楊紹信博士（太平紳士） *ø< （於二零二四年五月三十一日退任） 林廣兆先生（金紫荊星章） #+< 王則左先生 #<ø 陳傳華博士# 李慧琼議員（金紫荊星章，太平紳士） *ø< （於二零二四年五月三十一日獲委任） * 審核委員會主席 財務總監兼公司秘書 劉錫源先生，FCPA，AICPA 註冊辦事處 Windward 3, Regatta Office Park PO Box 1350, Gran ...

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown a decline of 5.21% over the past month, but has increased by 9.01% over the last three months and 15.14% year-to-date [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index is currently at 1882.14 points [1] - The index is based on a sample of securities classified according to the China Securities industry classification standards, reflecting the overall performance of different industries in the Hong Kong market [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index are: Zijin Mining (26.75%), China Hongqiao (9.83%), Zhaojin Mining (8.26%), Conch Cement (7.59%), Luoyang Molybdenum (6.09%), Shandong Gold (5.15%), Xinyi Glass (4.87%), China Aluminum (4.43%), Dongyue Group (4.06%), and China National Building Material (3.85%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 75.58%, non-metallic materials for 17.55%, chemicals for 4.06%, and paper and packaging for 2.81% [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6][11]. Core Views - The company is expected to experience a 31% decline in profit for 2024, with total revenue projected at RMB 22.324 billion, a decrease of 8.1% year-on-year. The earnings per share (EPS) is expected to drop to 79.23 cents, with a dividend payout ratio of 48.5% [3][8]. - The float glass industry is facing pressure due to weak demand, leading to price declines and increased inventory levels. The supply of float glass has decreased by 9.6% year-on-year, while the average order days for downstream processing enterprises have dropped by 39.3% [4][9]. - The company has a significant advantage in glass deep processing, particularly in the automotive glass sector, which is expected to see continued demand growth in 2025. The expansion of overseas production capacity in Malaysia is anticipated to mitigate the impact of U.S. tariffs [5][10]. Summary by Sections Financial Performance - In 2024, the company recorded a revenue of RMB 223.24 billion, down 8.1% year-on-year, with a net profit of RMB 33.69 billion, reflecting a 31% decrease. The basic earnings per share fell to 79.23 cents, and the total dividend for the year was HKD 0.41, with a payout ratio of 48.5% [3][8]. - The company is expected to reduce long-term loans significantly, leading to lower interest expenses and improved cash flow, enhancing financial stability [3][8]. Industry Outlook - The float glass market is currently under pressure due to excess inventory and weak downstream demand, particularly in real estate and processing sectors. The average inventory days have increased, indicating a need for supply-demand balance improvement [4][9]. - The average price of float glass has decreased, with the national weekly average price at RMB 1,334 per ton, down by RMB 9.80 per ton [4][9]. Future Projections - For 2025, the company anticipates a revenue increase to RMB 23.345 billion, representing a 4.6% year-on-year growth, with a net profit of RMB 3.446 billion, a slight increase of 2.3% [7][15]. - The dynamic dividend yield for 2025 is projected to exceed 5%, maintaining a stable high dividend policy [6][11].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6]. Core Insights - The company is experiencing a significant decline in profitability, with a projected 31% decrease in net profit for 2024, attributed to weak demand for float glass, price declines, and substantial losses from joint ventures [3][8]. - The float glass industry is facing pressure from excess inventory and weak downstream demand, particularly in real estate and deep processing sectors, leading to a need for improvement in the supply-demand balance [4][9]. - The company has a competitive advantage in glass deep processing, particularly in the automotive glass segment, which is expected to see continued demand growth in 2025 [5][10]. - The company maintains a stable high dividend payout, with a projected dynamic dividend yield exceeding 5% for 2025 [6][11]. Financial Summary - For 2024, the company is expected to report revenues of RMB 22.32 billion, a decline of 8.1% year-on-year, with net profit dropping to RMB 3.37 billion [7][8]. - The earnings per share (EPS) is projected to decrease to 79.23 cents, with a total dividend of HKD 0.41 per share for the year [3][8]. - The financial outlook shows a gradual recovery in revenues and profits from 2025 onwards, with expected revenues of RMB 23.35 billion in 2025, reflecting a growth of 4.6% [7][16].