Northglass(002613) EBSCN·2025-01-26 12:48Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [6][13][84]. Core Insights - The company has established an integrated industrial layout in the glass deep processing sector, driven by both equipment and product businesses, which interact positively to enhance product quality and technological advancement [1][17]. - In 2023, the company achieved a revenue of 1.655 billion yuan, with equipment business contributing 55.47% and deep-processed glass products accounting for 42.54% of total revenue [1][24]. - The company is expanding its overseas market presence, with overseas revenue reaching 569 million yuan in 2023, representing 34.38% of total revenue [1][31]. - The company plans to raise 500 million yuan through a private placement in 2024 to enhance production capabilities for high-end curtain wall glass and related equipment [1][22]. Summary by Sections Integrated Business Layout - The company operates in two main segments: glass deep processing equipment and deep-processed glass products, with a focus on high-end curtain wall glass [1][17]. - The equipment segment includes glass tempering equipment, fan equipment, and coating glass equipment, while the product segment primarily focuses on high-end curtain wall glass [1][17]. Equipment Business - The glass tempering equipment market is robust, with significant growth potential, particularly in the photovoltaic glass sector [2][37]. - The company has developed innovative fan products using a three-dimensional flow technology, which outperforms traditional fan products [2][51]. - The company is a leader in the domestic market for low-emission coating glass equipment, with expectations for breakthroughs in the photovoltaic perovskite battery sector [2][58]. High-End Curtain Wall Glass Business - The global curtain wall market is valued at over 100 billion USD, with China being the largest market [3][64]. - The company has positioned itself in the high-end market, achieving global recognition for its products, which have been used in numerous landmark buildings [3][72]. - The company has maintained a leading market share in the ultra-large energy-saving structural glass and bent tempered glass segments [3][75]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 1.692 billion, 1.815 billion, and 2.034 billion yuan, respectively, with net profits of 104 million, 122 million, and 144 million yuan [3][80]. - The company is expected to maintain a steady growth trajectory, supported by its dual business model and technological advancements [3][84].