信义玻璃：汽车玻璃增长强劲，浮法需求景气偏弱

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of HKD 11.8 billion for H1 2024, a year-on-year decrease of 6% and a half-on-half decrease of 17%. The net profit attributable to shareholders was HKD 2.7 billion, reflecting a year-on-year increase of 27% but a half-on-half decrease of 15%. Overall, the performance met expectations [5][6] - The automotive glass segment showed strong growth, while the float glass and architectural glass segments were the main revenue drags, compounded by the negative impact of RMB depreciation. The company expects its automotive glass annual production capacity to reach 29.46 million pieces by the end of 2024, a year-on-year increase of 7% [5][6] - The company’s gross profit margin improved significantly, with the overall gross margin at 34.3% and net profit margin at 23.1%, both showing year-on-year increases. The float glass and architectural glass margins faced pressure due to weak demand, while automotive glass profitability continued to improve due to marginal cost improvements [5][6] Summary by Sections Financial Performance - For H1 2024, the company’s revenue from float glass, automotive glass, and architectural glass was HKD 7 billion, HKD 3.3 billion, and HKD 1.6 billion respectively, with year-on-year changes of 13%, 9%, and -3% [5][6] - The company’s comprehensive gross margin and net profit margin were 34.3% and 23.1%, respectively, with year-on-year increases of 5.3 percentage points and 6.1 percentage points [5][6] Future Outlook - The company is expected to achieve revenues of HKD 27.7 billion, HKD 28.8 billion, and HKD 30.2 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 4%, and 5% [5][6] - The net profit attributable to shareholders is projected to be HKD 5.9 billion, HKD 6.5 billion, and HKD 7.2 billion for the same years, with year-on-year growth rates of 9%, 12%, and 10% [5][6]