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 22,323.6 million, a decrease of 8.1% compared to RMB 24,293.7 million in 2023[3] - Profit attributable to equity holders of the company was RMB 3,369.2 million, down 31.0% from RMB 4,883.1 million in the previous year[3] - Basic earnings per share decreased by 32.6% to RMB 79.23 from RMB 117.60[3] - Proposed final dividend per share is HKD 0.10, a reduction of 73.0% from HKD 0.37 in the previous year[3] - Operating profit for the year was RMB 4,185.5 million, down from RMB 5,141.6 million in 2023[5] - The company reported a total comprehensive income of RMB 3,475.8 million for the year, down from RMB 4,568.9 million in 2023[6] - The gross profit for the fiscal year was RMB 6,729.66 million, resulting in a gross margin of approximately 27.2%[27] - The company reported a net profit before tax of RMB 5,775,149 thousand for 2023, which decreased to RMB 4,248,029 thousand in 2024, reflecting a decline of about 26.5%[32] - Net profit attributable to equity holders decreased by 31.0% to RMB 3,369.2 million in 2024, compared to RMB 4,883.1 million in 2023[61] - Basic earnings per share for 2024 is RMB 79.23, down 32.6% from RMB 117.60 in 2023[43] - EBITDA decreased by 21.4% to RMB 5,832.4 million in 2024, compared to RMB 7,423.6 million in 2023[78] Assets and Liabilities - Total assets increased to RMB 48,078.3 million from RMB 46,316.1 million in the previous year[10] - The total assets as of December 31, 2024, were RMB 48,078.30 million, with total liabilities amounting to RMB 13,701.16 million[28] - The total liabilities increased slightly from RMB 13,621,491 thousand in 2023 to RMB 13,701,155 thousand in 2024[32] - The net asset liability ratio increased to 16.3% in 2024 from 13.3% in 2023, reflecting the company's financial leverage[88] Cash Flow and Investments - Cash and bank balances decreased to RMB 1,709.3 million in 2024 from RMB 3,123.4 million in 2023, despite a net cash inflow from operating activities of RMB 5,589.7 million[86] - The company reported a significant investment in joint ventures, totaling RMB 9,203.63 million[28] - The company's investment in joint ventures was RMB 9,066,707 thousand as of December 31, 2023[31] - Capital expenditures increased to RMB 5,124.0 million in 2024 from RMB 3,202.9 million in 2023, used for purchasing facilities and machinery[84] Revenue Breakdown - The company’s operating segments include Float Glass, Automotive Glass, and Construction Glass, with Float Glass generating the highest revenue of RMB 15,343.52 million[27] - Sales revenue from float glass products was RMB 12,909.9 million, accounting for 57.8% of total sales in 2024, down from RMB 15,839.7 million and 65.2% in 2023[64] - Sales revenue from automotive glass products increased to RMB 6,304.8 million, representing 28.3% of total sales in 2024, compared to RMB 5,417.3 million and 22.3% in 2023[64] Expenses and Costs - Selling and promotional expenses decreased by 11.0% to RMB 1,055.7 million in 2024[73] - Administrative and other operating expenses increased by 9.4% to RMB 2,244.0 million in 2024[74] - Financial costs significantly decreased by 60.3% to RMB 181.0 million in 2024, attributed to refinancing most HKD loans with lower interest RMB loans[77] - The average cost of raw materials and energy decreased in 2024, which mitigated the negative impact of lower average selling prices on profitability in the processed glass market[100] Dividends - The interim dividend for 2024 is HKD 0.31 per share, an increase from HKD 0.26 per share in 2023, totaling RMB 1,225,025,000[47] - The proposed final dividend for 2024 is HKD 0.10 per share, down from HKD 0.37 per share in 2023, totaling RMB 409,881,000[47] - The board of directors has proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, subject to shareholder approval[135] Market and Strategic Outlook - The group anticipates a cautious but optimistic outlook for the float glass market in 2025, supported by government measures to ensure project completions and easing property purchase restrictions[115] - The group is expanding its operations in Southeast Asia, including a new float glass production facility in Indonesia, to enhance market coverage and reduce costs[118] - The group is actively participating in overseas exhibitions and visiting international clients to strengthen its market presence across over 140 countries[106] - The company continues to face challenges from global market changes, financial risks, geopolitical risks, and electricity price threats, but remains cautiously optimistic about long-term business development prospects[122] Research and Development - The group has invested in R&D for new materials, production processes, and advanced float glass design, resulting in reduced carbon emissions and production costs[109] - The group plans to continue investing in R&D to improve product quality and develop new products, focusing on innovative technologies and automation[121] Corporate Governance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[126] - The company has adopted a code of conduct for securities trading by directors, confirming compliance throughout the year ending December 31, 2024[127] - The company will publish its annual report for the year ending December 31, 2024, containing all required information as per listing rules and applicable laws[132]

Financial Performance - For the six months ended June 30, 2024, the company's revenue decreased by 6.4% to HKD 11,807,194,000 compared to the same period in 2023[4]. - The profit attributable to equity holders increased by 27.1% to HKD 2,729,916,000, with basic earnings per share rising to HKD 0.646 from HKD 0.521 in the previous year[5]. - For the first half of 2024, the group's revenue and net profit were HKD 11,807,200,000 and HKD 2,729,900,000, representing a decrease of 6.4% and an increase of 27.1% compared to the first half of 2023[19]. - Gross profit for the first half of 2024 was HKD 4,046,700,000, a significant increase of 10.6% from HKD 3,659,500,000 in the first half of 2023, with a gross profit margin rising to 34.3% from 29.0%[21]. - The company reported a net profit for the first half of 2024 of HKD 2,729.9 million, an increase of 27.1% from HKD 2,144.5 million in the first half of 2023, with a net profit margin rising from 17.0% to 23.1%[30]. - The company reported a net operating profit of HKD 2,897,675, an increase of 26.0% compared to HKD 2,303,358 in the previous year[42]. - The total comprehensive income for the six months ended June 30, 2024, was HKD 1,495,078, a significant increase compared to the previous year's total of HKD 327,121[48]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.31 per share, up from HKD 0.26 per share in the same period last year[4]. - The interim dividend declared for the first half of 2024 is HKD 0.31 per share, up from HKD 0.26 per share in the first half of 2023[129]. - The company has provided shareholders with the option to receive the interim dividend in cash or in newly issued shares[129]. Cost Management and Efficiency - The average cost of raw materials and energy decreased, which mitigated the negative impact of falling average selling prices for float glass products[7]. - The group has implemented measures to enhance performance, including cost control of raw materials and improved supply chain processes, resulting in reduced carbon emissions and overall production costs[10]. - The group has streamlined production processes and logistics to enhance cost efficiency[7]. - Selling and promotional expenses decreased by 8.8% to HKD 611,700,000, attributed to reduced transportation and international freight costs[24]. - Administrative expenses rose by 7.4% to HKD 1,179,800,000, mainly due to increased employee costs and R&D expenditures[25]. Market and Product Development - The company reported an increase in sales volume for automotive and architectural glass products, contributing to the overall profit growth[7]. - The demand for energy-efficient low-emissivity glass remains strong, supported by the company's reputation and advanced coating materials[8]. - The company is focusing on developing new glass products for advanced driver-assistance systems (ADAS) and electric vehicles, preparing for future launches[8]. - The architectural glass business is focusing on projects led by government entities and financially stable developers due to challenges faced by private developers[8]. - The company plans to continue developing unique glass products with advanced designs and features, leveraging favorable policies under China's 14th Five-Year Plan[9]. - The company is optimistic about the growth of the automotive glass aftermarket and OEM business globally, driven by an expected increase in the number of vehicles and new car sales in 2024[16]. Investments and Capital Expenditures - Capital expenditures totaled HKD 2,695.7 million in the first half of 2024, primarily for the purchase of plants and machinery and the construction of production facilities in China, Malaysia, and Indonesia[32]. - The group continues to invest in R&D for new materials and advanced float glass designs, enhancing production efficiency and product quality[10]. - The group is expanding its production capacity in Malaysia and Indonesia, with a new float glass production line in East Java expected to commence operations in the first half of 2025[14]. Financial Position and Liabilities - As of June 30, 2024, the group's cash and bank deposits amounted to HKD 1,651,900,000, with a current ratio of 1.08 and a net capital debt ratio of 15.2%[12]. - The group has repaid HKD 923,900,000 of bank loans in the first half of 2024, aiming to reduce the percentage of HKD loans to save on interest expenses[12]. - As of June 30, 2024, the total bank borrowings amounted to HKD 7,100.2 million, with a net debt-to-equity ratio of 15.2%, up from 13.3% at the end of 2023[35]. - The company’s total liabilities increased to HKD 15,224,187 from HKD 14,947,566, reflecting a rise of 1.9%[41]. - The company’s cash and cash equivalents decreased to HKD 1,337,493 from HKD 1,990,800, indicating a reduction of 32.8%[40]. Shareholder Structure and Governance - The company has established an audit committee to oversee financial reporting and internal control systems[134]. - The company has a significant ownership structure with various entities holding substantial stakes, including 福廣 with multiple shareholders[150]. - The report indicates a stable governance structure with clear delineation of shareholdings among directors and major shareholders[148]. - The company has complied with the corporate governance code as per the listing rules during the first half of 2024[132]. Future Outlook - The group anticipates a stable outlook for the soda ash prices in 2024 due to increased supply in China and other countries, while energy costs are expected to stabilize[13]. - The company is actively exploring new market opportunities both domestically and internationally, participating in various overseas exhibitions[8]. - The company plans to expand its market presence and invest in new technologies to enhance production efficiency and product offerings in the upcoming quarters[51].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 10.40, representing a potential upside of 35.1% from the current price of HKD 7.77 [2][4]. Core Insights - The company demonstrates strong profitability resilience despite a revenue decline, with a 6.4% year-on-year decrease in total revenue to HKD 11.81 billion in the first half of 2024, primarily due to falling float glass prices. However, the gross margin improved by 5.3 percentage points to 34.3%, benefiting from lower raw material and energy costs, as well as improved margins in the automotive glass segment. Net profit increased by 27.1% year-on-year to HKD 2.73 billion, driven by significantly reduced financial expenses and contributions from joint ventures [2]. - The company has effectively controlled costs and diversified its product offerings. Revenue from float glass, automotive glass, and construction glass was HKD 6.98 billion, HKD 3.26 billion, and HKD 1.56 billion respectively, with year-on-year changes of -12.9%, +8.9%, and -2.8%. The decline in float glass revenue is attributed to weak domestic real estate performance, with a nearly 22% year-on-year drop in completed area. Despite this, profitability remained stable due to lower prices of soda ash and natural gas, with gross margins rising to 28.4%, 49.6%, and 28.5% for float glass, automotive glass, and construction glass respectively [2]. - The float glass price is nearing its low point from the first half of 2020, with current industry production capacity close to 170,000 tons per day and inventory levels at historical highs. The oversupply situation has led to a continued decline in prices, now around HKD 1,400 per ton, putting pressure on the profitability of secondary enterprises. An acceleration in industry maintenance and potential capacity reductions are anticipated [2]. - The report projects revenue for 2024-2026 at HKD 24.0 billion, HKD 24.1 billion, and HKD 25.8 billion, with net profit estimates of HKD 5.4 billion, HKD 5.5 billion, and HKD 6.5 billion respectively. The target price corresponds to forecasted P/E ratios of 8.0, 7.8, and 6.8 for 2024-2026 [2]. Financial Summary - For 2024, the company is expected to generate revenue of HKD 23.95 billion, a decrease of 10.6% from 2023, with net profit projected at HKD 5.38 billion, reflecting a slight increase from the previous year. The earnings per share (EPS) is forecasted to remain stable at HKD 1.29 [5][6]. - The gross margin is expected to stabilize around 33.3% for 2024, with an EBITDA margin of 29.2% and a net margin of 22.5% [6]. - The company’s total assets are projected to grow from HKD 50.81 billion in 2023 to HKD 52.97 billion in 2024, while total liabilities are expected to decrease from HKD 14.95 billion to HKD 14.36 billion over the same period [6].

Investment Rating - The report maintains a "Buy" rating for Xinyi Glass (0868.HK) with a target price of HKD 10.8, indicating a potential upside of 40% from the current price [2][9][14]. Core Insights - In the first half of 2024, the company reported a 27.1% year-on-year increase in net profit, with a mid-term dividend payout ratio of 48%. Revenue was HKD 11,807.2 million, a slight decline of 6.4% year-on-year, while gross profit increased by 10.6% to HKD 4,046.7 million, leading to a gross margin improvement of 5.3 percentage points to 34.3% [6][11]. - The glass industry is currently facing pressure from high inventory levels and weak demand, leading to a downward trend in prices. As of August 1, 2024, the average price of float glass was RMB 1,439 per ton, down by RMB 26.73 week-on-week, with total inventory reaching 69.09 million weight boxes, a year-on-year increase of 51.13% [7][12]. - The company is implementing a differentiated strategy to navigate the industry's cyclical downturn, focusing on optimizing procurement channels, increasing the proportion of high-value-added products, and expanding overseas operations. Currently, overseas business accounts for approximately 28.8% of total sales, with differentiated product sales making up about 47% of float glass products [8][13]. Financial Summary - For the first half of 2024, the company achieved a net profit of HKD 2,729.9 million, with a net profit margin of 23.1%, up from 17% in the first half of 2023. Basic earnings per share were HKD 0.646, and the interim dividend was HKD 0.31 per share [6][11]. - The financial outlook for the coming years shows a projected revenue of HKD 25,767 million in 2024, with a slight decline of 3.8% year-on-year, followed by a recovery with expected growth of 6.7% in 2025 [10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified, maintained for the next six months [1]. Core Views - The company reported a revenue of 11.8 billion HKD for the first half of 2024, a year-on-year decrease of 6.4%, while the net profit attributable to shareholders was 2.73 billion HKD, showing a year-on-year increase of 27.1% [2]. - The company is recognized as a global leader in float glass production, with a stable increase in capacity and strong cost control capabilities, which are expected to provide long-term value [4]. - The report indicates a downward adjustment in revenue and net profit forecasts for 2024 and 2025 due to weaker-than-expected recovery in downstream real estate demand [5]. Summary by Sections Financial Performance - The company’s total revenue for the first half of 2024 was 11.8 billion HKD, with a net profit of 2.73 billion HKD, and a dividend of 0.31 HKD per share, which is an increase from the previous year [2]. - Revenue from float glass, automotive glass, and architectural glass for the first half of 2024 was 6.99 billion HKD, 3.26 billion HKD, and 1.56 billion HKD respectively, with year-on-year changes of -12.9%, +8.9%, and -2.8% [3]. Market Position - The company is positioned as a leading player in the float glass industry, with a competitive edge in production capacity and cost management, particularly in the automotive and architectural glass segments [4]. - The report highlights that the float glass market is currently experiencing a downturn, with prices continuing to decline due to weak demand from the real estate sector [3]. Future Outlook - The revenue forecasts for 2024 and 2025 have been adjusted to 26.64 billion HKD and 27.65 billion HKD respectively, with expected year-on-year changes of -0.6% and +3.8% [5]. - The net profit forecasts for the same periods have been revised to 5.64 billion HKD and 6.15 billion HKD, with year-on-year growth rates of 5.1% and 9.1% [5].

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 玻璃保持盈利领先身位，资产负债表健康 信义玻璃(0868) [Table_Industry] 建材 [Table_Invest] 评级： 增持 ——信义玻璃 2024 年中报点评 | --- | |------------------------| | 杨冬庭(分析师) | | 0755-23976166 | | yangdongting@gtjas.com | | S0880522080004 | 本报告导读： 2024 年中报实现归母净利 27.30 亿港元，符合预期。公司凭借优异成本控制能力以 及深加工能力展现领跑行业的抗波动能力，主动降杠杆资产负债表健康。 投资要点： 股票研究 /[Table_Date] 2024.08.04 [当前价格 Table_CurPrice] (港元)： 7.89 [Table_Market] 交易数据 | --- | --- | |-------------------------|------------ ...